Am I Leaving Something Out?
O.k I am getting ready to put together a short sale package for a property that I posted to you all last week and several sugested that It was a good candidate for a short sale.
Am I missing anything:
Authorization to release Information signed by Mortgagee.
Cover letter
Signed listing agreement.(House has been listed for 3 months and has not sold)
Sales contract with offer amount.
recent comps in area.
repair list.
pictures of property.
Am I forgetting anything?
Also what do I tell an owner that asks..."Is the bank going to come after me for the difference that they discounted?
"Will this effect my credit?"
A signed hardship letter from the owner will be important to the final dicision making. Lenders dont just short because of default , upside down or not. It could be considered a plea from the home owner to the lender for http://www.help.In any event, I add in a summary of what I am are trying to do along with a compelling reason why they should consider and accept a lower offer from you the buyer. I find its not just filling in the blanks but putting together a full proposal. Before I got the Short SalePro's primer, my success rate on shorts was in the teen percents. Soon after reading the primer along with learning the mechanics and taking time to delve in and really understand why a lender would accept a short my success has jumped up to around 87%-90%. Prequalifying a candidate IMO , is the most important to your success rate..Oh, an estimated net sheet or HUD-1 should also accompany your package.
regards-pat[ Edited by patricc68 on Date 06/29/2004 ]
Quote:
Prequalifying a candidate IMO , is the most important to your success rate..
Quick question about pre-qualifying...
what criteria are you using to pre-qual? What are you looking from?
Mike(NC)
Thanks for your www.input.I have been eyeing the shortsale primer and do intend on buying it. I purchased John Locke's primer a few months ago and love the whole "subject to concept.(And the Legrand course too) Let me ask those that are sucessfully completing short sales this: How often are you using subject to financing along with a short sale stategy?