There’s a short sale deal that I’ve been working on since March, I got on the phone with Select Portfolio Services. It seems that they will not accept a short sale. I’m thinking of waiting it out for another month. The auction date is not until Sept 11th. What is the best way to tell the homeowner the status on the short sale, and also what is the best way to put it to the homeowner if it doesn’t work out?
The reason why I’m asking is because the home owner called me this morning, asking for a status. I told them that I’m still working things out with the bank, even though they rejected my short sale offer. I didn’t tell them that it’s been rejected.
What I did tell them is that, the sale date has been pushed back to Sept 11 and that I will know in a month if it will work out or not. I did try to tell them that the good news is that they have 4 more months to try to figure out how to work things out if I can’t buy the property at a discount. When I told them that, they were not too pleased about it.
For those of you that have done short sales, what are you’re success rates? I was reading DC Fowler’s short sale package and he said that his success rate is 80%.