Take two aspirin and call me in six months. Seriously, I remember a couple years ago, I was involved in a short sale from hell in the Oakland/Berkeley area. It took six months and never closed. The other agent had assured me she knew all about negotiating the short sale. And she didn’t. (Ultimately, I got it closed with a negotiator in two months.)
Since then, I’ve adopted my own strategies with close to 100% success rate on short sales I take in the East Bay market. (I don’t take all.) With most short sales, I now use a negotiator on my team at no cost to the Seller. The negotiator knows all the ins and outs and idiosyncrasies of the banks. (Many times, it’s the way you enter the paperwork that determines if the short sale is accepted.)
And the good news is that Short Sales seem to have become easier in the last six months. I don’t know if it’s Sellers or banks throwing in the towel, but now most large banks are more streamlined in their process because they have so many.
I’ve already gotten quite a few Sellers accepted by the HAFA program, which guarantees that the bank will not come after you for any deficiencies -- as well as giving the Seller a $3,000 move out stipend. (Not all loans qualify.)
So the good news for Sellers is it’s now much easier to do a Short Sale in the Oakland/Berkeley area ... with fewer twists and turns. And, even better, according to present FHA guidelines, you’ll be able to qualify for another mortgage within three years.... unlike a Foreclosure which takes a lot longer to reinstate yourself.
The moral of the story.... if you’re facing Foreclosure, Short Sales are now easier if you use the right strategy ... and the right Agent.
If you have questions on your individual situation, call me on my cell: 510-847-2409.