First Deal Need Help Fast
I have a friend who came to me because they want to auction her home on MAY 1. The lender said they would be interested in a short sale. I need to know what goes in the offer package to the bank and what kind of offer do I make her. I've also heard that on short sales you should have the owner move out, but she wants to stay a little while to get herself together. Plus there are 2 other tenents. :-?
Every lender has different requirements. If you are already speaking to the lender, the best thing to do would be to ask THEM what they require to make a decision.
If you personally are not speaking with the lender, you need the seller to sign a Authorization to Release Information form and provide you with the lender name, phone number and loan number, so you can call the bank and speak with them yourself directly.
Good luck.
posherov
The Homeowner should contact the mortgagee and ask that they send an application for short sale consideration.
Decide what you want to pay for the property, and enter into a sales contract with the Seller.
Have the Seller begin to assemble all bank statements, tax returns, paystubs, and get a copy of their credit report.
Within a week or two (or three) the Seller will get the application from the mortgagee which will include a list docs/data that must be included in the short sale application.
I recommend that in addition to theboilerplate application furnished by the lender... you devise a Proposal that will accompany the application.
[addsig]