Okay, to you guys who have closed your fair share of short sales and continue to do so, what kind of discounts are you getting and are the banks easier or harder to deal with now than in the past?
I hear so often, usually from the “gurus” that 40-50cents on the dollar is common. Now, that seems pretty unlikely to me, but hey, I’ve never done a deal. So, whats really going on out there guys? Are banks really passing out loans for pennies on the dollar? Enlighten me because I’m really pumped about working short sales.
I just got one at 38% with American Home Mortgage - took 4 months but got it done. Basically fight til the dealth and make sure to back up the offer. In this case the home needed massive repairs and it in a high rental area - so it worked out to our advantage. Lenders are a bit easier to work with than a few months ago and it should get better.
I must say EMC is driving me nuts right now - I have yet to get my BPO done and it’s been two weeks since they ordered it - but these are the little things you have to deal with with these guys. Good luck! :beer
The best so far for us was $.61 on the dollar. However, I have a couple pending that are comping out at 50%, so I’m hopeful to get it closer to that soon.