Just Closed a S/S from Homecomings - Posted by Marc NJ
Posted by Marc NJ on August 18, 2003 at 22:17:49:
Hey guys, I just closed a short sale with GMAC 2 weeks ago. The discount wasnt as much as either one of you are shooting for ,but none the less the deal was sucessful and I made out ok, about 18K.
Gmac was a second mortgage holder and accepted $12,400. for a 35K lien. I doubled closed with a retail buyer and had to pay a realtors commission, to make a long story short.
But,On the day the offer was accepted, I’d received written approval in a couple of hours.
If I were negociating a short pay off and had not recieved written confirmation a day or so after acceptance of the offer, I would be on the phone with the loss mit rep that approved your offer. What are you waiting for?
If your offer is ridiculiously low, then you should of known by the conversation you have had with the rep. I have had some reps tell me to forget it, that they would not entertain a short pay off, right at the get go, so get on he phone and find out if you have a deal or not. Make sure of the banks motivation before you assume an acceptance, in both deals above, neither investor seems to know for sure if they have a deal or not.