Short Sale Form

Foreclosures, Short Sales, Tax Foreclosures
1

Hello,

I would like to know if there is a such thing as “generic short sale form” for all lenders? If you have one, please let me know if you could send it to me.

Thanks

James

2

There is no form, but there is a package.

3

Where can you get the package without investing thousands?

4

There are various deals posted in the web without spending thousands. I have shared most of my educational material with anyone who can’t afford or just have interest in it but don’t want to make a career out of it.

5

I’d be interested in anything you could share. I’m at the point where I’m reading and learning everything I can before deciding this is something I would like to do part time for added income/excitement.

6

Like you I am testing the Real Estate waters … It’s very strange feeling that, in Information Technology industy, we are eager to share what we have and what we know but any other field, that is not true.

I will be getting ready to start my venture by attending the real estate action this morning. I am hoping to meet some players, bankers, lurkers, investors and of course, crazy people.

7

Here’s a great article on the elements of a short sale package:
http://www.uslandco.com/memberarticles/viewarticle.aspx?id=106.

HTH

8

Thank you very much for the post and address

9

Please help, I know how to do short sales I’ve done them many times before. My problem I was making someone else all the money. I just need to find out where to obtain the proper forms. Along with the hud-1 and all the agreement forms if anyone knows I would appreciate it.

10

rmontoya,

How were you doing short sales if you don’t have the forms?

11

Anyone know a business or specialist that works with individual investors in putting together a Short Sale documents?

12

I would like find a CD with complete step by step from very beginning … or can someone give it to me step by step what is done from the moment I first seen the house on the REO propety list. By the way, can you short sale while the property is in pre-foreclosure status? How? Thanks

13

You can’t short sale, a reo. You can only negotiate with those deals. Reos have the banks on the deed.

A short sale is a negotiation done with the bank, while the owner is still on the deed.

14

I have talked to couple of pre-foreclosure attorney’s and they have indicated that, bankers are not interested in short selling because, after the sheriff’s sale, no matter who bought it, the bank has to wait another short months before getting it back and most of the time, home owners reinstate the loan.

I am done talking to attorneys and starting talking to bankers. I will have to ask for sr. officers too because, most bankers are nothing but a gate keepers to keep you away from making the deals. javascript:replaceText(’ :o’) Do I sound paranoid or what? javascript:replaceText(’ ;D’)
What is the going percentage in discounting the outstanding loan amount when talking to bankers? What is the button you have to push with bankers to talk discount?

Thank you,

James

15

rmontoya, you can get the HUD-1 form here http://www.alta.org/consumer/hud_1.pdf

Best of luck!

16

shamdude,

It may be more productive to offer on REO and become more familiar with the short sale/ pre-foreclosure process. Taint for a rookie.

-h

17

I will have to agree with you since, time is money and putting together a short sale offer could lead to full time job itself paying 60 minutes an hour! ;D

18

Short Sales Kits are available all over online. Just go to the department of Real Estate and ask for their kit. You can even ask the banks for the complete kit that needs to be sent in. They will tell you that you need a Borrowers Authorization, Financial Worksheet, Estimate Hud Settlement Statement from a title company, a Hardship Letter (why the borrower is having trouble with their mortgage), and if you have had an appraisal lately that also helps. Just ask another agent or a title company - they will usually have these forms available for you. Companies such as Zip Forms where agents get their contracts even have forms being updated daily.

19

I have a whole slew of forms if you are looking for them. I’ve been fairly regularly distributing on request, I think I have over 60 lender specific packages. Send me a message if you want one or visit my site and let me know, I’d be glad to share!

20

Shamatso,

if you wanna have success in short sales, stay away from regular realtors. Nothing against them but, they don’t know short sales… Half of them don’t even know what a short sale packet is! Do a google search for “short sale negotiators” in your area. Call them, tell them what you want to do and they’ll find and work the deals for you. Saves a whole lot of time and energy. Their commission is a little higher but, if you find a good negotiator, the may be able to get the selling lender to pay the commission. Good luck!