Short Sale Newbie....please Help
Hello all. I am attempting to successfully negotiate a SS. Seller owes 107 on a first with Fairbanks. 15 on a 2nd with Citifinancial. Original 1st was 92, but has fees up to 107! Found an investor who wants the property, offered 85 with concessions of 7500 for repairs and needs 3% in closing costs paid by seller. Also included 5% RE commission (to be paid by seller (Fairbanks says this is the mas, I figured it gives them something to negotiate...I am a realtor). So, first question: is a net sheet ok, not a HUD-1, and does this document need to be very elaborate (does anyone have an example of one they did with successful turnout??) and, I have documentation on all the repairs it needs....(35K+) got all the other fun stuff they need in....so, what happens now? Got into Fairbanks (no hud statement yet) and it is being reviewed. Any suggestions, etc? I am totally new to this process, and need any tips you can provide--from start to finish!! Thank you for any insight.
Hello, I am also a Realtor that currently has three short sales going. All for personal gain if i can negotiate low enough. These are my first ones. As far as a HUD/net sheet, you can make either one just as easy. Basically you just get a blank HUD-1 form from the freebies products/services menu up top. Use a old HUD-1 from another closing you have had. Use the similar pricing for abstract/title search, etc. Add the seller paying your commission, etc. Send them each a HUD and see what they say. From my small amount of experience so far, you will know right away how negotiable they are. One I'm dealing with now does not even care about condition, yet another will do an interior BPO. Basically put together EVERYTHING that helps your case, repairs as you have stated, comps, etc. Fax it to them and see what they say along with the offer. The only thing I have HEARD, yet not yet found out personally(perhaps others can chime in) is that banks will not like the fact of giving the $$ back at closing. Let me know how it goes as we are in a similar position!
Chase
Quote:
On 2004-11-10 22:17, mnamendola wrote:
Hello all. I am attempting to successfully negotiate a SS. Seller owes 107 on a first with Fairbanks. 15 on a 2nd with Citifinancial. Original 1st was 92, but has fees up to 107! Found an investor who wants the property, offered 85 with concessions of 7500 for repairs and needs 3% in closing costs paid by seller. Also included 5% RE commission (to be paid by seller (Fairbanks says this is the mas, I figured it gives them something to negotiate...I am a realtor). So, first question: is a net sheet ok, not a HUD-1, and does this document need to be very elaborate (does anyone have an example of one they did with successful turnout??) and, I have documentation on all the repairs it needs....(35K+) got all the other fun stuff they need in....so, what happens now? Got into Fairbanks (no hud statement yet) and it is being reviewed. Any suggestions, etc? I am totally new to this process, and need any tips you can provide--from start to finish!! Thank you for any insight.