Hello everyone, I’m hoping someone can help me with the dilemma I have. My property is listed for short sale .Apparently lender is not willing to sell property to investor (we have a cash offer) and foursing me to foreclosure. What can I do to prevent foreclosure?
Most lender are currently looking at full market value offers. I would find a realtor who specializes in short sales and is looking out for the interest of the borrower. Most banks want to see that the house has been listed in the multiple listing service and that the owner or realtor have done their best to provide them with the best offer possible. Much patience will be needed by both owner and real estate agent. At least that is the way it is here in the Austin TX metro area. If you tell me which county and city you live in, I may be able to refer to you a certified short sale agent. Good luck!
Just wondering if you’ve submitted a full short sale package to the bank. Many times the bank will not even entertain your “offer” without all the paperwork…i.e. proof of funds, POS contract, MLS comps, repair estimate, hardship letter, etc… Which bank are you dealing with?
Has the lender done a iBPO? The lender most often will accept a discount based on a percentage depending on the loan type and that investor’s (mortgager) guidelines.
If you can find out what this value is, then you could list he property for as low as possible to generate the most interest.
was the offer that you had far short of the asking price they were looking for?
What is market value compared to your mortgage amount? Most of the times banks mitigate their loss by accepting a short sale offer (a reasonable one) vs. going all the way to foreclosure.
Yes it is no doubt that lenders sought for equity to prevent losses, I think you can try to negotiate with your lender that you short sale your property while guarantee an equity for the lender ( which paid in a much lower amount than before). Yet better than foreclosed that may destroy your credit ratings for several years.
Remember that, foreclosing is the most unwanted choice both you and your lender :>