Ron Caudle

Tag: sold

  • Eighth Misconception Of Short Sales

    The Eighth misconception of short sales is that the lender/bank has to see the property on the market for at least a short time, listed at full market value. Where these rumors got started we will never know, but it isn’t true at all. There are a lot of agents out there that raise the price above market value and then you hear them saying, ” Hey I listed that house, I did due diligence at $600,000, and the property is only worth $500,000. I have no idea why it didn’t sell, so I decided to lower the price.”

    The Bank and it’s employees don’t even care if the house was listed at ‘Full Payoff’ or not. In most cases they don’t care that the house has been listed for five months. The main thing the banks and lenders want, you will notice, is that the offer you submit is at least close to the full market value of the property.

    So in all reality you do not need to list the property at full market value before making a short sale offer for less than the full payoff. It is important to make sure that you are aware and fully understand that the longer you wait, the worse things may get.

  • Ninth Miconception of Short Sales

    Most people believe or have been told that you cannot submit a hardship without an offer and an estimated HUD. This is a matter of whom you may be dealing with. I bet that advice like this was given by a lower level paper pusher who is following a script typed up by someone higher than them to convince you not to try. There is no doubt that as you talk to him It sounds like he knows what he is talking about, but that is because he reads it of the screen in front of him.

    Let say that you listen to the advice that the man from the bank has read off the screen and hold off om submitting your initial hardship paperwork until you actually get an offer. Then you are going to drag out that escrow by an extra Four weeks just to get your file processed. Believe me when I tell you that four weeks is a conservative estimate with most banks. There have been deals with some lender and loan services that can easily take up to SIX TO EIGHT weeks to actually set up and order the BPO, broker price opinion. from the time they had received the file with an offer.

    To shorten this time frame in a considerable amount, it would be nice to knoe that you can send a file in without having an offer. The trick to it though is that you have to follow-up REPEATEDLY and be working on getting an offer quickly. It is you that is responsible for keeping up on the status of your file and to make sure that the bank is moving forward at a reasonable pass.

    When the day does come that you get the phone call from the lender/bank asking “Do you have our offer ready yet?” You should (hopefully) have one and be ready to say,”Oh yes sir, I have you offer right here along with the HUD, do you want me to fax that over or would you rather I drop it off?” (That’s if dropping off is available and in range)

    These are just a small few of the strategies that I have developed and learn over the years, and I will be more the happy to share more with you after you contact me.