In case you haven’t heard, it’s time to get back on the short sale bus. According to Tracy Mooney on Freddie Mac’s Blog Short Sales: Dispelling the Myths, January 14, 2014, they’re quicker, easier, and apply to more folks than you think.
“…Freddie Mac short sales today are taking less time to process on average than ever before. But for a lot of borrowers, short sales remain a mystery. Here are eight common misconceptions about short sales – and the facts every distressed homeowner should know.”
”...Investment properties and second homes are eligible for a Freddie Mac short sale” when some requirements are met.
We talked about how to do an Equity Search in a blog post about “new equity”.
For severely negative equity, it’s basically the same steps. You’re just adjusting equity % to folks pretty deep underwater (20-30%) who, even with a positive outlook on appreciation, are just not going to get out from being under any time soon. Free a homeowner from the looming fear of foreclosure and you’ve got a fan for life.
- Read this post.
- Adjust equity % to any number you'd like, i.e. 20-30%.
- Add search criteria such as primary vs. non-primary ownership to find second homeowners in trouble.
- Add search criteria for lenders, to find those that you prefer to work with.
- Isolate people who have, or never had, a Notice of Default.
Twofer - Get the short sale, plus sign new buyers.
- Do the short sale, and for those who've never missed a payment you've just signed a new buyer.
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