How is Case by Case different than other companies promising a consented or short sale?
For one, the amount we are able to return to the bankruptcy estate is significantly higher in most cases. That is primarily because Case by Case is not involved in selling properties at a discount. Rather, the real property is marketed to as wide an audience as possible, just like a non-distressed property would be. With our documentation of comparable sales and reputation of achieving top dollar for the sales, the return to all parties is greater than average.
Trustees in my area are not participating in these types of sales, why should I try this?
Selecting the appropriate property to try this on is key. Our team can help you identify the key elements that would make a property the ideal test candidate.
How do I know if a property is a good candidate for a settlement agreement?
The best candidates are obviously the properties where all interested parties are in approval of the proposal. Often, through our process, secondary creditors who may have originally opposed the settlement will reach an agreement with us.
Are you limited to certain bank or lienholders?
Case by Case has worked all major and dozens of smaller servicers. We also have successfully worked with FNMA, FDMC, USDA, FHA and VA. We've negotiated with all parties of interest; investors, servicers, mortgage Insurance companies, HOA and Utility companies- as well as private holders of judgments.
What if you cannot get an agreed settlement?
Although this would be rare, if we cannot get an agreed settlement, the listing is cancelled and the trustee can abandon the property. There is never a charge to the estate in this scenario.
What if the property is occupied?
When the property is occupied by the debtor, we will work with them, or through their counsel, to accommodate the needs of their household to the greatest degree possible. This includes coordinating showing times, marketing walk throughs, appraisals and more. They will be kept informed with regards to the timeline for vacating the property. When occupied by a tenant, if granted permission by the trustee, the same communication and professionalism can be expected. Our team prides itself on our reputation of creating a respectful and productive process for the occupants of estate property.
What about buyers who request repairs on a property?
All of our sales are as-is. Although the buyer has the right to inspect the property, and back out should they so choose, all accepted offers are with the express condition that no repairs or credits will be offered by the trustee as the seller.
How long does this whole process take?
An easy case can go from initial contact to closed in 60-90 days. However, most settlements take a few months to fully negotiate. Our team submits the settlement proposal to all interested parties within 3 days of confirmation of a ratified contract. The average time for approval from all parties from that point forward is 90 days, and then the court approval will likely take another 30-40 days to process. Many other factors can lengthen the process, but our average list-to-close time is 150 days.
What if the creditor already has relief from stay?
It's quite common for us to work with creditors who have already obtained relief from stay. In rare cases, they will choose to proceed with foreclosure, but often they are amenable to our marketing process.
What about unexpected issues with title?
Our Red Flag review takes place early on. We are proficient at identifying and communicating with non-filing or ex spouses, as well as other interested parties who may have an ownership interest. By the time you are ready to seek approval of the court, those concerns will have been identified.