Posted by TheShortSalePro on August 25, 2003 at 05:34:02:
I agree with what you are saying. Shorts are tough enough, and a short with a current loan is like finding a needle in a haystack. I’ve done one, though. I never thought it possible, and a complete waste of time to even try… but it actually worked. The Purchaser (the listing broker) to placate a disgruntled Client, placed a lowball bid… which was incorporated in a supplemental short sale proposal. The offer was accepted by the mortgagee. The broker bought the premises at $25,000 less than it’s as-is, FMV and resold it within a few weeks.
Frankly, short sale acquisitions are time consuming, complicated, and can be an exercise in futility. In good times, why waste your time on a marginal deal when better opportunities abound? But, when deals are scarce… it’s good to know how to prepare, present, and negotiate a compelling short sale proposal.
For a free article, “Short Sales: Child’s Play or Not?” email me.