I need to learn Loss Mitigation/Short sales quickly

[dougwells]

My name is Doug Wells, Realtor with RE/MAX Alternative Realty in Indialantic, FL (Brevard County). I have 4 short sale listings currently and want(NEED) to understand the process as quick as possible. I've had 5 offers on one of my listings, from 200K to 268k, lender says it's worth 310k(they are insane). It seems they would rather foreclose than take a good offer to close in 2 weeks. In my county we will have a hugh amount of foreclosures. I need as much help and advise as I can get. It might be called a short sale but it's not a short process!

Thanks

Doug Wells
Cell: 321-544-7999
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[Corey1023]

this is kind of a take it or leave it suggestion, but I just finished a Short Sale with HSBC where they took a $160,000 loss. The key factor? We provided them with an appraisal right from the get go. Yes it costs up front money, yes there is a small risk there, but it worked.

The guy in Loss Mitt said to me "HSBC does not ever stop trustee sales at the last minute to consider short sales as a matter of company policy, however you provided us with an appraisal as well as an offer of cash that could close quickly. We made an exception in your case."

Banks lately are taking offers that are less than other offers if they can close sooner or guarantee them payment (read: cash) rather than chancing it on a buyer who needs inspection periods, protection clauses and financing.