short sales

[Shawn M. Audlin]

Hello fellow investors!  I will be moving to the Texas market in about two weeks and would like some help.  I would like to know anyone who has experience with short sales in Texas.  What is the process, how long (on average) should I expect before a home goes to auction, and any othr information that could help me.  This board is a great resource and I appreciate everyones input and willingness to share.  

Win/Win INvesting to you all,  Shawn :thumbsup

[Admin]

Shawn,
I think you'll typically get more and better responses by asking specific questions.  Your inquiry could be interpreted as "please provide the Cliff Notes version of short sales in Texas". :mrgreen:

I'm certainly no short sale expert, although I understand the concepts and have been through the lender negotiation process a number of times.

How long before auction is determined by the individual lenders and their specific in-house policies.  For example, typically Countrywide will allow discussions of forebearance and workout agreements up until 90 days delinquent.  After that, it's usually all or nada.  That's just one example.

Many lenders will not consider a short sale until the loan is in default at least 90 days.  On average, most foreclosure loans are 4 to 6 months in arrears before heading to the steps.

As far as the process in general, I'd suggest the library, articles, and purchasing a good course, if that's where your interest is.

Hope it helps...

[Shawn M. Audlin]

Thanks Tim, I will be more specific in the future.   :oops:  You did give me the information I was after, thanks for your time and input.

cheers, Shawn