We are in the process of getting owner consent on a property that is going into foreclosure. The owner wants to work with us and they just got back to us today. When we get the consent what do we do from here? We are new at the real estate game and this is one we have not had a chance to look into very far. Can anyone help us out?
Once you obtain an Authorization to Release information from the homeowner for each mortgage, you will need to fax them to the respective mortgage companies. When these are on file with the mortgage company you will be able to speak directly to loss mitigation in order to negotiate a short sale.
I have a process and short sale document checklist that you may have if it will help. Send me your contact info and I will e-mail it to you.
Thank you so much for your help on this.
I am assuming that you are the buyer?
The bank is going to require a number of documents from the Borrower to include (but not limited to):
- hardship letter
- 2 months bank statements
- 2 month pay stubs
- tax returns (2 years)
- other lien info
What are the numbers? Are you going to make profit?
The numbers were awsome income after repairs would have been around 45,000.00! Unfortunatly the lender was unwilling to work with us. The lender had government backing as it was a reservation loan and so they just did not want to budge on the lien. To my knowledge the house has now gone into complete forclosure but they still want to sit on the property. It needs about $30,000 worth of cosmetic work flooring, paint new garage doors ect… we are still in contact with the bank and the previous owner so if something comes up where we can get this property I will repost.
thank you everyone who answered my question