Rating Banks Who Will Short Sale Mortgages
RE: Rating How Well Banks Are Willing to Short Sale Distressed Mortgages
On the surface it sounds good to attempt to rate banks for their willingness to short sale a mortgage,
when a buyer is facing foreclosure. You would most likely be obtaining very subjective, not objective data.
The major problem with getting such data accurately are these:
1. Different individual buyers are not properly prepared or some are better prepared to negotiate. The individuals who is asking for the short sale, their money situation to cash it out, and the individual you are dealing with at the bank can all dramatically affect the results.
2. The individual bank’s policy could change during market turmoil.
It can change as fast as you could collect data.
3. Individual markets and scenarios are factors. If the market is perceived to be hot, banks may be les willing to deal. If the market is dominated by empty houses, that may also affect their decisions.
4. The very question or need to se such data could negatively affect your mindset. For example, if you think a lender has a poor rating (not very willing to negotiate), you could make the critical errors of pre-judging and not even try.
The key to short sales are these factors above. The bottom line it this. Have a strong attitude, be very prepared with a good package, be persistent, and let the know YOU are the one who can close fastest. It is competitive out there, be a competitor, and ignore relying presumptuous or subjective data. Persistence pays, and this is a numbers game.
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