First Short Sale...please Help (forget Anytthing?) :)
Hi!
I have currently found a property that will be worth $175-200,000 when all repairs are completed. I think the total repairs needed will cost about $40,000 and the bank is owed $80,000. I have worked out a nice deal with the owner who is being foreclosed on and he will except a short sale of $35,000 and I will pay him cash after closing of approx. $25,000.
1. I have had the owner sign a form letting the bank release information to me.
2. I have made up a real estate sales contract between us for $35,000
3. I have taken pictures of the property (he has gutted it and started rehab work, but ran out of money half way through) The pictures make the property look really bad.
4. I am currenty writing up the letter to the bank telling them why they shoud short sale the property to me.
Can anyone give me some help about what to put in my letter to the bank about why they should take less for the property? Does anyone have a sample of what they have sent previous letters to banks?
Am i forgetting anything?
Thank you all so very much for your help and God bless!
Sincerely Ron Kragnes
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