Who filed the BK?? The ex-husband or the ex-wife?

If they filed bk jointly then they couldn't refile after dismissal.If the ex-husband filed then after dismissal the ex-wife could file delaying the process again.

Honestly there credit is in the crapper anyways right now so there is low motivation for them and high motivation for you (commission)

You need to ask probing questions to see how committed they are to seeing the short sale through before you bust your butt on it.Any buyers will likely be gone before the bk is released as they hate to wait on regular short sales much less ones involving BK.

I have seen it time amd time again where the sellers are cooperative in the beginning and as the bank asks for more and more stuff the sellers say "f-it,I don't care anymore!"

Hope it works out for you....

You aint kidding. I have a similar situation right now. I am just waiting for the bankruptcy stay to be lifted from the property so we can move forward with the short sale. My sellers were happy about sending me everything that was necessary before the bankruptcy. Now they just don't care anymore. It sucks big time too because I spent the last 8 months dealing with the bank and the bank's attorney's office. If the stay is lifted any day now, hopefully I will be able to move forward and sell this thing.

It has already been lots of work with no pay.

The husband is the one that filed bankruptcy.

The wife is motivated, and is planning to meet me in person. However, the husband doesn't seem very motivated. I might actually need to get his authorization sent to me in the mail because he is not currently in the area. I'll let you know what I find out after speaking with the lender.

Len that's why I got out of doing short sales.

I have found I enjoy commercial real estate better and love the hours and income.I could have went full time REO but I decided against that as well.

Wa agent they are both on the loan correct?

From what you have told me this is not a prommising short sale.

He isn't motivated because he has BK protection currently.Investors often approach bk filers right after bkis granted to try and purchase there property.That is the worst time as they are now RELAXED in a bk. When the stay is about to be lifted and options are running out that is when the owners get motivated if they are at all.

Doing short sales I ran into delusionals,alcholics,druggies,screamers,etc.

It just wasn't for me after awhile.

On a side note. Here in Minnesota the so called "short sale" specialists say that about 30% of their deals actually close. To me those odds don't match up to the amount of work put into these types of transactions.

Recently I attended a short sale seminar led by an attorney. His thoughts were agents should have an attorney represent the seller due to all the legalities involved. In fact, he went as far to say agents are illegally representing sellers when we get those authorization forms signed. On that note, I would be sure to add language that this authorization does not in any way create a attorney/client relationship. Also, I advise getting the authorization letter pre-approved by your manager or broker. I hope this helps.

You can't get Blood out of a Stone. These Attorneys will probably expect to be paid by someone . . . . Did he have a suggestion on that ?

Maybe he and his Esquire Colleagues will do it pro bono ?

Maybe the Banks can ask Congress for a little more money so they can pay for the legal representation of the Short Sale Sellers; in a Special Appropriation.

When they're not busy representing criminals, maybe Legal Aide could provide this service ?

This Attorney wasn't, by chance, suggesting the Broker involved pay for a Lawyer to represent the Short Sale Seller, with a little piece of their Commission ? Cute !

Gosh; I guess it's just not a perfect world ! How did the other Attendees respond ?

"His thoughts"

This is one attornies "biased" opinion!

Sometimes the banks will throw the attorney doing the short sale a consulting fee.

If anything attornies make short sales harder as they know nothing about the listing and selling of properties or valuations.All they usually know is contract law which is not the key indicator for getting a short sale approved.

Yes short sales are harder to do but I have found attornies that I run rings around with my short sale experience.The problem is NEW agents/brokers entering these transactions without any formal training.

Brokers/agents want to do these because they are what is selling in the down markets before foreclosure.All the regular sellers beleive there properties aren't marketed enough and that is the reason they are not selling.The regular sellers are clueless as to the current state of the market and they won't be using my hard earned money to test out there bogus theories as to why there home hasn't sold.

They want to look at everything but price of course.

I always take a course with a grain of salt.If you want accurate info I always read the federal and state statute codes and for short sale workouts info you can find the programs at FHA,VA,Fannie Mae,and Freddie Mac.

LOL. Of course attornies are going to want people to use them. They are definitely NOT required in the short sale process. If anything, as stated by someone already, having an attorney involved just complicates things. The biggest factor in a short sale getting approved is the negotiation process, not the contract portion.

Vermont makes a good point, a short sale seller is not going to pay for an attorney especially when odds of sucessful short sale is so low and seller is struggling financially. Then of course you can't blame the attorney he or she wants in on what is precieved to be the only game in town. Its actually pretty sad, I don't believe short sales are really helping sellers since there credit is usually screwed once its a short sale.

It is also sad that you make a statement like this without knowing the facts. A short sale affects your credit much less than a foreclosure. I have clients that we just closed on a short sale a few months back and their credit AFTER the short sale ended up at 700 FICO. That's not too bad if you ask me. They could have foreclosed and their credit would have been a lot worse.