My Hottest Short Sale Tip

[casteele22]

BTW, you can lose your license if you approach someone to list their house BEFORE the listing ACTUALLY EXPIRES! Ever heard of "crossing the sign"?!

[casteele22]

What is that last part all about? Your so called "Hot Tip" makes no sense at all. I'm a Realtor in Ohio and I have no clue what you are talking about! Meet 30-50 buyers at the inspection?! Please explain...

[trinvesting]

Hey! It's KERMIT THE FROG!

[PrestigiousBlue]

Great Info! Thanks!

[REOGURU]

Part 1: Generally good advise, but keep in mind the following: The short pay off process requires the seller to fill out a hardship letter. You'll need to pry out all sorts of financial info from the seller to get the approval from the bank. This can take some time because sellers usually forget where their documentation is & are still in denial, so budget your time accordingly. Secondly, not all short pay offs are approved.

[REOGURU]

Part 2: Recently there's been a trend to deny a short pay off even after the lender has received all the info. Lastly the process can take months & its difficult to keep a buyer motivated particularly when property values are dropping quickly & there's so much product available for them to pick from. You need to have a steady pipeline because you can count on half of your production falling out due to lack of funding and all the other reasons stated.