Short Sale Help Please
i have talked with mortgage holder they asked me to fax a consent form i have done this ,now should i put together a contract and fax back to them without first offering over the phone ,also does the homeowners need to sign this contract if so would they not be concerned to do so since the price is so much under the loan balance they know that they cannot receive any funds from sale they just want out without to worry about bank coming after them in the future to collect from them anyone care to comment thanks
The basics:
Prequalify the Short Sale Candidate (the mortgagee, the mortgagor, and the subject property for profitability) and devise your exit strategy. (read Prequalify a Short Sale Candidate)
Initiate short sale acquisition (agreement with Seller, comply with mortgagee short sale application procedure, and criteria)
After completing the application, structure your Proposal with supportive documents, present, and follow-up.
Prepare to close within 30 days from mortgagee short sale approval.