Feedback on any successful short sale "saviors?"

Many of my customers in this market (Cincinnati, Ohio) are getting letters and postcards from both lenders and investors offering to keep them from going into foreclosure. There are two basic strategies that I am seeing:

1. The lender refinances the loan either through a loan modification or using some of the equity in the home.

2. The investor offers to purchase the home by entering into an option contract first and negotiating directly with the bank who holds the note.

Process two is what this blog is about. Has anyone seen any success from any of these investment companies? One of them, debtcurepros.com just put an option contract in on one of my listings and we are supposed to hear back within ten days if the deal is going to happen or not.

I guess the main strategy for the investor is to negotiate a super low price from the bank and then quickly close on that short sale amount. The seller gets out of the deal without a deficiency judgment against them so they don't care how low the house is purchased for. The buyer's agent then turns around and lists the property under market value for a quick profitable sale. Again, I am looking for any individuals, agents, mortgage company professionals, attorneys, investors, etc that have seen this happen. Positive or negative feedback both welcomed.

Thanks!

Derek

Derek Tye has been an influential Realtor in the Greater Cincinnati Ohio Market for over 4 years. For more information about our Greater Cincinnati Ohio Real Estate services we offer please call us at 513-732-2720 or visit our website at www.CincyOhioHomes.com . Don't miss our Testimonials!

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