I am looking for some guidence on how to go about talking with a bank/lender in a short sale sistuation. Who is it that I am looking for? I mean is there a particular dept?
What kinda things might I say or documentation that I may bring up to help me with my negotiating with these people?
Are there any strategies that some of you have used or know about that work in reducing the payoff and being able to have the bank move quickly in selling a property?
Has anybody heard of any good books or audios on the subject?
You will need to get authorization from the homeowner first, yhen call the lender and get the fax # to the appropiate dept ( short sale dept, foreclosure dept, workout dept, loss mitigation dept) these are all the same departments but have different names depending on the company. Get their fax number to send short sale package, (*don’t ask if they do short sale…THEY ALL DO THEM…They will discount the note even if its not called a short sale to them).
Just getting started with REO departments and am very interseted in the short sales aspect. My partner and i have a lot of liquid income that could be well utilized in this market. Do you have to have the homeowner’s permission to do a short sale or can you approach the note holder on your own? Do you know of other good resources to read up on about proper negotiating tactics and legalities surrounding short sales?
You need the homeowners permission/cooperation in order to do a short sale. Keep in mind that if its a REO (real estate owned) property you’re a little late on the short sale, The property has already been foreclosed and the lender has the property in their inventory. If there is a redemption period, you can buy the rights from the homeowner but it too late to do a short sale.