When im doing a short sale, do you make an offer before the BPO pr after??
I am not sure the order matters. Some that are listed already have the BPO and you just make an offer. I too have made offers and the bank said they would send out their agent to get a BPO some even actually order appraisals.
Thanks for your reply…
When doing a short shale does it matter if the contract i send to the lender says “and/or assigns” or could that be a red flag?
That line is standard in RE contracts. Banks usually want to get rid of preforeclosures. If the bank turns down your offer it is most likely because the short sale package was not complete or they felt your offer was too low.
The only place you would need to put and or assigns is if you are dealing with bankruptcy property and you will need court approval to assign unless it states it in the contract. Most all contracts are assumable unless espressly stated that it is not. Why send up red flags to a REO officer. They will also want a prequal letter in your name or cash on hand proof.
Which form is used for short sale / offer? and what is included in short sale package that Melanie is reffering to? Any input will be appreciated.
Use a Standard Sales and Purchase contract to make the offer. The short sale package is sent by the primary lender, it details what they need to consider the offer. It generally varies by lender.