Shortsale Issues...

Comments(9)

• 
  Pedrolo6th December, 2003

  You'll need as much accurate repair estimate as you can get, for this purpose an appraisal can't do much, you'll need a contractor, ask other investors or join an investors club in your area and they can reffer you to contractors specialized in SF properties.

• 
  tanya12156th December, 2003

  You should get a contractor to give you a written estimate to submit with your short sale package. Some contractors will charge a fee and some will give you a free estimate, so you will have to call around to find one who can do it for you.
  
  Tanya

• 
  millionaireinthemaking7th December, 2003

  thanks you guys!!!

• 
  BAMZ8th December, 2003

  Hi JB,
  
  Just curious. If you get this Short Sale Approved, what is your exit plan?
  
  BAMZ

• 
  millionaireinthemaking8th December, 2003

  I have an investor in place to do a lease option...

• 
  BAMZ8th December, 2003

  Are you going to wholesale this to your investor?

• 
  millionaireinthemaking8th December, 2003

  I'm sorry...yes I will be wholesaling the property to the investor.

• 
  BBCProperties10th December, 2003

  Since I have not seen a short sale package, I do not know what all is involved in preparing one. What is the typical time it takes to get it, prepare it and have it approved???????? If the home is being foreclosed on - how close to the auction date can the process be started???
  
  Thanks

• 
  millionaireinthemaking10th December, 2003

  Hi BBCProperties,
  Keep in mind this is my first shortsale...However, you would have to contact the lenders work out dept/loss mitigation dept. and request a shortsale package. They will send this package out in two days. The package will include:
  1. Borrower financial information.
  2. Authorization Acknowledgment.
  3. Authorization form.
  4. Negotiation Agreement.
  To include w/package:
  1. Hardship letter.
  2. 2 month's bank statements.
  3. 2 month's income statemens.
  4. 2 years' tax returns including W-2's.
  5. Supporting documents: eg, pictures of property repair/list of repairs, written estimates from license/bonded contractors, medical bills, divorce decree, purchase agreement, estimated closing statement....
  **Note, you should include the words "cash" in your purchase agreement...Cash always sounds good.
  The lender indicates that it could take up to 14-21 business days to review....Therefore, time is of the essence.
  The documents listed above can be faxed or overnighted back to the lender at the given address provided.
  Me personally, I would fax all documents initially and then overnight a second copy out the same day w/pictures of damages.
  Then, I would call as often as possible to get an update of their decisioin....Now, more than likely they will not accept your first offer....You can counteroffer....You would have to determine what your maximum offer would be.
  There's a lot of leg work involved. For me, I do not mind...I enjoy it! Especially after all the hard work you've put into a deal and getting the property at a major discount just keeps me motivated at what I'm doing...
  
  So good fortunes in your endeavour.
  Peace & Blessings~