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2 comments:
So the difference between the 220K and the 310k is 630 in doc stamps. If someone handed you $20,000 to $30,000 and asked for $630 in return, would you take it? I would. How can this be the end of short sales?
I wish it was that easy.. But, if you have a property that has a loan balance of $300K and you negotiate that property down to $80K... Now you have to pay the difference on doc stamps of $220K... That is a little bit of a chuck out of your profit...And Remember ever little bit counts when you’re dealing with PROFITS/Short Sales..
Also, very soon these banks will start having funds and when they do. Banks will not negotiate a short sales.. why??? Because they don't not need to, THEY HAVE MONEY.. So they will let the property foreclosure and they you need to try to buy it from the REO dept...
And if you think I’m not serious.. Try negotiating a short sale with COUNTRYWIDE AKA BOA.. We have work severely loans from Countrywide and they only took $2k off.. HUGE SAVING ...yeah right..
But, overall if you know what you’re doing you can make money in any market at anytime...
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