When making a offer to the lender…do u send a form , a paper with your amount on it, or is it a verbal offer over the phone???
I am interested in adding short-sales to my tool-box of the wholesaling business. I understand the way to get in touch with the lender , but not how the process works from there. After the offering process , what does the lender do…lets say there is a mutual agreement between the lender and myself. Do they send out paperwork and time frame to get it back? Does it have the lowered price on it?
thanks for your time everyone. I really do appreciate it!
I haven’t done short sales, but from what I’ve read most banks like to use their own special forms for short sales.
If you’re talking about a short sale, the bank or asset management company normally prefers to see all the appropriate paperwork; which tends to sit neatly on their desk for weeks…
If you’re talking about purchasing a pre-foreclosure or post-foreclosure or even a performing or non-performing 1st position note; I generally do the negotiations on the phone. Once the numbers are where I need them to be, the lender send the P&S agreement.
Please note - recently I have been able to add a “buy back” clause. This is the lender agreeing to buy back the property at the same dollar amount I bought it at up to 90 days if for some reason the property is not what they represented it to be or if I find something majorly wrong with the property as-is or the title…just my two cents