Have a Buyer for shortsale but need mortgage approval.
Hello Fellow Investors,
I am close to doing my first shortsale deal. I got the buyer who will buy from me at ($105,000) fair market value. I got the homeowners property listed to satisfy the lender's requirements. I got a realtor who understand I already got a contract on the property but just needed listed. I have a limited power of attorney just in case. Although I didn't think I need one. I got the estimated seller's closing cost sheet to show the bank how much the seller gets at closing. I got a blank contract signed with the homeowner that predates the listing agreement. However I don't have the most important thing I need and that's the mortgage companies approval. I have low comps within that year on same block as the homeowner's supporting my 75,000 asking price from the property. (The mortgage payout is 96,000). But there is something I feel like I am forgetting. The property is in mint condition so I didn't get an estimated repairs costs from a contractor. Should I do this. Also I didn't take any pictures of the property. Is this neccessary if so what arears of the house should I take pictures. Also should I submit my own contract to the mortgage company as an offer or submit the contract the realtor has. I say this because I have 2 partners of mine that had sign the original blank contract as joint tenants in common.I have came along way in this deal and don't want to mess it up. Please somebody help me.
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