Short Sale Package
I have yet to do a short sale, but would like a little advice on preparing. My plan for the first few are to purchase in my name, rehab, relist. My question is this... Does every lender have their own SS package? So each SS could require different information? Or is it a standard request package that I can get and look through ahead of time? What would be the best way to familiarize myself?
Thanks fo any help.
Hello,
For the most part the information required for a short sale is similar from lender to lender. However, there may be a few items that are lender specific. In order to receive a SS package (criteria) you must have a signed mortgage information release form from a homeowner. There is no real need to receive a package ahead of time. Instead, learn the process, market for deals, and develop you exit strategy. When the time comes for you to actually work on a short sale that will be your least concern.
REO=Bank Owned
A short sale is when you get a bank to take less than what is owed on it.
How could you short sale a bank owned property, they already own it...
I think he wants to know whether banks will take a discount after it is REO. Rather, he is making a mistake with terminology.
Eric5...THANK YOU for clarifying what I was trying to ask. And to TheShortSalePro, thanks for the answer to my question. That is exactly what I wanted to know.