Would Someone List The Steps Of Proceeding With A Short Sale Please?
I am a new investor & have recently realized the potential value in doing short sales. The problem is - I don't know how to do a short sale. Would someone mind listing out the steps, one by one?
I also need to know what information I should obtain from the seller upfront, as well as where I could obtain a proper Release of Information form.
Thanks for your help! 
Since nobody has answered this (probably because it's way too broad a question....)
I'd say that you must first prequalify the 'deal' as having short sale potential.
Read "Prequalify a Short Sale Candidate" as an intro to what is needed.
Each mortgagee will have it's own set of criteria to qualify for short sale consideration. Essentially, you'll have to prove to them that it would be in their best financial interest to accept less than they are contractually due.
It's a process that requires fluency in the local foreclosure process, local market data, financial projections, and both presentation skills and negotiation skills.
If you decide that it doesn't have potential for mortgagee approved short sale consideration.... try another acquisition technique.
There are a few schools of thought on how to appraoch a short sale. Some people believe that they should submit short sale offers on as many properties as possible... and hope that one sticks
I'm a bit more selective, carefully targeting a selected property. I do my homework, and prepare a comprehensive, forward thinking proposal that addresses the mortgagee's concerns. If I've done my job properly, I give them no choice but to 1) agree that accepting my Proposal is in their best, financial interest, and 2)accept the terms of my Proposal.[ Edited by TheShortSalePro on Date 02/13/2004 ]
Thank you. Where would I find the "Prequalify a Short Sale Candidate" you referred to?
Get the deed. Then purchase the short
sale pro's material on this site.
If you wanted to be a doctor you would go to school, right! The same applies to
real-estate! You need to educate yourself and it will be well worth it.
Best Riches,
Jeff Adam
_________________
"The only place success comes before work
is in the dictionary."[ Edited by JeffreyAdam on Date 02/13/2004 ]