Question:
I know this may a tough question to answer, but what % of short sale offers can one expect to get accepted by the lenders? I am sitting on 4 deals right now and am curious. (The lenders are: First Franklin, Countrywide, EMC and Chase.) Also, do you ever consider ‘partnering” on any deals? I was hoping to bring a deal to you and follow along as you go through the process. Anyway, thanks for your help etc,
Answer:
The % really depends several factors like: how well you build your case, the lender involved, and the BPO. Understand that all lenders will discount. Sometimes they can be very difficult to work with while others you will hit a home run. You can almost always get them to discount, but the discount they are offering may not fit into your buying criteria. The real key is the BPO. We’ve thought about having a joint venture relationship with our students where they can “bring deals to the table” in a sense but we are still in the process of making that happen.
Good Luck – let us know how they go.
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