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Surprise, Surprise, Surprise!

Thursday, April 23, 2009

Of course I am quoting the infamous Gomer Pyle, but I am also stating my sentiments on the most recent success of a number of short sale negotiations; the lenders are actually starting to come around and see realize the “bird in the hand” theory.

Here’s an example:  A contract was written to purchase a property in our local county.  The offer was to net the bank $147,000 less than a “cash out” refinance the owner had  done 13 months earlier, of which the owner had only made one payment on before his finances were turned upside down.

Aside from some minor tweaking, the lender ACCEPTED the shortsale offer.  Incidentally, the offer had been made in January and the payoff lender accepted at the beginning of July, talk about perseverance!

Are there deals like this to be had?  The short answer is “it all depends.”  All of the planets were in alignment on this one.  The seller had some special circumstances which made it difficult for the lender to foreclose and the buyer stayed with the deal and didn’t grow impatient.  Some of the other deals that have been approved are probably not as proportionate as this first one, but the point is, the banks are finally realizing that unless they want thousands of homes in their portfolios with no liquidity left, they’d better start approving some of these short sales.

Should you need any real estate assistance or require the assistance of our office, please call us at Confidence Title 301-740-1880.  Thanks!

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