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.