1.What all do you need to complete a short sale. I have been running into alot of homeowners with little or no equity and with repairs need to the home.
2. Also how many payments do the homeowner needs to behind for a bank to consider or short sale?
3.Can you assign a short sale or do a double close?
4. When do a short sale do i have buy the propery first since I am going thru the bank?
Thsi would really help. I am tired of passing up thses deals. I have passed up 15 deals in the last 2 months. Each one i passed up another investor made a profit off it.
how do you know other investors made a profit off the 15 you passed up?? to answer your question though, you and the seller approach the bank and try to talk them into taking less than their outstanding loan amount. sometimes (at least in the early to mid1990s in southern cal.) lenders would agree to a shortsale because the foreclosure doesn’t go on their books.
1.What all do you need to complete a short sale. I have been running into alot of homeowners with little or no equity and with repairs need to the home.
2. Also how many payments do the homeowner needs to behind for a bank to consider or short sale?
3.Can you assign a short sale or do a double close?
4. When do a short sale do i have buy the propery first since I am going thru the bank?
Thsi would really help. I am tired of passing up thses deals. I have passed up 15 deals in the last 2 months. Each one i passed up another investor made a profit off it.
When I go to meet somebody about a possible short sale I take two things. P&A Agreement, and an Authorization to Release Information. The P&A is just an agreed upon amount on what you are willing to pay for the property. Authorization to Release is telling the mortgage holder that you are going to be speaking on behalf of the distressed homeowner.
120 days is the deadline for foreclosures. If somebody is 4-6 months behind on payments and there are repairs needed on the home then that is a prime example for a short sale.
There is plenty of info on this website about short sales. The best weapon is education.