Short Sale Offer Form?

i’m was just wondering if anyone here has a standard form for short sale offers they send to mortgage companies when they make an offer
and if so could i get a copy.

I contacted Countrywide on a short sale and on the initial call he asked what I wanted to offer on the property and after I gave him the amount he told me to send in the offer along with the homeowner financial . I’m assuming that it would be accepted because he did not indicate that it was too low. I started my offer at 50% of the loan amount because there is no equity and the loan is less than 1 yr old.

Howdy CGS_Indy:

You should just use the standard EM contract for your state. One that is approved for Realtors etc. Get the owner to sign it and put in special provisions that it is subject to lender approval. Just because they did not say no does not mean they will accept. LOL with it.

EM ?

Earnest Money

[] “Send in the offer”. This means to send in a copy of the signed purchase offer with signatures for both buyer and seller, and it includes a contingency requiring approval of the lender to agree to the short sale.
[
] A pre-approval letter from your lender stating that you (the buyer) is pre-approved for immediate financing subject to an appraisal of the property. You want the seller’s lender to know they will get paid FAST if they agree to the sale.
[] “The homeowner financial”. This means a financial statement of the homeowner showing all assets, liabilities, and income. Liabilities include all expenses, so include everything they pay (or are supposed to pay) each month.
[
] You will also need a “hardship” letter written and signed by the homeowner stating that they are unable to make payments due to whatever reason (job loss, death in family, illness, etc.). Keep it honest and brief.
[] A Broker’s Price Opinion (BPO) or Competitive Market Analysis (CMA) showing that the fair market value (FMV) of the property is less than what’s owed on the property. The BPO should also include a guestimate of the Days On Market (DOM) that is needed to sell the property in its current condition at the offered price. The lender will use that information to calculate their carrying costs if they have to take back the property in a foreclosure or a deed-in-lieu-of-foreclosure.
[
] If you have a building inspection showing extensive repairs are needed, then include a copy of that (with cost itemizing). Your purchase offer must accept the property in its current condition; the lender will make no repairs. Be sure your offer includes any price concessions that will cover the reported repair costs.
[] Include a good faith settlement sheet showing what the lender will net at the closing. A Realtor or a title/escrow company or an attorney can prepare this for you if you don’t know to do it.
[
] Include a letter from your attorney or closing company stating that you have deposited earnest money in their escrow account, as indicated in the purchase offer. Remember that you can use the same earnest money letter for offers on several properties; you only have to deliver the earnest money to the closing company for accepted offers, and quite often you can stipulate delivery at closing (so it’s a “nothing down” deal).
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Be sure that you can get insurance for the property before committing to the deal. Without adequate insurance, your lender will not deliver good funds to the closing and you will lose your earnest money.