We`ve been working on selling a condominium in Miami for almost 5 weeks.
It`s a hardship,the sellers are recently separated,both are unemployed and could no longer afford the electric,insurance,maintenance and mortgage any longer.
They purchased this condominium at the height of the market,which didn`t help either.
It was an 80/20 loan. There were two lenders involved,satisfying the Sale is extremely difficult when dealing with each lender, they don`t communicate with each other. We sold the property for $180,000.
It`s a hardship,the sellers are recently separated,both are unemployed and could no longer afford the electric,insurance,maintenance and mortgage any longer.
They purchased this condominium at the height of the market,which didn`t help either.
It was an 80/20 loan. There were two lenders involved,satisfying the Sale is extremely difficult when dealing with each lender, they don`t communicate with each other. We sold the property for $180,000.
In a short sale many are confused, the seller does in fact sign the contract to sell,but the lenders make the final decisions. It`s important when asking for the forms that your client writes a "Hardship Letter" explaining the circumstances.The forms must be prepared correctly with no mistakes,otherwise the lenders will not proceed,until correct. No, this process is not easy and I suggest that the Title Company that you in fact select has experience in these transactions as well.
I suggest that the person who`s representing the buyers get all inspections out of the way,prior to sending an offer, i also urge you to explainto the "buyers" the lenders will take 3-6 weeks to give an approval.
Buying a home like this takes patience and knowledge. If you`re new in the business make sure the broker is with you each step of the way, it`s that important. I don`t suggest asking for "closing costs" the lenders aren`t very agreeable to dealing with this transaction. They`re looking for a strong buyer with 3-5% deposit held in escrow.
Today, Bank #1 who holds the 80% loan agreed to settle. We`re having a hard time getting Bank #2 on line. They want to settle for $6700, in reality they`ll probably agree to $3000. It`s very important to stay in contact with the lenders,many times they work in teams so knowing who said what is extremely important.
The Age of the sub prime lenders are over, yet the problems will linger for a long time.
I suggest that the person who`s representing the buyers get all inspections out of the way,prior to sending an offer, i also urge you to explainto the "buyers" the lenders will take 3-6 weeks to give an approval.
Buying a home like this takes patience and knowledge. If you`re new in the business make sure the broker is with you each step of the way, it`s that important. I don`t suggest asking for "closing costs" the lenders aren`t very agreeable to dealing with this transaction. They`re looking for a strong buyer with 3-5% deposit held in escrow.
Today, Bank #1 who holds the 80% loan agreed to settle. We`re having a hard time getting Bank #2 on line. They want to settle for $6700, in reality they`ll probably agree to $3000. It`s very important to stay in contact with the lenders,many times they work in teams so knowing who said what is extremely important.
The Age of the sub prime lenders are over, yet the problems will linger for a long time.
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