Can anyone tell me where I can get the needed forms and info for dealing with the bank on a short sale?
Where is the best source for finding pre-foreclosures?
Are short sales a realistic and viable means of generating investment income?
To do a Short Sale, I use:
Authorization to Release
Limited Power of Attorney
Standard Contract
Warranty Deed
CYA Letter
You can get these forms from about any real estate course.
Short Sales are a great way to generate income, and the best thing about it, is if you do it right you are not taking a risk.
Have you or are you doing short sales too? How is your success? Any further advice on doing it right today? Thanks for your responses!
Is the Authorization to Release form you mention for allowing the bank to talk with you about the property? What is a CYA letter?
Yes, the Authorization to Release Info is so you can get infomation on the homeowners loan.
CYA: Cover Your Assets.
It is bascially a letter that says you (the investors) are not responsible if the bank does not accept your offer, and you can’t gaurantee that the house will NOT go to foreclosure!
It is just protecting yourself alittle bit.
I have never worried about a CYA letter. I have always included an addendum with my contract that states this offer is contingent upon the bank accepting the offer amount. I have never worried about a CYA letter.
You will need another form that was not mentioned, this is a HUD 1 statement (settlement statement) as well. You can get this on this web site in the Free Real Estate Forms.
As to your question about finding a list of pre foreclosures. It might be possible to get them off of your County Recorders Web Site. I receive a list from my title company. The LARGE title companies compile this info and will give it to their clients. (That can be you). Also there are several online companies that will sell you a list. Do Google search and I am sure you will come up with several options.
And, YES short sales a realistic and viable means of generating investment income.
Good Luck.
Oh ya, one other thing, I have never had to use a Limited Power of Attorney.