SS Offers On MLS Property
If I see a property on the mls that is going up for auction in 20 days, can I submit an offer for less than the mortgage without a SS package or do I need a full SS package to go with it?
If I see a property on the mls that is going up for auction in 20 days, can I submit an offer for less than the mortgage without a SS package or do I need a full SS package to go with it?
since the ss package goes to the lender, I would guess you need the full package - being in the MLS the seller may have signed an agreement with that listing agent that no matter what type of conveyance, the sellr owes a commission. get your package ready and call the lister.
Get a contract together and meet with the realtor. Without the realtor on your side, you might be dead in the water. Once you have a contract signed by the seller, than request the shortsale package and submit the info ASAP with the contract. Then get to your title company and pull a title search to see if there are any other judgements or liens or mortgage holders you might need to shortsale as well. Have the title company prepare a preliminary HUD-1 because that will be required with the package. Also, get the payoff figures so you can include those with the shortsale package. Having the realtor involved will add credibility to your package and demonstrate to the lender that the seller has a genuine motivation in selling the property before the auction. Request the lender to halt the sale or postpone the sales date.
i second those responses.
The answer depends entirely upon the type of loan, and the parties involved. Chances are an insurance policy will make the lender whole....
Quote:
On 2006-06-14 06:49, TheShortSalePro wrote:
The answer depends entirely upon the type of loan, and the parties involved. Chances are an insurance policy will make the lender whole....
The mortgage co is trying toget some monies for roof damage, but there is no flood insurance policy and 85 percent of the damage is flood.
I am discussng the purchase with the mortgage co and will submit a cost estimate (xactimate - insurance industry standard ) for repairs to property.
Question is what if anything can be done to get 2nd for pennies on the dollar and then work with 1st to get Ss?
Also you might have to disclose to your end buyer that the place was flooded out.