My First Short Sale..Input/Help Appreciated
I am a licensed real estate agent in Miami, FL and have worked with investors in listing properties that they are negotiating short sales...As a result I know some about the process but not enough...My main doubt is how to start off....I am dealing with a owner who is already 3 months behind and willing to pass me the deed for nothing in return...here is the scenario...
Pay Off is Approx. $265K
FMV is Approx $270K (property in good condition)
Not sure how to start off...
Some have told me to first place the deed under my name in a Land Trust...
Others have told me to just to do Purcahse and Sale agreement with the Owner subjet to short sale approval...
If I am not mistaken, with either of these options I would need to have the owner sign an "Authorization to Release" so I can communicate with the Loss Mitigation and work the short sale...
Any input or help that can be provided in regards to these 2 options will be appreciated...I want to make sure I get off on the right foot...Thanks
Well the owner has not sent the last 4 payments and is apparently has already received letters from loss & mitigation dept...So I figured a property that barely has any equity and is already in pre-foreclosure process is a great prospect to work a short sale...I just am not sure if I should have him pass the deed to me in a Land trust and then start working the short sale or if I should just do a "Sale & Purchase Agreement" with him and work the short sale then...I do intend on having a end-buyer once we get an approval to flip it too....any help??
how much are you going to offer? is there a 2nd mtg?