How To Approach The Bank- Is This A Good SS?
Hi There,
New to Short Sales and I had questions about best way to approach the bank.
Do I ask for their Loss Mitigation Dept? Is this the term they use? sorry...new to this. Will they have certain forms I need to fill out or do I just run comps, take photos of needed repairs and write a letter of my proposed offer? It sounds like I will need an Authorization to Release from the owners.
A homeowner is in foreclosure, I am hoping to meet with them this weekend to see the condition of their home. They owe ~$340+k. Comps for their home in good condition are around $300-310k. I am assuming the house needs work [built in 1888 in a nice area with houses in the same age range] won't know until I meet with them... best case scenario is that it will need updating with nothing major. I would be prepared for either a little or a lot of work as long as it is not structural. My intent is to rehab and resell. Is this a good SS candidate?
Could be... Have you read my essay, Prequalify a SS Candidate?