The leading short sale and pre-foreclosure expert Nation wide is Jeff Kaller. His students have really done well in our Michigan Market. If they do well in Michigan depress real estate market you know Jeff Kaller is doing a great job of teaching the short sale business. This is one of his articles for your reading. You can find great value from his workshops and his free reports and CD’s:
Check out his workshops- Jeff is doing them all over the country http://www.JeffsWorkshop.com (LA in January)
Preforeclosures and Terms
One major point is whether the principle instrument securing the loan is a conventional mortgage or a "deed of trust." Kaller indicates that they are not the same even though everybody uses the term "mortgage" interchangeably. “Deeds of trust are the more common of the two, used in 34 states either mostly or exclusively,” says Kaller.
Mortgages involve two parties, borrowers and lenders, while deeds of trust have third parties, called trustees, who hold temporary title to the properties until borrowers pay off their loans.
That difference can be crucial when a borrower falls behind in payments. With deeds of trust, the trustees don't have to go to court to initiate a foreclosure; with a mortgage, the lender almost always does, which slows down the process.
In states where deeds of trust are an option, lenders almost always choose them over mortgages, because they are "non-judicial" - and quick.
According to Jeff Kaller, Mr. PreForeclosure, provides investors with step-by-step instruction needed to make a fortune in Pre-Foreclosures. He is a professional lecturer and author of "Preforeclosure and Short Sales" Home Study Course. Jeff holds several national conferences nation wide every year.
Showing posts with label buying home foreclosures system. Show all posts
Showing posts with label buying home foreclosures system. Show all posts
Tuesday, January 8, 2008
Topic: State Foreclosures Only Produce More Questions
The leading short sale and pre-foreclosure expert nation wide is Jeff Kaller. His students have really done well in our Michigan Market. If they do well in Michigan depress real estate market you know Jeff Kaller is doing a great job of teaching the short sale business. This is one of his articles for your reading. You can find great value from his workshops and his free reports and CD’s:
Check out his workshops- Jeff is doing them all over the country http://www.JeffsWorkshop.com (LA in January)
Topic: State Foreclosures Only Produce More Questions
By: Jeff Kaller Republished by Ralph Mark Maupin
Nationally, much of the blame for the current housing downturn has been placed on easy access mortgages that targeted many consumers who are now unable to pay.
Although clearly the market is going down, the foreclosure issue is far more complicated to some. Industry insiders who make their living from mortgages say some statistics are multiply by a factor of 2 to the number of foreclosures recorded. A state level mortgage executive clams that federal government is “double dipping” the numbers by counting second mortgages, using an inconsistent sample population from year to year, and counting all the different phases of a foreclosure as new filings. He point is well taken, clearly complicating the issue.
However with more that 5 percent of American homeowners delinquent in their payments, a jump of three-quarters of a percentage point from last year, and the numbers are still staggering. But lately, several options have surfaced to aid the troubled homeowner. One choice of particular interest is the pre-foreclosure sale, it allows you to sell your home and pay off your mortgage before a foreclosure, thereby preventing damage to your credit rating.
Not your typical real estate investor, pre-foreclosure specialist Jeff Kaller, advises, “Home owners need to know what terms they have, pre-foreclosure investor want to assist in finding the best option for the plan…the majority of lenders don't want to foreclose.” This could be a clear indication for many homeowners facing a possible foreclosure to pull out their mortgage documents and double-check the terms.
Nationwide, foreclosures continue to be on a steady rise; 36 percent from July to August with an eight-month total of 244,000 foreclosed homes, an increase of 115 percent from last year. Currently, foreclosures are soaring in Maryland, and many of the loans that homeowners are defaulting on are interest-only loans where no principal is paid. For which the interest-only periods have recently ended. Many other borrowers took out adjustable-rate mortgages (ARMs) over the past two years, and now the low initial payment period of the ARMS has ended. In both cases, borrowers are finding themselves equally trapped with higher interest rates that translate into significantly increased monthly mortgage payments that could go even higher.
“Government officials are steadily trying to develop ways to assist strapped families, now that the housing boom the nation experienced over the past five years has declined,” said real estate investor and pre-foreclosure investor Jeff Kaller.
Check out his workshops- Jeff is doing them all over the country http://www.JeffsWorkshop.com (LA in January)
Topic: State Foreclosures Only Produce More Questions
By: Jeff Kaller Republished by Ralph Mark Maupin
Nationally, much of the blame for the current housing downturn has been placed on easy access mortgages that targeted many consumers who are now unable to pay.
Although clearly the market is going down, the foreclosure issue is far more complicated to some. Industry insiders who make their living from mortgages say some statistics are multiply by a factor of 2 to the number of foreclosures recorded. A state level mortgage executive clams that federal government is “double dipping” the numbers by counting second mortgages, using an inconsistent sample population from year to year, and counting all the different phases of a foreclosure as new filings. He point is well taken, clearly complicating the issue.
However with more that 5 percent of American homeowners delinquent in their payments, a jump of three-quarters of a percentage point from last year, and the numbers are still staggering. But lately, several options have surfaced to aid the troubled homeowner. One choice of particular interest is the pre-foreclosure sale, it allows you to sell your home and pay off your mortgage before a foreclosure, thereby preventing damage to your credit rating.
Not your typical real estate investor, pre-foreclosure specialist Jeff Kaller, advises, “Home owners need to know what terms they have, pre-foreclosure investor want to assist in finding the best option for the plan…the majority of lenders don't want to foreclose.” This could be a clear indication for many homeowners facing a possible foreclosure to pull out their mortgage documents and double-check the terms.
Nationwide, foreclosures continue to be on a steady rise; 36 percent from July to August with an eight-month total of 244,000 foreclosed homes, an increase of 115 percent from last year. Currently, foreclosures are soaring in Maryland, and many of the loans that homeowners are defaulting on are interest-only loans where no principal is paid. For which the interest-only periods have recently ended. Many other borrowers took out adjustable-rate mortgages (ARMs) over the past two years, and now the low initial payment period of the ARMS has ended. In both cases, borrowers are finding themselves equally trapped with higher interest rates that translate into significantly increased monthly mortgage payments that could go even higher.
“Government officials are steadily trying to develop ways to assist strapped families, now that the housing boom the nation experienced over the past five years has declined,” said real estate investor and pre-foreclosure investor Jeff Kaller.
Is Big Better?
by: Ralph Marcus (Mark) Maupin, Jr.
At one time in my life I was buying 7-8 Houses a month, fixing them up and then reselling them. Then I got the bright Idea that if I can buy and sell 7-8 a month, I can buy and sell 80. This was a choice that eventually led me to Bankruptcy. This has not been that long ago. Twice in my life I have made a lot of money and then took on a large growth spurt and got a large learning experience in business failure. The last one resulted in bankruptcy. It is hard when things are going well to not be seduced by more is better. When you have something working for you, it is easy to become overconfident and start to think of multiplying it. As with things in life, you want to be sure when you take on something, that you complete it. “Pumping up the volume” puts you at risk of not having the structures and being set up to deliver on what you are committed to. You naturally encounter problems that are not present on the smaller scale. It is hard when things are going well to not be seduced by more is better. I had to learn personally that “Pride goeth before the fall”. The bottom line is that there are always good deals in Real Estate! I say measure your success one house at a time. Buy investor property—fix it up, resell it, rent, do a lease-option, but do it one house at a time. Multiple Purchases? One of the most common mistakes I see in business is where investors come into the business and think they need to do multiple houses at a time. Try this on: Try doubling the cost you think it will take to fix the property, doubling the time you think it will take to rehab the property and figure your holding costs doubled (insurance, mortgage payments, taxes, lights, gas, rehab cost). Great deals in Real Estate don’t come in houses fixed and ready to sell. The great buys come from houses that need work. If you are just getting started, stick to cosmetic rehabs (paint and carpet), Don’t take on major rehabs. It will take time to develop rehab crew. The most successful people I see in Real Estate take on doing houses one house at a time. Failures are great if you look at them and ask what action was missing would have made a difference. Hard money lenders? Pitfalls are using very expensive money. For years I ran a business financed on money from Real Estate Investors who are called “Hard money lenders” who look at collateral and loan money based on that interest can be 18% higher when you figure in the closing costs. When you get multiple properties in this condition you are going to have interest payments that are going to be double—triple what conventional financing is in Real Estate. Combine that with the common lie we tell ourselves that we can repair the house and put it back on the market for sale or rent in a short time. Your overhead would rise because you would need a staff to manage and rehab everything. Can you see this is a recipe for upset for everyone? Now if you are doing one house at a time---your overhead will probably stay very low, very little staff, you have limited you expenditure of time, money, and aggravation. At one time my overhead was + $50,000.00 per month. I had to depend on other people to do everything, including checking the work. The sale I was making was going 100% to payments and I kept telling myself I will turn it around tomorrow. Now I had a house not finished, and houses being lost in foreclosure and for taxes. Now I am a motivated seller and bankruptcy was looming large. My overhead was still there, I attempted to wholesale deals, so I decided I would no longer do find, repair, and resell homes. I will find great buys and sell them to other investors. Starting Over Basically I started my business over. It takes a great amount of time to get list of investment deals. This business is built on the concept you can borrow you way out of debt. It does not work. You have family, friends, business associates that get hurt and destroyed. I’m not saying this to tell you a sad story, but rather in the hopes out of sharing it, some one else can avoid the pain of my mistakes. To see what you can learn for yourself. I am 53 years old and starting over. I have the knowledge to build a business with the proper foundation. I teach Real Estate investing class now looking at pitfalls and what is needed to do one deal at a time. My advice to you on handling real estate transactions is : Use Title companies What can happen to you when you fail to get title insurance. We had a participant in one of our seminars. He purchased a house to fix it up. He invested over $40,000 into the home in both repairs and purchase price. When he went to refinance he found out the person he purchased the house from was not in the chain of title. In other words, he did not have a clear title. Whenever you purchase a home always close through a title company with title insurance on the property. Title insurance is insurance insuring the borrower or lender that they get the property with marketable title. The will only insure the property for the purchase price or for the amount of the mortgage. Use a Lender that makes good common sense. Interview lenders. Go to Real Estate Investor Clubs to find out from other investors who are the companies doing the best job. Is there risk when you use a lender that wants to cross collateralize loans or wants personal guarantees? One lender I know will get one-two year mortgages and demand a right to lean all the properties you own on the loan you are getting. Just beware if you are buying the property to fix up and resell there are things that you don’t always plan on like: twice as much rehab cost as you planned for, longer marketing time than you initially thought resulting in added holding costs, or maybe the market moves the wrong direction and you can’t sell so you rent it. Now one of your other properties or even your personal residence needs to be refinance. You now have lien showing against the property. Now what do you do? Think before you jump. If you have purchased the property right, you should be able to borrow money based on the equity of that property---not your home and other properties. This same lender will ask for a personal guarantee signed by you, your wife, and your partner. This personal guarantee allows his mortgage company to lean anything the partner and wife own. Not only that, but this particular lender demands that you use a Title Company he owns. Now when you want to sell another one of your houses and this same cross collateral loan will show up on any property you are selling. Now you are faced to use his title company and he won’t release his loan. Beware of putting yourself in a situation where you are using a person who controls the lending, title work, the appraiser, and Real Estate Company. Do you think if you had your title work placed with a company the Lender had ownership in you might run into a problem getting the documents released or have a clean closing at the same title company. Why risk letting human emotions drives a stake into your deals. Keep an arms length distance inside your dealings. If you are selling homes or wholesaling property, let the buyer find his own lender and make sure you get an independent title company. Make sure there is not a conflict of interest in the Title Company, Mortgage Company, and Real Estate Company. Keep the integrity in the deal. I am sure there are title companies, real estate companies, and mortgage companies, where there is common ownership that run very good businesses and can separate the conflicts of interests and profit centers. Make sure you receive proper disclosure of the common ownership. You can always look at the volume of business they are doing in each business and check with the state of Michigan Licensing Dept. for any complaints against the firm. The web-site is www.michigan.gov. Feel free to check out my Web Sites: Free Forms and Information: http://www.MegaEveningEvent.com , http://www.DetroitInvestmentHomes.com or http://www.MrLeaseOption.com
At one time in my life I was buying 7-8 Houses a month, fixing them up and then reselling them. Then I got the bright Idea that if I can buy and sell 7-8 a month, I can buy and sell 80. This was a choice that eventually led me to Bankruptcy. This has not been that long ago. Twice in my life I have made a lot of money and then took on a large growth spurt and got a large learning experience in business failure. The last one resulted in bankruptcy. It is hard when things are going well to not be seduced by more is better. When you have something working for you, it is easy to become overconfident and start to think of multiplying it. As with things in life, you want to be sure when you take on something, that you complete it. “Pumping up the volume” puts you at risk of not having the structures and being set up to deliver on what you are committed to. You naturally encounter problems that are not present on the smaller scale. It is hard when things are going well to not be seduced by more is better. I had to learn personally that “Pride goeth before the fall”. The bottom line is that there are always good deals in Real Estate! I say measure your success one house at a time. Buy investor property—fix it up, resell it, rent, do a lease-option, but do it one house at a time. Multiple Purchases? One of the most common mistakes I see in business is where investors come into the business and think they need to do multiple houses at a time. Try this on: Try doubling the cost you think it will take to fix the property, doubling the time you think it will take to rehab the property and figure your holding costs doubled (insurance, mortgage payments, taxes, lights, gas, rehab cost). Great deals in Real Estate don’t come in houses fixed and ready to sell. The great buys come from houses that need work. If you are just getting started, stick to cosmetic rehabs (paint and carpet), Don’t take on major rehabs. It will take time to develop rehab crew. The most successful people I see in Real Estate take on doing houses one house at a time. Failures are great if you look at them and ask what action was missing would have made a difference. Hard money lenders? Pitfalls are using very expensive money. For years I ran a business financed on money from Real Estate Investors who are called “Hard money lenders” who look at collateral and loan money based on that interest can be 18% higher when you figure in the closing costs. When you get multiple properties in this condition you are going to have interest payments that are going to be double—triple what conventional financing is in Real Estate. Combine that with the common lie we tell ourselves that we can repair the house and put it back on the market for sale or rent in a short time. Your overhead would rise because you would need a staff to manage and rehab everything. Can you see this is a recipe for upset for everyone? Now if you are doing one house at a time---your overhead will probably stay very low, very little staff, you have limited you expenditure of time, money, and aggravation. At one time my overhead was + $50,000.00 per month. I had to depend on other people to do everything, including checking the work. The sale I was making was going 100% to payments and I kept telling myself I will turn it around tomorrow. Now I had a house not finished, and houses being lost in foreclosure and for taxes. Now I am a motivated seller and bankruptcy was looming large. My overhead was still there, I attempted to wholesale deals, so I decided I would no longer do find, repair, and resell homes. I will find great buys and sell them to other investors. Starting Over Basically I started my business over. It takes a great amount of time to get list of investment deals. This business is built on the concept you can borrow you way out of debt. It does not work. You have family, friends, business associates that get hurt and destroyed. I’m not saying this to tell you a sad story, but rather in the hopes out of sharing it, some one else can avoid the pain of my mistakes. To see what you can learn for yourself. I am 53 years old and starting over. I have the knowledge to build a business with the proper foundation. I teach Real Estate investing class now looking at pitfalls and what is needed to do one deal at a time. My advice to you on handling real estate transactions is : Use Title companies What can happen to you when you fail to get title insurance. We had a participant in one of our seminars. He purchased a house to fix it up. He invested over $40,000 into the home in both repairs and purchase price. When he went to refinance he found out the person he purchased the house from was not in the chain of title. In other words, he did not have a clear title. Whenever you purchase a home always close through a title company with title insurance on the property. Title insurance is insurance insuring the borrower or lender that they get the property with marketable title. The will only insure the property for the purchase price or for the amount of the mortgage. Use a Lender that makes good common sense. Interview lenders. Go to Real Estate Investor Clubs to find out from other investors who are the companies doing the best job. Is there risk when you use a lender that wants to cross collateralize loans or wants personal guarantees? One lender I know will get one-two year mortgages and demand a right to lean all the properties you own on the loan you are getting. Just beware if you are buying the property to fix up and resell there are things that you don’t always plan on like: twice as much rehab cost as you planned for, longer marketing time than you initially thought resulting in added holding costs, or maybe the market moves the wrong direction and you can’t sell so you rent it. Now one of your other properties or even your personal residence needs to be refinance. You now have lien showing against the property. Now what do you do? Think before you jump. If you have purchased the property right, you should be able to borrow money based on the equity of that property---not your home and other properties. This same lender will ask for a personal guarantee signed by you, your wife, and your partner. This personal guarantee allows his mortgage company to lean anything the partner and wife own. Not only that, but this particular lender demands that you use a Title Company he owns. Now when you want to sell another one of your houses and this same cross collateral loan will show up on any property you are selling. Now you are faced to use his title company and he won’t release his loan. Beware of putting yourself in a situation where you are using a person who controls the lending, title work, the appraiser, and Real Estate Company. Do you think if you had your title work placed with a company the Lender had ownership in you might run into a problem getting the documents released or have a clean closing at the same title company. Why risk letting human emotions drives a stake into your deals. Keep an arms length distance inside your dealings. If you are selling homes or wholesaling property, let the buyer find his own lender and make sure you get an independent title company. Make sure there is not a conflict of interest in the Title Company, Mortgage Company, and Real Estate Company. Keep the integrity in the deal. I am sure there are title companies, real estate companies, and mortgage companies, where there is common ownership that run very good businesses and can separate the conflicts of interests and profit centers. Make sure you receive proper disclosure of the common ownership. You can always look at the volume of business they are doing in each business and check with the state of Michigan Licensing Dept. for any complaints against the firm. The web-site is www.michigan.gov. Feel free to check out my Web Sites: Free Forms and Information: http://www.MegaEveningEvent.com , http://www.DetroitInvestmentHomes.com or http://www.MrLeaseOption.com
Frequently Asked Questions on Short Sales and Pre-foreclosures
The leading short sale and pre-foreclosure expert Nation wide is Jeff Kaller. His students have really done well in our Michigan Market. If they do well in Michigan depress real estate market you know Jeff Kaller is doing a great job of teaching the short sale business. This is one of his articles for your reading. You can find great value from his workshops and his free reports and CD’s:
Check out his workshops- Jeff is doing them all over the country http://www.JeffsWorkshop.com (LA in January)
"Frequently Asked Questions"
By: Jeff Kaller Republished by: Ralph Marcus Maupin,
Here are 10 frequently asked short sale questions that are very helpful especially if you are just getting started or considering short sales as a means to acquiring pre-foreclosures.
1. What happens to the seller's credit rating when they allow an investor to short sell their property?The way it show on the credit report is that the loan is "paid" or “settled”; however there will be a notation that says "settled for less than originally owed" or something along these lines. Be careful how you state this. Each lender and reporting agency will say it a little different and the credit will still be affected even if a short sale is accepted, approved, and closed because of all the previous late payments. 2. Where do you find buyers for short sales?Depending on where you live, you may see investors who advertise with bandit signs or in your local newspaper. Call the investors directly and ask them if they are interested in purchasing a deal you have. Another good place is your local real estate investors club meeting (REIA). My favorite way to find buyers is using the MLS (multiples listing service). I like flat fee companies because it cuts down on commissions. 3. Define a short sale?A short sale is a workout plan that the banks have in place to help homeowners and themselves prevent foreclosures. When the mortgage company agrees to accept less than the loan amount to them to avoid foreclosure process. A negotiated short sale results in a discounted purchase price for the buyer/investor. The buyer would finance the acquisition much the same as in any other conventional acquisition or the investors can use some creative strategies.4. Can an owner profit from a short sale?The seller cannot profit (monetarily) from a pre-foreclosure short sale in most cases. FHA programs will give an incentive fee of $500-$1,000 to the mortgagor to participate in the pre-foreclosure sale program. The incentive fee can also be used to payoff a second mortgage.5. Can you do a short sale is the homeowner is in bankruptcy?Mortgage company’s will not approve a short sale if the homeowner is in bankruptcy...why? Because approving a short sale payoff is considered a collection activity. Collection activities are prohibited in bankruptcy. But you can still get the process started and be ready to work the short sale as soon as the house is released from bankruptcy. (Ask the bankruptcy trustee and the mortgage how to proceed in this situation) 6. What documents do I have need to include in the short sale package?Documents depend on the lender. Each lender has different requirements. It is typical to require authorization to release information, hardship letter, financial statement, purchase and sales contract, settlement statement (HUD 1), pay stubs, bank statements and tax returns. Additional documents are needed on FHA loans. Remember the banks may ask for more so be prepared.
7. Do mortgage companies always send someone out to do an appraisal / brokers price opinion on a possible short sale?All lenders require a BPO or full appraisal of the property before making their final decision to accept or reject the short sale offer. This is there only way of assessing the value of the property and making a good decision on the banks end.8. How late in the pre-foreclosure process can you start a short sale?Each state will be different. It is really up to the lender. Try to allow a window of at least 30 days for the mortgage company to approve the short sale offer.9. What is a Due on Sale clause?"Due on Sale" Clause (DOS) Provision in a mortgage or deed of trust calling for the total payoff of the loan balance in the event of a sale or transfer of title to the secured real property. A contract provision which authorizes the lender, at its option, to declare immediately due and payable sums secured by the lender's security instrument upon a sale of all or any part of the real property securing the loan without the lender's prior written consent. Contact your local real estate attorney for more details in your state. 10. Will banks allow a short sale when the owner has some equity?Yes and No. No, If a property has what the “lender would consider” a substantial amount of equity, chances are they would consider allowing the property to foreclose and then reselling it closer to the retail value. Yes, if you can affect the BPO/appraisal to come in lower than the market value. Your job will be to create the equity in the home by negotiating a successful short sale and affecting the banks value on the home.
Check out his workshops- Jeff is doing them all over the country http://www.JeffsWorkshop.com (LA in January)
"Frequently Asked Questions"
By: Jeff Kaller Republished by: Ralph Marcus Maupin,
Here are 10 frequently asked short sale questions that are very helpful especially if you are just getting started or considering short sales as a means to acquiring pre-foreclosures.
1. What happens to the seller's credit rating when they allow an investor to short sell their property?The way it show on the credit report is that the loan is "paid" or “settled”; however there will be a notation that says "settled for less than originally owed" or something along these lines. Be careful how you state this. Each lender and reporting agency will say it a little different and the credit will still be affected even if a short sale is accepted, approved, and closed because of all the previous late payments. 2. Where do you find buyers for short sales?Depending on where you live, you may see investors who advertise with bandit signs or in your local newspaper. Call the investors directly and ask them if they are interested in purchasing a deal you have. Another good place is your local real estate investors club meeting (REIA). My favorite way to find buyers is using the MLS (multiples listing service). I like flat fee companies because it cuts down on commissions. 3. Define a short sale?A short sale is a workout plan that the banks have in place to help homeowners and themselves prevent foreclosures. When the mortgage company agrees to accept less than the loan amount to them to avoid foreclosure process. A negotiated short sale results in a discounted purchase price for the buyer/investor. The buyer would finance the acquisition much the same as in any other conventional acquisition or the investors can use some creative strategies.4. Can an owner profit from a short sale?The seller cannot profit (monetarily) from a pre-foreclosure short sale in most cases. FHA programs will give an incentive fee of $500-$1,000 to the mortgagor to participate in the pre-foreclosure sale program. The incentive fee can also be used to payoff a second mortgage.5. Can you do a short sale is the homeowner is in bankruptcy?Mortgage company’s will not approve a short sale if the homeowner is in bankruptcy...why? Because approving a short sale payoff is considered a collection activity. Collection activities are prohibited in bankruptcy. But you can still get the process started and be ready to work the short sale as soon as the house is released from bankruptcy. (Ask the bankruptcy trustee and the mortgage how to proceed in this situation) 6. What documents do I have need to include in the short sale package?Documents depend on the lender. Each lender has different requirements. It is typical to require authorization to release information, hardship letter, financial statement, purchase and sales contract, settlement statement (HUD 1), pay stubs, bank statements and tax returns. Additional documents are needed on FHA loans. Remember the banks may ask for more so be prepared.
7. Do mortgage companies always send someone out to do an appraisal / brokers price opinion on a possible short sale?All lenders require a BPO or full appraisal of the property before making their final decision to accept or reject the short sale offer. This is there only way of assessing the value of the property and making a good decision on the banks end.8. How late in the pre-foreclosure process can you start a short sale?Each state will be different. It is really up to the lender. Try to allow a window of at least 30 days for the mortgage company to approve the short sale offer.9. What is a Due on Sale clause?"Due on Sale" Clause (DOS) Provision in a mortgage or deed of trust calling for the total payoff of the loan balance in the event of a sale or transfer of title to the secured real property. A contract provision which authorizes the lender, at its option, to declare immediately due and payable sums secured by the lender's security instrument upon a sale of all or any part of the real property securing the loan without the lender's prior written consent. Contact your local real estate attorney for more details in your state. 10. Will banks allow a short sale when the owner has some equity?Yes and No. No, If a property has what the “lender would consider” a substantial amount of equity, chances are they would consider allowing the property to foreclose and then reselling it closer to the retail value. Yes, if you can affect the BPO/appraisal to come in lower than the market value. Your job will be to create the equity in the home by negotiating a successful short sale and affecting the banks value on the home.
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