I have been investing in RE for about 2 years now and have my first chance to do a short sale with 2 liens. My sister is about to walk from her house and I think it would be a great rental property if I can get the banks to play nice.
I have read on here about the Short Sale package. What does this include. Obvioulsy there needs to be a offer to purchase. Does it matter that I am a Realtor (maybeget commision too). I guess where should I start… I have bought many REO homes but never been in this situation before…
Assuming your sister is in the pre-foreclosure process and has very little or no equity, you can put together a short sale package by:
[]Get authorization form signed by the owner(s)[]Get in touch with the bank(s) that hold the note and ask for payoff statement and the short sale package/info (exactly what it should include)
[]Negotiate with leinholders to “settle” those obligations
[]Run through the numbers and figure out how to make money on the property (i.e. by how much you need to short existing loans)
[*]Put together the package with all the things bank asked for + your offer in a form of a normal contract.
I don’t see a problem with you being a realtor; however, you getting commission does not make any sense.