yawn… Another one… Good thing it’s Saturday.
Taking personal stabs at my professionalism, ‘expertise’, and name calling certainly doesn’t jive with the topic of this thread nor the forums rules. In case you have not taken the time to read the forum rules you can find them HERE. Note what the very first rule is.
Your pointless posts resemble other pointless posts we most commonly see in these forums when someone is trying to ‘pad’ their number of posts rank found under our names to the left.
Since you insist on continuing to push this issue let me break down why your post was pointless, effort less, and non productive. First lets note that the sentence structure reflects three separate and non related statements, none of which even attempt to answer the second and third questions. This happens when the writers mind is not focused on the subject. Lack of focus suggests the author is not putting effort into writing or answering the question. Because there is no effort put forth toward answering the question the writing is deemed pointless to the subject. A pointless post is thus non productive.
Being smart about what? There is no question as to whether or not the lender will consider a short sale because they have already given an extension from the first auction date. They more than likely did this because there was a potential offer on the table or the homeowner had/has the potential to bring the loan current.
Besides, if the lender loss mit rep is ‘smart’, they will see that the property is comping at 95% to 110%, which is in line with the debt. So the property is barely over leveraged if at all. The property needs no work and short of the homeowner damaging the property on their way out, the bank can more than likely sell for at or just under market value in ‘AS-IS’ condition. The lender knows they will be taking a loss on this property, the question is how much of a loss will it be? Will they take more of a loss selling as an REO or by accepting a short sale offer? They won’t know what the ‘Smart’ decision will be until they review potential short sale offers.
Suggesting to Ball that they should ‘try working with the borrower’ and ‘to sign off to talk to the mortgage company’ (this is called the authorization letter) is just as pointless. Obviously Ball is already working with the homeowner or they would not know about the extension and the authorization letter is the most common doc in the short sale process. It’s common knowledge, even for the greenest of noobs, that the authorization letter is a must. It is the first and most important doc a negotiator needs to get started. Without that letter no lender will talk to you about any loan. For these reasons your statement is not constructive and thus, is pointless and effortless.
Why in the world would a negotiator call the lender and ask them if they will consider a short sale based on repairs? If I was the loss mit rep who got a call like that I’d know i was dealing with a noob who’s too lazy to do their research and would rather waist my time with a question like that. I would tell them, and i have told people who called asking me questions like this, to check with google and not with me. Questions like this is a great way to NOT have your phone calls returned. Loss Mit Reps don’t have time to educate people about the short sale process. If they think they are going to have to field questions like this they just won’t return your calls. Then where does that leave you? So if you really want to get down to it, this statement is not only pointless and non productive, but it is counter productive advice that could cost anyone who follows it to ruin a relationship with a loss mit rep.
Trust me, the bank does not look at a short sale as ‘helping them out’. The difference between a short sale and a regular offer is that you have to take into consideration the homeowners personal position and financials. A short sale is the negotiation of a reduction to a homeowners loan NOT an offer on the property itself. The property is just the security for that loan. By negotiating the terms of the loan we are able to satisfy the lien on the security and thus creating equity in the security. Bottom line, this statement was made because that’s what you’ve heard about short sale, that it helps out the bank. I’ve never had any bank tell me, ‘hey matt, thanks for doing that short sale, it really helped us out!’ There is a reason why short sales take a really long time to do and why more fail than are successful.
At the end of the day you just need to realize that this is all just my opinion and point of view. I’m sorry you are not thick skinned enough to handle that and that you have to resort to name calling. But that’s ok. After reviewing your other posts I do not think you are malicious, rather, just a noob. I applaud your effort to further educate yourself and I wish you the best of success. I do suggest you become a little more thick skinned if you plan on continuing in short sales, otherwise you’re going to have a very high level of frustration dealing with crazy homeowners and loss mit reps who are bigger ‘d-heads’ than me. :biggrin
You and Christ have a good day!