Short Sale Process – Has anyone gone through this?

Hi Thejajco
Sorry things did not turn out for you.

I do not know how short sale process works I am sure many of the US guys will be able to guide you, however if the houses are trashed and boarded up who would buy these properties, I am guessing you would have to give them away???

WI

Jajco:
I've negotiated many short sales and have a business in Northern NJ where we do short sales quite a bit.  (20 in the last 8 months).  Short sales are much more acceptable these days then they were in the past.  Banks now have a clear idea as to how they are processed.  Although banks still stink to deal with, a good real estate agent and attorney will be able to get you out of these homes.  If these are investment properties, which seem to be for you, you will not qualify for the HAMP / HAFA program.  If you don't know the difference and yours are all investment properties, you can actually disregard HAMP / HAFA.  Irrelevent to you as these are only for Primary Homeowners.

You will need to have someone negotiate a short sale or Deed in Lieu of Foreclosure for you.  If you are truly dealing with a financial hardship, that is favorable for you.  The lenders will try to get money from you, but they can't if you don't have any.  If your income barely supports your living expenses, it becomes VERY hard for them to take assets from you.  If you do have money in checking or savings, they will ask you for a settlement… The amount of the settlement depends partially on what you are worth and how good your real estate agent / attorney is. 

My suggestion is to find a qualified short sale realtor in your area where you own your properties.  If someone says they are "Short Sale Certified" whoopty doo… find someone with references…or use the old school interview phone call process.  If they sound like they know what they are doing, maybe hire them.  A real estate agent has more time to dedicate to your short sale then an attorney….UNLESS that attorney also lists the property for you.  Again, I suggest using an agent who uses an attorney for only contract review, doc review, title, and closing.  The short sale process is a tedious killer.  You must have all of your financials and paperwork in place and submit ALL of it with UPDATED bank statements and pay stubs with your offer when you happen to get one.  It is important you send the lender bank statements and pay stubs the day you get them…If you don't they will eventually ask for it and it just delays things.

Good luck…any questions, feel free to PM me.

Can you clarify?

1. who is the beneficary of the debt ?

From most lenders point of view in the US and this is why there is virtually no financiing for offshore clients.

Your completely untouchable. Just walk away and lick you wounds.

 just like thousands of Ozze investor are going to do over the next 5 years when they realize they bought ghetto trash properties just like  you did in NY… Sorry to be blunt ,, But if they were not you would not be posting how to get out of properties that are trashed and have no hope.

Short sales are a complete waiste of time an energy for a foriegn investor.. If your a US tax paying citizen or entity then yes by all means this is your best course.

On another note I wish I could Short the Oz investments in the US i would make millions in a few years.

What say you Freckle

JLH