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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Go for the short sale... Posted by LilyBlossom on January 29, 2010 at 8:16 PM In Reply to: Go for the short sale... posted by Alfred CA on January 29, 2010 at 6:03 PM : Think about staying focused and going for that short sale. The lender in question's controller may prefer to get rid of property through the short pay and not risk the trustee sale and having it come back to them with all the attendant holding costs and hassles. They short sale and write off the loss and it is usually easier for them to administrate it (but in some states that have recourse loan statutes, the lenders really like short sales because they can then go after the owner by garnishing pay, attaching other assets, etc.). So they could easily wind up postponing the trustee sale and go for the highest short sale offer. Go by your numbers... if you can make a good profit by getting it for the short sale price you offered (in other words your numbers work) don't second guess yourself or worry about the lender auctioning it and lowering the opening bid before the sale. It is either a deal or not a deal. And if they don't short sale it you'll still be able to go to the auction and see what the OB is (bring your cashier checks, life is full of surprises). Thanks for all of your responses. It turns out that the seller accepted another offer (I don't have details yet, but I don't believe there were any other cash offers, so I'm thinking it was a new loan that was high enough above mine to make a difference for them. I'm hoping that the bank will ask to see all offers and still consider my cash offer. Anyone have experience with that from the inside? Perhaps I'm giving myself false hope... If it still scheduled for auction, I will be there, just in case. Follow Ups: It's only a house to you; not your home Rick, the Probate Guy 8:35 AM, 01/30/10 (2) Re: It's only a house to you; not your home LilyBlossom 9:13 PM, 01/30/10 (1) Re: It's only a house to you; not your home watch dog 3:39 PM, 02/01/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Think about staying focused and going for that short sale. The lender in question's controller may prefer to get rid of property through the short pay and not risk the trustee sale and having it come back to them with all the attendant holding costs and hassles. They short sale and write off the loss and it is usually easier for them to administrate it (but in some states that have recourse loan statutes, the lenders really like short sales because they can then go after the owner by garnishing pay, attaching other assets, etc.). So they could easily wind up postponing the trustee sale and go for the highest short sale offer. Go by your numbers... if you can make a good profit by getting it for the short sale price you offered (in other words your numbers work) don't second guess yourself or worry about the lender auctioning it and lowering the opening bid before the sale. It is either a deal or not a deal. And if they don't short sale it you'll still be able to go to the auction and see what the OB is (bring your cashier checks, life is full of surprises). : : Thanks for all of your responses. It turns out that the seller accepted another offer (I don't have details yet, but I don't believe there were any other cash offers, so I'm thinking it was a new loan that was high enough above mine to make a difference for them. I'm hoping that the bank will ask to see all offers and still consider my cash offer. Anyone have experience with that from the inside? Perhaps I'm giving myself false hope... If it still scheduled for auction, I will be there, just in case. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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