I would like to know what to do when you the first time you call a bank on a short sale. What is the first thing you tell them I have the paperwork and release of mortgage on a house. But I have never actually called the bank before. Thank you :-* 8)
If the homeowner has already agreed on you attempting to negotiate a short sale with the lender on his/her behalf and you have the authorization to release form then the first thing you need to do is fax it over and request a short sale package. When you say you already have the paperwork what exactly are you referring to? You must request a short sale package from the lender which will give you the items needed to get the short sale process started. Your real communication with the lender will start once you fax everything back. Having an exit strategy is probably more important than anything else. What do you plan on doing with the property once the short sale is accepted? Here is an article that will help you with your negotiations.
im also a newby so take my advise with a grain of salt. iv’e been doing alot reading (quick cash in foreclosures), the author says that there r a few main & important things that u want to know 1)is there a prepayment penalty or a due on sale clause 2) is the loan assumable
3) how far r the owners in the forclosure process & can it be delayed
thats all i know & hopes this helps!
Thank you very much