Hello,
I’ll try to get straight to the point. I’m a complete amateur when it comes to short sales. I have four deals pending, but I think I completely screwed up. I was working with a mentor (my mistake is that he was in Florida) and was trying to perform a simultaneous close.
Here’s what I did. I’ve collected the information for a short sale package for all my clients. My attorney drafted a Purchase and Sale agreement that gave my company the right to market the property. My first mistake was that I had my realtor list the property before the banks (well, only two of them) ordered a BPO.
The second major mistake I made was that I (and I guess my attorney) didn’t understand the “closing” process. Let’s say everything works perfectly (bank accepts a payoff … which is still iffy, we obtain a buyer for the properties), how in the world can I actually get paid? I don’t have the money, or the credit really, to close myself on the deals. Is there a way to fix these deals?
I’m still collecting paperwork for my last two deals, and have not listed them, nor have I sent anything to the loss mitigators yet. I’d greatly appreciate it if I could get some feedback on how I can do these deals properly.
Thanks kindly (and sorry about the previous rule violation … it was my misunderstanding).
–Jon