Have you ever heard of the bank of cocranhs? What about the Segwen Investment Corp?
Probably not. If the bank, that owns the note or notes on your home, is one you have not heard of before, you are probably going to be in for quite a trip when it comes to you wanting to sell that property short.
My Team and I have run into these issues. We have a committed Short Sale Negotiator on our direct Team. We hired her. We know she is brilliant, patient and a pit bull when she needs to be. Paris911.com/shortsale
It has worked for almost every single person that came to us to have a short sale negotiated within the Santa Clarita Valley and in the Surrounding communities of Los Angeles.
She is brilliant. Now that I'm done, I will tell you to focus your attention on the words contained in the preceding paragraph. “Almost every”.
That would lead most to believe that there were some that did not work out.That is true. We have had several that did not and it was because the bank(s) involved did not care about “reason”.
Not the “reason” from the aspect of the homeowners hardship. But “reason” from a logic standpoint.
One of the cases that comes to mind was the event, where a bank, that we were dealing with, sent out an appraiser and they said the home was worth no less than 400k. No Less than $400k. I had to repeat myself to make sure you are seeing some of the “craziness” that exists.
While we are not given the “true and real” appraisal report, we are given the amount by the bank that they will let us short sale the home, condo/town-home for.
In this case – the $400k, was over 75k too high from comparable value. I am not an appraiser, but we had another appraiser look at the home and give us their estimation of value. $325k. That is where they were when they did their appraisal.
While we sent the report, the one we paid for, into the bank, they would not adjust their values and would not take any less than $400k.
Come to find out, there was no other reason than, the Case Manager telling me they would not take less than $400k. Even when, she admitted herself, that the property is valued at much less.
They wanted this one to go to foreclosure. They did not want the short sale seller to short sale this particular home.
There are many stories such as this one. The best rule of thumb when it comes to Short Selling real estate is to make sure you are working with professional realtors that have a team and mechanisms in place to get accomplished, what you want accomplished. Paris911.com
Be safe – Search well and thanks for reading. Sharing this with others in your periphery would be super duper. Paris911.com/shortsalemyhome