Anybody Ever Let The Seller Submit The SS Package?
I am working a SS through Wilshire and they sent her a letter expressing that if she could sell the house for a less than she owes they would consider the offer. So I had her get all the information that they requested and I got the house under contract for about 20% less than what she owes.
Origionally I was going to submit this, but I am considering having the seller do it. She understands what is going on(she is a realtor) and she was planning on deeding me the property.
What do you think?
I find this interesting since most of the "guru" material insist on getting the deed. In this case I may have to get it and take a chance on not being able to short it. There is still 30K in equity w/o the discount and she has a 25K debt holder threatening to but a lien on the property.
Hey short sale pro can I get a copy of your defincency disclosure, i noticed that your were offering it in another post. I can PM you my fax # or email address
Stockpro was offering the disclosure.
If you take the deed prior to approval from the lender. Just dont record the deed. It is good to get the deed when necessary, but you can record a deed that is in foreclosure anyway. You have to reinstate the loan for that to happen. Or buy the property.
In other words, if you get the deed. Dont record it, use it only if the seller has moved away. Or is playing hardball once the short sale is accepted.
how do closing costs not come into play?
So get the listing tuesday and submit it to the lender tuesday. What s the problem?
How much should the property list for under these circumstances?
[addsig]
Quote:
On 2006-04-29 00:23, bargain76 wrote:
How much should the property list for under these circumstances?
In this case is wont matter, since it will never make it to MLS, so the listing agreement will be at my offer to the lender
but they can receive proceeds of the sale, off of the hud of course, using a bill or sale.
Stockpro, i beg to differ. The homeowner can receive compensation from the sale of a FHA backed mortgage. FHA allows homeowners to receive 1000 for each owner of the property for moving expenses. And the limit is 2k. So if there are two homeowners, you can give them 2k and if there is one owner you can give them 1k.
The only way you can give more money than that is by using a bill of sale. The lender doesnt put in a restriction on the homeowner selling their items. Such as an oven, refridgerator. Or things of that nature. When you use items as such you have to use a bill of sale.
Very funny, saying you can go to jail for giving the homeowner money. Not if you use the methods i just stated.