Urgent Help Needed!

Foreclosures, Short Sales, Tax Foreclosures
1

Hi,

I’m new at investing and was trying to wholesale a deal. I had a conversation the other night with a “motivated seller” he said 4 times in the call “I just want to get rid of this” Well I made an offer a day later on the property. I have been at the hospital with my sick wife for the last day so I missed two of his calls. Well we touch base tonight and he said they offer sounds good he just needs to see if the bank is ok with it? WHAT!!! So I ask is the mortgage behind in payments? He says yes, sorry he didn’t tell me before he was embarrassed. It’s 6 months behind with Countrywide. My fault for not knowing! (learning mistake #1 so far)

So now we are talking short sale. Being new I have no clue where to proceed from here. How do I put together a short sale package and contact the bank? How do I get and show proof of funds? What is my path?

The house comps at: 145K
The bank is owed: 125K
I offered thinking it was a wholesale: 84K

Please any guidance or assistance is much appreciated.

-Mike

2

Good Job !!! Now the fun starts. You can do the short sale yourself or you can outsource to a short sale mitigator.There is plenty of info on this site as well as other sites like biggerpockets.com

First . You need to start working on the short sale package with the bank or if you have your own forms.

I would look into puttin the contract in a trust or using an option contract. to avoid any seasoning issues with your buyers lenders.Unless youre planning on holding yourself.Might as well do it now because these take a while.

I would have a friend or LLC work as the negotiator , so it is not the same as the person with the offer.

This should be your first place to start.

3

I decided to refer the lead to someone more versed and experienced in short sales for this one. He is currently dealing with the bank for the offer package. Thanks for everyone’s assistance.

-Mike