A very smart man with plenty of time on his hands, just spent a year trying to track his own mortgage.  I originally heard about this from Fox News, and then found the chart below on ZeroHedge.  Trying to figure this out is nearly impossible.  This is why Short Sales take forever and have become increasingly complex.  A big take away from this chart:  It's not possible to "just call the bank and get an answer".

The chart verifies 4 important take aways for home owners who need to Short Sale:

  1. You need legal representation on your side.
  2. You need a REALTOR who works Short Sales daily.
  3. You need to start the process of a Short Sale sooner rather than later.
  4. You need patience.

5 questions Short Sale home buyers and their real estate agents must answer:

  1. Who is working with the bank on the sellers behalf?
  2. Do the 2 real estate agents involved understand Short Sales?
  3. Is your offer within an acceptable range for the bank to accept?
  4. Are your terms within an acceptable range for the bank to accept?
  5. Do you have patience to wait 90-120 days before you move into the home?
Posted by Brad Officer on
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