All Forum Posts by: Ruben Ortega

The VA has no re-sell deed restrictions on their foreclosures.

The payoff is irrelevant in a short sale. In most cases, the seller should not have to pay a penny at closing. If property goes under contract, the VA will order an appraisal and obtain it's fair market value. They will then accept an offer that nets them at least 88% of the appraised value. Most agents or buyer's rep don't know that they can go directly to the VA and obtain that appraisal value. Having a good contact at the VA is important, especially when the short sale lender or servicer give you the run around.

Hi Minna,

You can get a short sale approved prior to sending in a contract if your sellers have an FHA loan. If the bank is following FHA guidelines the bank must give you the approval price and 3 months to sell the property. At least that's how it is when doing a realtor short sale. Pretty sure the rules also apply to an investor short sale. You may have to educate the loss mitigator. Hope this helps!

Yoshio,

Have you utilized the loan programs available through Home Seller Assist. If so, how has your experience been with them? Inquiring minds would like to know. Thanks!

The bank will not need to qualify you. All they will need is a prequalifying letter from your loan officer, hard money lender or private investor. This should also be included in your short sale package.

Hello Angelina,

As others have suggested, the best way to obtain current REO listings is to contact your local realtor or one of the REO specialist in your town. Give them your criteria and have them compose an automatic notifier using their MLS system. Using this setup you will be emailed the REO listings as soon as they are placed on the market. If you use the paid sites you will probably be getting old info. Hope this helps.