SHORT SALE INFO NEEDED ASAP. HAVE SOMEONE UNDER CONTRACT.
HI, i have a lady who's property is going to sale in 1 week. i got her to sign a contract 1 week ago.
her payoff plus back taxes plus attny's fees is more than the agreed sales price.
she owes 155,000. hasn't made payments in a year and owes 2 years worth of taxes. i have a contract for 159.000.00. i'm pretty sure that will not cover everything.
she has been trying to get her payoff from the attny and the mortgage company for 1 week now and can't.
i am trying to get her to sign the authorization to release information form.
she is reluctant, but time is of the essance.
i want to offer the mortgage company 135,000.00 and help them out and keep her from a forclosure.
she doesn't want a forclosure on her record but she is not signing the release form.
ANY SUGGESTIONS. i think the FMV OF THE PROPERTY IS 180,000.00 after about 5000.00 worth of repairs.
what is my next step. i am trying to get her to sign so i can talk to her morgtage company and let me take photo's of the house and needed repairs so i can sub mit a short sale proposal but time is running out.
i know if it goes to the ct house the price will be around 165,000.00, and i do not need it at that price.
any info is greatly appreciated.
thanks
david 
You can't do much till she signs the authorization to release. It doesn't have to be formal. Use something like this:
I hereby convey to YOUR NAME, phone number, authorization to discuss with THE MORTGAGE COMAPNY'S NAME any and all items associated my property located at:
PROPERTY ADDRESS
___________________________________
SELLERS NAME
SELLERS SSN or you could put loan number
Explain to her that all this does is allow you to talk to the bank and make them an offer. If she doesn't sign it, she will go to foreclosure and nothing you can do. The bank will not tell you anything till you FAX them the form. Ask them too if there is a way to put off foreclosure, or some of teh experts here know ways I'm sure. But if she won't sign this letter, just walk away.. and tell her to call you when she wants too. Also you may want to offer her some moving money, say $500. I had a lady that kept saying she'd have to talk to her attorney every time I wanted her to sign something, and I never got any of the paperwork back. Then one day she said: Seems like you getting a deal, and I'm gettign screwed. I offered her a little money to lite a fire under her ... and then she signed everything and all was fine. Do you you have too, but don't be afraid to walk.
Tim
You certainly do need her to sign the authorization to release information. If she doesn't walk away. She'll come around.
There are many deals out there. The mortgage co will not talk to you, without the auto to release info which is why you are not getting the pay off.
If she owes at least 155k, and you need to put 5 k in, the margins might be a little tight.
good luck
the lady called me and said monday that she would sign the autorization to release information.
will the bank laugh at me when i submit a proposal for a lower amount than owed since the property is going to sale in a week?
when i do get in contact with them what is my next step?
this one is coming down to the wire.
any info is greatly appreciated.
thanks
yeaman:
If the property is going to be sold about a week chances are you won't have enough time to complete the SS. I might take a week just to get a response back from the lender. Unless you have already done a title search and have the funds in hand, you won't make the deadline. If the bank seems receptive to your shortsale, you might ask them to reschedule the sale. You might want to offer to pay a per diem rate of interest in exchange for a delayed sale to allow you enough time to put together the deal. Just my thoughts. I hate working under tight timeframes.
thanks for everyones input. i am going to try and make it happen and i will let you know the outcome.
thanks
david