Blank Contract When Doing A Short Sale?
if the price isnt filled in with the seller, and i ahve to fax the lender a copy of the contract, do i at that time just put in the price i would like to offer as the sales price before faxing it?
i would assume the lender wouldnt want to see a contract with no price, but i may be wrong.
Remember, when doing a short sale you are actually purchasing the property from the homeowner so the contract needs to have a price and also be signed by both parties. If the contract is not accepted you can always re-submit another offer.
I have heard of people putting things like 'TBD', and 'Approved Amount', etc. in the sales price. But I believe that most lenders want at a minimum a sales contract and HUD to approve a short sell. I submit my contract signed by both me and the seller with the price I am offering.
Brenda
How do you work out getting the seller some money (in a contract), if the bank doesn't want any going to the seller.
Is there a separate agreement?
Thanks.
Phil
Yes, a seperate agreement. People use a bill of sale for items in the home such as a refrigerator, stove, lawnmower, painting, baseball cards etc.
Kelly(WI)
Do you ACTUALLY buy those things? Or only on paper? And does that go in your sales contract when you breakdown the land, improvement, and personal property?
Thanks.
The ENTIRE point of putting that in a seperate contract is so that the bank does not know that the owner is getting money out of the entire process. Otherwise, why would the bank agree to take less for the property? They are the ones losing out. The owner hasn't been paying for 3, 6, 12 or however many months. They OWE that money. I have not heard of an instance where a bank has approved a short sale where they are aware of the owner getting money out of the deal. So I would NOT put that on the forms submitted to the bank.
Do you actually buy those things? Sure, you get to keep the fridge or whatever and you give the seller their money. You can write up a seperate agreement for anything. Put $5k on it for cleaning. It doesn't matter because it's a farce anyway. It's a method to get the seller their money.
I hope that explains it.
Ryan J. Schnabel