What's The Next Step????
Can anyone help??
This is my first attempt at a Short Sale and I can use all the help I can get!!!
Well the "Short Sale Package" arrived today, or should I say the letter arrived. I guess I was expecting a little more than I got. It was just a one page legal size letter. Basically it tells the owner to fill out a "financial statement" on the back of the letter. Return it along with a "signed hardship letter", a copy of their last pay stub, or if self employed the last six months "Profit & Loss" statement along with all bank statements both business and personal.
It also says in the case of a "Short Sale" they may accept LESS if the property value has declined, which it has. It states that the property MUST be listed, (which they have now agreed that it doesn't have to be.) and ANY Offers must be forwarded along with "estimated closing costs". Is this the HUD-1 form??? It also says that the owner may be requested to contribute to reduce the total loss. Is this a common practice or are they just covering their bases in case the owner can afford it???
On the back side after the "financial statement" and "Hardship Letter" it tells the owner to fax this form to them. Is that REALLY what should happen or should they fax it to me so that I can submit my complete "Short Sale Proposal"???
In terms of the Proposal, does anyone have a list of all the items that need to be included in it so that I don't leave anything out, as that this is my first time doing this??? Also, does anyone have a "Sample" of the "Executive Summary" that I might be able to use as a guide in writing mine???
Any help you can provide will be GREATLY appreciated.
[addsig]
I would let the seller fax their personal information to the mortgage co. You should make a detailed list of all repairs and estimates to fix. Also send pictures of the needed repairs. You may want to include some comps to help their BPO agent come up with a value. Send the ones that are the lowest. More apt to be in same condition as yours if in bad condition.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
I would private message TheShortSalePro (that is his forum username)
He might be able to help you out as well.
Good luck, Dave
Thanks for the plug. As you know, I'll walk anyone through their deal if they purchase ASSP w/E-Coaching (print version) available on this Site (no shipping charges in December).
I disagree with TedJr's reply in that I would NOT suggest that the Homeowner FAX his info to the mortgagee. The more control you give up, the less control you have. You have no idea that the Seller will even know how to work a FAX machine, dial the right number, and/or make certain that all pages are FAXed. He could forget. He could lie and say that he did....
I suggest that the Seller provide original copies of his application to the preparer of the Short Sale Proposal... and that the application be incorporated into the Proposal... then priority/express mailed directly to the mortgagee's designated representative. In triplicate.
This forces them to read the Proposal as they glean info from the boilerplate application.