It Is Proposal Time
I have all my ducks in a row. We even got the appraised value lowered by $ 60,000 and the square footage corrected as the tax rolls had it higher than the blue prints showed. Several estimates to cover the needed repairs. The neighborhoods lowest CMA's The title co. has the Hud-1 ready, just waiting for me to give them a bid amount. I am concerned as this deal seems diff. than most posted on this site for short sale:
Owner wants us to have this as our personal home, so do we. He is in bankruptcy with Countrywide, The BK clerk has told me to submit my SS packet to her, since the stay is not official until the 11th. I asked why not the loss mit. dept. She said b/c it is officially in BK. They have given me payoff, with all included fees. and it does not seem that there is the secrecy with the account that there once was. I have the legal document Countrywide submitted lifting the stay, and the homeowner is letting it go un-opposed.
1. What do you all think about submitting my proposal to BK dept and not loss mit. dept., has anyone heard of this before?
2. Do I include a bullet point letter as to why we are offering as "low" as we are?
3. The house is in excellent condition except for the pink carpet and walls AND ceilings which is what kept it from selling the YEAR that it was on the market. Should I submit pictures or video of the property with our proposal
4. Finally, I know that the second lien holder is willing to negotiate, do I submit the same proposal to them, only with a diff. HUD-1?
Thanks in advance for your help,
A-M
Why would you submit a different HUD1?
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I don't know. I thought I submit one with the first, and a seperate with the second. I take it this is not how to do it!?
It sounded like you were going to submit different, meaning, not containing the same info, HUD1s to each mortgagee. Since they do compare notes, and the HUD1 is a federal document... it's best to be straight with all parties.
[addsig]
No, I wasn't going to submit differing numbers on the Hud statements. I was just going to treat the first mortgage as if they were the only one and the second mortgage the same. I thought I read that somewhere here in a forum. Like I said, obviously I am mistaken on that point.
However, what about my other questions in the original post? Do I include an inspectors report AND/OR an appraisal? I have several CMA's for comparison's and the Tax documents
I feel like point number 4 has been answered, but what about the other 3?
#1. The lender is in complete control. If it's their policy that the BNK unit first review the ss proposal before it's passed to the loss mit department... then it's a good idea that you play by their rules. Having the completed application/Propsoal in a person's hand is best. Having that person hand carry it to the next level is better yet.
2. Your Proposal will speak for you when you aren't there. I recommend a complete, compelling Proposal since you only get one chance to make a first impression. My Proposals are coil bound, tabbed, include an executive summary, and as many sections as appropriate. Why leave anything to chance?
3. If the house is in good shape, needing only cosmetic repairs, pictures will only confirm that the mortgagee could sell easily.... Your proposal should emphasize your strengths.... not confirm the weaknesses.
[addsig]