My first Short Sale

[Jim Murphy]

I closed on a house on Dec 2nd it was my first short sale deal I had been involved in about 7 attempts at short sales during the previous year and none came to fruition . What I found was the delay from the bank becomes frustrating and in one case I was 3 days away from closing all the cash in place and BOA pulled the plug,
The house I eventually bought was listed on the mls illness forced the sale but the upstate new york market like most of the USA is dead hospital bills were piling up on the couple . When I seen the house all the structural work had been done, the house had been completely rewired the appraised value in 2007 was 175,000 the outstanding mortgage amount was 91,000 . My offer was $55000, all cash the couple accepted it and then the real estate broker had to present it to the bank,Based on my prior experience I thought the bank would make a counter offer or reject my offer outright, Guess what the next day the broker called saying the bank wanted to see proof of funds they accepted the offer provided I could close before Dec 8th.
I closed Dec 2nd I spent the last month painting it and refinishing the floors I have a great tenent ready to move in feb 1st at $750 per month . I am now looking for more short sales in the cobleskill,ny area.

[Joel Owens]

Motivation for banks depends on the time of year and how many assets they need to shed at a given time.

All banks books will look different based on mergers,buyouts,share loss agreements with the FDIC and percentage of defaulted loans and asset type class which will determine how big or small the losses could be.

On your first short sale it sounds like you caught them right before the end of the year was up.Many banks will let it go cheaper at the end of the year especially for a cash offer they know will close.