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Your Short Sale Stories From The Field
Posted on 22. Jul, 2009 by ctlms in Short Sale, foreclosure
What are your short sale stories?
I want to hear from you!
This week I want to have an open discussion on what experiences you are having or have had with short sales and properties facing foreclosure.
Click on the link at the bottom of this post to add your own experiences.
Be sure to hit on the facts of the situation such as the bank it was with, the amount owed and the sales price or your suggested sales price, and if it closed and how long it took.
Let's hear your success stories and your pains.
Have you done a short sale? Let us know.
If you have not done a short sale...let us know that.
If you have avoided short sales let us know that to.
Whatever is on your mind
Let's make this blog thread as long as possbile.
Post Away!
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As always Visit the Ask The Expert Page to leave your questions or contact me directly if you need immediate assistance at sean@ctlms.com or visit www.CTLMS.com
2 Responses to “Your Short Sale Stories From The Field”
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Bio
Sean Wilder started in the pre-foreclosure business in 2007. Previously he enjoyed successbusiness in the transportation industry, real estate investing and as a licensed Realtor. Sean brought the same determination and work ethic that lead to great success in his previous businesses to Loss Mit Services based in East Windsor, CT. His focus, combined with his drive to succeed, have been essential to his success as one of the area's top short sale negotiators.
Known for finding creative ways to overcome hurdles and never ending persistence; Sean, believes in the power of team. Sean and his team are in the trenches everyday, plowing through challenges and objections while negotiating with various lenders, and finding solutions to difficult problems. It is this daily experience that brings Loss Mit Services consistent success and provides them the knowledge to share.
Sean belongs to a number of industry groups and associations that allow him to collaborate, share, learn, teach and stay updated on the latest changes in the pre-foreclosure industry at the federal, state, local and lender specific levels.
Effective Oct 1, 2009 all debt negotiation companies that offer loan modification, short sale, or foreclosure rescue services needed to be licensed by the CT Dept of Banking. Sean and his company Loss Mit Services were the 1st to be awarded the Debt Negotiation License NMLS # 828273 which can be verified at the CT Dept of Banking Website by Clicking Here. In addition, effective Oct 1, 2011 Debt Negotiators were required to also be licensed Mortgage Loan originators and Sean also has received this license, NMLS# LO-831853.
Mary Lou asked.....Do some banks not consider short sales an indication of Market Value?
Thanks for the question Mary Lou,
It sounds like you are talking about either an appraisal or a BPO done by a lender for a short sale. And yes most banks do not want to use short sales for BPO comps. The reason is it is a distressed sale just like an REO and banks believe that they should be looking at market value. Of course we all know if the property does not sell in the short sale it will be an REO so REO’s and short saled properties should be the value they are looking at. But who ever said that banks make sense anyway.