1ST SHORT SELL WHAT FORMS NEED SIGNING FOR CONTROL
JUST LOCATED LOST OWNER OF HOME BEING FORECLOSED APRIL 1ST SHE IS WILLING TO DO ANYTHING W/PROMISE OF A LITTLE CASH. I HAVE AUTH TO RELEASE DO I NEED BLANK CONTRACT POA OR WHAT. MEETING HER TOMORROW AT NOON. IS GOOD DEAL THANKS IN ADVANCE
If you have an Authorization to Release form signed already, then talk with the bank. Find out how much she owes and ask if they are willing to take a discount.
Some will tell you to give them an offer, most will send you a short sale package to fill out and return to them.
If you have not had the form signed yet, then what are you waiting for? Write up a contract on what you feel is a good price and will still be a profitable deal to you. Then write up the contract and have the owner sign it. Read the posts on short sales, preforeclosures, and foreclosures.
Tanya
THANKS TANYA, NICE TO HEAR FROM A PRO. I HAVE BEEN POURING THROUGH THE INFO ON THIS SITE FOR DAYS AND THERE IS STILL SO MUCH MORE. I MUST OF HAD SHORT SALE ON THE BRAIN WHEN I POSTED THIS. THIS IS AN FHA PRE-FORECLOSURE WITH EQUITY IT IS MY UNDERSTANDING YOU CANT GET THE BANK TO DISCOUNT BECAUSE ITS GURANTEED BY GOV. THOUGHT I WOULD ASK THEM ANYWAY. I HAD OWNER SIGN AUTH TO RELEASE, BLANK MORTGAGE PURCHASE AGREEMENT, AND WARRANTY DEED. CALLED BANK AND FAXED THE RELEASE, THEY SAID I COULD CALL BACK FRI FOR NUMBERS. THINK IT WILL BE $45K TO $48K COMPS SHOW RETAIL WOULD BE $62K TO $69K NEEDS $2500.00 TO PUT ON MARKET IN GOOD AEA. WHAT DO YOU THINK?
Government is always hard to get a discount from. It never hurts to submit your proposal and see what they say. You never know until you go for it! Remember, there are millions of deals waiting to be snatched up. If they don't accept your offer, then move onto the next one. Time is money. In any situation, ask yourself, "Is this worth my valuable time to pursue further?"
Tanya
Good point. Short sales are very time consuming, and in my practice, require a few bucks. That's why I only pursue the shorts that will result in a profit. Most of you know that I don't invest in real estate. But there are times when I'm asked to salvage an 'at risk' deal, or I uncover an opportunity, work it to the point of an approved, short sale contract, then assign the deal to an Investor/Speculator.
You can't waste the time, energy, or resources on thin deals. However, on the short sale candidates that indicate profit, it's worth the effort.