1st is foreclosing, 2nd is w/IndyMac

[Charlene Rakhshani]

I'm going to approach the owner to purchase a foreclosing home, subject to lender approval of a short sale on the 2nd and 3rd. Indy has the 2nd and WaMu the 3rd. What can you tell me about these lenders? Auction is in Nov....so I'll be working both ends.

Thanks!

[Joel Owens]

Wamu got bought out by Chase a long time ago so you will be dealing with Chase or their servicing company.

Indy Mac isn't too bad to deal with.

I see your in California where short sales can take over a year to happen !

Be cautious of not locking yourself into a short sale contract for too long.The key will be if your are is trending down in value or is starting to go up.If you submit a short sale offer and it takes 5 months to close and values have fallen 8% percent since then your deal isn't as great anymore.

This is why I like REO better. How do you know there is just a 2nd and a 3rd??

Often times the sellers do not even know what is attached to their titles.So I would do a pre-lim title search at the courthouse to see all the junk you will have to negotiate before taking it on.