short sale advice

Foreclosures, Short Sales, Tax Foreclosures
1

Please correct me if I’m wrong or missing something, but I’ve located a number of properties and don’t want to do miss anything

  1. Find a property in distress: ugly house, preforclosure, ??
  2. Get it under contract: 3-6 month contract, no deposit to the seller
  3. Get an appraisal? Title search? Inspection? Or is this step to be done by the final purchaser?
  4. Locate and advertise to investors, rehabbers, fiet time home owners.
  5. Have a lawyer draw up the final contract and try for a double closing?

Thanks for your help.

2

Hey CT,

I've been helping people new to SS's recently.  Check out the link on my profile.  It's all free.  I'm not one of those guru crooks trying to get your money.  I'm pissed at those kinds of people for being so greedy, so I'm posting all the same knowledge from my experience with SS's for free on my company’s website.  I don't believe one should pay for the answer to a question.


You seem to have the right information but I would place it in a different order.
  1. Locate property and investor. You need one for the other.
  2. Get under contract - I do 6 months
  3. Gather all paperwork/documents needed for SS packet
  4. Home Inspection - I do this myself, I have a report I use. The lender will generally order their own BPO in addition to my report. Then I let a mortgage company handle the appraisal when I sell.
  5. Take care of all second / third liens
  6. Send SS packet to lender

Good luck to you