Tim Taggett of the blog Real Estate Investment Information CA has a quick-start 3 part [tag-tec]short sales[/tag-tec] series that’s full of easy- to- understand gems.
Part 1 gives 5 reasons why a short sale can, or will, take place. If anything describes many of today’s defaulting owners it is reason #2. Interest rates have escalated over and beyond what the distressed owners can afford.
Taggett goes on to give 4 reasons why a bank would be interested in accepting a [tag-self]short sale[/tag-self]. My favorite is that the property is now worth less than is owed.
Bankers are basically money merchants. They’ll often want to get something out of the property which is better than the lingering headaches such wayward deals can cause. Remember, bankers don't want to be property managers.
I think that’s the key. You need to view the situation from the banker’s point of view. Consider yourself a solution to his problem.
Part 2 goes into more detail with the 8 things which need to be in the Lender’s Package. Taggett also stresses the order of this list and why that’s important.
Part 3 will be coming soon.
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