SS questions?

Foreclosures, Short Sales, Tax Foreclosures
1

I have a few questions regarding short sale.

  1. What is a BPO?

  2. Where to obtain the ss package? The current lender?

  3. What is the role of the loss mitigation department in a ss?

  4. If a real estate agent listed a property as a short sale, who is responsible to go through the ss process with the lender? What responsiblitiy does each party has in terms of the listing agents, buyer and seller?

I hope someone could answer these questions for me.

Thanks

2
  1. BPO = Brokers Price Opinion
  2. Whatever lender thaqt the mortgage is with
  3. They are the banks last line of defense to try to get the HO to pay. They ‘mitigate’ the loss the bank takes when the home goes into foreclosure. You deal with them if you want to ss. when the Ho stops paying, it goes to collections. after 3 months when they decide to start foreclosure process.then it goes to loss mit. Each bank has its own laws governing how they handle foreclosure
  4. You are. you are going to need the re agents cooperation. You may to try him out by offering 500 to end the listing. Many times the mortgage co does not allow the realtor to get anything.
3

The mortgage company doesn’t allow the realtor to get anything???

I do short sales all the time, and most banks pay the realtor (me) 2-3% in a single broker situation and I’ve seen up to SEVEN (7%) for dual broker situations - Just to set up the deal! Do you honestly think realtors would try to sell a property short and not get paid to do it?

Banks don’t want foreclosures on the books. We all know that. So they WILL pay a realtor who has brought them an offer. Trust me, I am a realtor, I’m in the trenches and I’m not just parroting information I read somewhere else…

4

sorry, jason, just parroting what I have learned so far. Have not had the honor of working with any realtors on ss yet!!!
steve