Hi,
I asked a question a month ago or so about short sale waiting. Now, my husband and I have been able to get into contact with the homeowner (whose realtor contract ended a month ago). We have two months until foreclosure, and the homeowner would like to sell her place to us. We are looking to buy as a primary residence (our first purchase), and we don’t really have the resources to do anything but shortsale. The HO owes 350k (we were told) - 305k to the 1st mortgage (Country Wide) and 45k to the 2nd (HSBC). Our offer of 300k (with realtors) was rejected. We can’t really offer more than 300k. The HO recently spoke to CW, who said that they would be willing to accept a SS. They sent the HO the paper work to fill out to do the agreement I guess. CW already did a BPO (we don’t know what it came out as) when we sent in our first offer. When CW says that they are willing to accept a SS, does that mean that they will accept less than 305k, or does that mean that they are fine if the 2nd is shorted? Also, what is the process for shorting the 2nd?? Any input would help a lot. Thanks!!
You need to build a case to CW to have them take less than what is owed. This includes an interior BPO as opposed to the exterior, especially if the curb appeal is still pretty nice. If the inside is decent as well, then you have a problem. 2nd and more mortgages from what I understand will take 1000 or 10% depending on how large the 2nd is. I havent dealt with HSBC so I dont know their actual policy. Go thru the other threads so you can understand how to do the SS.
first thing to do at least is to get
Authorization to Release Information from the HO and fax it to the bank so you can talk to them. Find out from CW if the BPO they did was an exterior or interior.
hope this helps
steve
Yes, you need to get them into the property. Countrywide is typically firm as to what they take in regards to the BPO. So if the BPO is at $320k you would be hard pressed getting them much further than that. The one transaction I had with HSBC as a second, they were willing to take a large hit BUT they wanted to recoup a lot of the lien by having the seller sign an UNSECURED NOTE for some of the remaining balance and get them to agree to continue making payments on it.
Thanks a lot. As it turns out, our homeowner was feeling uncomfortable with the whole situation and decided to sign up with another realtor. Hopefully, everything will still work out for all involved. Thanks for the info. though