Browsing around this site and found some short sale stuff
Well Dag what a great site!
- 1. Find a property owner in distress.
2. Put a deal together with the homeowner.
3. Have the homeowner sign an authorization to release form.
4. Fill out a sales contract for the amount you want to offer the bank and have the homeowner sign it.
5. Call the Loss Mitigation department at the bank.
6. Fax them your offer along with the following:
a. Your cover letter explaining why you can’t offer full price.
b. The sales contract.
c. Justifying comps of the area.
d. Pictures, if you have them.
e. A net sheet or closing statement (a sheet that shows the bank exactly how much they will net after closing costs, taxes, etc. are paid).
f. A hardship letter from the homeowner that mentions the dreaded word…. bankruptcy.
g. Estimated list and cost of repairs, using retail repair prices that the normal homeowner would pay for these items.
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