Short Sale

[TOIYEUDOI]

hi everyone,

I need some Idea to me close my first short sale. Thanks in advance.


I got lucky to meet one guy he have an fourplex. maket value $192000 he owe ocwen bank $162000. right now he just late this month. He just send money to Ocwen on 20 of this month. He don't want to keep fourplex anymore because his wife just run off with another guy and he can not keep up with the payment. The fourplex have 2 vacant unit.
He did deed the property to me already. currently have no behind payment. He have 2 late payment in pass year.

Here is my questions

1/ When will be the best time for me to contact the bank to do the short sale?

2/ what do I need to do for getting ready for this short sale? :hammer

Please give me some idea. Thank for any help.

[tedjr]

If the loan is current and the property is in OK condition Ocwen may not even listen to a short sale especially since you already know you own it. I suggest not to let them know this fact. I do not suggest that you let the loan get past due  just to try to do a short sale. This could lead to lots of trouble and other costs. You have a good equity position and a good cash flow if rented.

If you do go ahead and try a short sale or what i would call just trying to buy the note at a discount let them know the property is 50% vacant and send pictures if the place looks bad with your offer. All they can say is no. You may get a great discount for cash too.

Hope I gave you a few good ideas


Thank you,

Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737

512-301-9171 home
512-587-6177 mobile

[TOIYEUDOI]

Thanks for your idea but the owner would like to take his name off the loan and the loan at very high rate 11.85.  could you please give me some idea for the best way to do short sale on this one. do i need to let the loan past due? how long do i need to let it past due 1 or 2 months before short sale. or you think I just go ahead call them up and try to do short sale. which way I can get the best profit. also how does the short sale effect the owner credit. :hammer

Please reply Thanks

[tedjr]

There are a lot of variables that the lender will consider. Ocwen is a pretty strong lender and will probably not deal much. ome other members may have a lot more experience than i do with this. The credit report would show past due payments just as in the past. The short sale would not affect their credit other than the late payments. Getting behind does not seem like a good idea but it would give them more reason to deal with you. Keep in mind that if it gets too late the lender will incur more fees such as attorney, appraisal, etc.

Good luck and if i can help more let me know

Thank you,

Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737

512-301-9171 home
512-587-6177 mobile