Short Sales & dealing with Lender

I found a property that is in pre-forclosure. If I talk to the owner and get them to agree to sell it to me for a short sale, what info do I need to get to the Bank beside the authorization to talk to the bank and purchase contract with the owner? Thanks.

You must send the lender a HUD form, repair estimate, offer letter, and seller’s financial forms. All these forms must be sent to the lender. You can ask them to send you a copy of their short sale package. Usually they will tell you everything that they need to consider the sale.

A word of advice. Do not try a short sale until you have help from someone who has done it before or know you can buy the property right away. Once a bank mitigator knows you can’t perform, he or she will not ever do business with you.

All the stuff from the gurus sounds great, but preparing a short sale packet is something you should learn with step by step help or a fellow investor.

You have some questions that could be answered by a Realtor. It’s great that you found a property in pre-foreclosure and might have a shot at it. We all love a good deal! However, by your questions, it sounds like you should get professional advice.
If you are not experienced in acquiring properties and getting them to settlement, you should hire a real estate agent to act on your behalf. The Realtor will do all the paperwork, work with the mortgage company, the title company and the insurance company.
Do you know how to do all this?
Even if you did, this house is about to be foreclosed on?
You better hurry up and get the bank’s attorney an Agreement of Sale.
Good luck and let us know how it works out for you! :slight_smile:

Very interested in what dellwebb is calling a “short-sale packet”. If I understand this correctly, you must become prequalified to negotiate short sales with the bank???