Better chance for a short sale that is close to foreclosing?


#1

Is there a better chance of a short sale being approved if it’s scheduled to be auctioned at trustee sale within 60 days? If so, is a reasonable strategy to offer below market price, but offer something that would be higher than what I think it would go for at the trustee sale (if a third-party investor were to bid on it)?


#2

The success of a short sale would depend on the owner and their financial situation and the lender. Some lenders are easier to work with than others in getting a short sale approved. In a short sale the owner needs to present a complete financial package and a hardship letter which means their financial situation would have a big impact on the likelihood of a short sale approval.