Short Sale
I am looking into Short Sale for friend through Country Wide. I called them and the will not talk with me. Isn't there a chort sale package that they should send out, or does that differ by lender?
I am looking into Short Sale for friend through Country Wide. I called them and the will not talk with me. Isn't there a chort sale package that they should send out, or does that differ by lender?
Your approach should be as professional as possible. To begin with, you'll need your friend to provide written permission to the lender... before the lender will speak with you.
[addsig]
In addition to a signed letter of authorization, you will also need a signed purchase agreement and a lender's approval letter before a bank will talk to you or even consider a short sale.
That's a bit harsh... and I don't agree with it. The mortgagee will speak with you as long as you have the LOA. An important element in the art of negotiation is the preliminary mining of information...It's in this prelim that I'll learn about the mortgagee, the type of loan, the investor who owns the loan, the criteria for short sale consideration, and some insight into their 'philosophy of the day'.... all before I would even consider submitting a short sale application and accompanying proposal.
It's at this stage that I am interviewing them... as well as they are interviewing me.
[addsig]
This will be the first deal that I am involved in, and I have been researching as much as I can, but I keep hearing that I need a short sale package. Is that something that I can just put together on my own by gathering forms for exmaple. I would imagine that each lender is different, but if I create a package that is detailed like a loan application I think that iw would work. Any adivce? Thank you for responding!!!!
I have never submitted any physical paper work that the lender has forwarded to the homeowner. It may be all that is needed, to just fill out the financial sheet etc from the lender, but I see it as meticulous and detailed work from my end, and hopefully the lender will see this work as a professional presentation.
regards-pat
Just present yourself to the lender as professional. Not in the sense that you have done this a thousand times and know everything, professional in the way that you present yourself. You are on a fact finding mission yet you must get the job done asap. So ask questions about their process, but always remember to ask when should i expect to hear back from you, what happens in the next step.
Just tell them that you want to do a short sell and (1) what do you require for a short sell (2) can you fax me any information or required forms (3) what is your direct number and can I fax back the completed short sell package, etc.
Brenda
OK, I am still a little confused. I can get the LOA, but what information am I going to need from client in order to put deal together to sumbit to lender. Will I need financinal information from client?
Thank again :-o
Most likely you will need to help the Borrower complete the boilerplate application for short sale consideration,
complete with a laundrylist of info, and, to increase the likelihood for an approval, you'll need to devise a supported Proposal to compel the mortgagee to accept the offer.
There are no shortcuts. Spend a few hours reading thru the archives....
[addsig]
I appreciate the responses, I am continuing to read past items, but so far it has been a help, so thanks
Is it possible to go for a short sale when they are not deliq, but have already bought and moved into another house. Old house has been on makret since Sept 2003. Worth about 95K, listed at 109K now, owe 105K?
Thanks