Short Sale Timing Question
Here is my challenge / question:
I am working on a "short sale" with a homeowner that is due to be foreclosed on next Tuesday. As of today I have the following documents prepared and ready to go to the financial insitution tomorrow AM:
1. Release Authorization Form
2. Contract
3. Entire Short Sale Package (pics, net sheet, etc, etc.)
Since the foreclosure is on Tuesday will the bank be able to make a decision / negotiate with me within 48 hours?
I have also heard mixed messages regarding having to close on or before the day of the auction? I also heard the bank will give you 30 days?
I am trying to utilize the "short sale" process and practices, but obviously I am fumbling my way through this first one.
Any other suggestions or insight would be greatly appreciated.
Kind Regards,
TAB IN ATLANTA
don't forget to include WHY your Proposal would be in their best financial interest to accept your Offer, and be sure to include your proof of funds availability to close.
If your argument isn't compelling, and your numbers aren't close to the minimum that they would be willing to accept at sale, they probably won't stop the forecosure sale.
Where can I find a authorization to release form, the short sale package, and a contract? Should I get this from a RE lawyer or can I get these state specific forms from a book store?
You can find some free forms by clicking on "Freebies" and then "Real Estate Forms". Also you can check out Legal Wiz website. As for the short sale package, you have to create that yourself. I would suggest searching through the previous posts in the Foreclosure/Pre-foreclosure/Short Sale forum for more ideas.
Tanya