"A Short Sale Primer" was written for anyone who is serious about learning this 'niche market' technique.... but not too sure about what it is, what it involves, and what potential obstacles lay ahead.
There is nothing magical about shorts. Just another tool in your box, or as I like to say, "Just another club in your bag..."
Is that the best reply I can get is a sales pitch?
Nothing personal ShortSalePro. I appreciate your comments on my other topics. I would just like to get some sort of idea of how to make it sucessful. And what types of agreements are most commonly used in conducting a short sale sucessfully.
I will say it is complicated and can't be answered with a post .
Read all you can here and take a look at the article written by Sharon and Dwan .
Search by articles from the tab bar at the top of the page here
That wil give you a clue of what its all about
L
Does a successful short sell start with the property owner? How? Why? What type of agreement with property owner do you need?
______________________________
Yes, a short sale has to be initiated by the owner. However, they don't know what a short sale is so you have to get an authorization to release information form signed by the owner and then fax that to the bank and negotiate the short sale on their behalf.
After you do that you'll call the bank and ask them to send you their short sale package.
The property must be in default. If the loan is current there will be no motivation from the bank to take a loss.
You will need to provide the bank with some or all of the following :
1. Contract
2. Hardship Letter
3. Net Sheet
4. List of repairs
5. Pictures of property
6. Comps
The bank may also ask for the owners last 2 years tax returns, bank statements, etc. etc...every financial institution has it's own policies and procedures.
Then there is the issue of funding. Once you get the bank to accept your short sale they will usually only give you 8 to 14 days to close. You had better have the funds lined up or have a buyer lined up to close quick.
"A Short Sale Primer" was written for anyone who is serious about learning this 'niche market' technique.... but not too sure about what it is, what it involves, and what potential obstacles lay ahead.
There is nothing magical about shorts. Just another tool in your box, or as I like to say, "Just another club in your bag..."
Is that the best reply I can get is a sales pitch?
Nothing personal ShortSalePro. I appreciate your comments on my other topics. I would just like to get some sort of idea of how to make it sucessful. And what types of agreements are most commonly used in conducting a short sale sucessfully.
Tim
[ Edited by bgn2fsh on Date 06/24/2003 ]
I will say it is complicated and can't be answered with a post .
Read all you can here and take a look at the article written by Sharon and Dwan .
Search by articles from the tab bar at the top of the page here
That wil give you a clue of what its all about
L
Tim,
I'll try to help out a little.
Your question was:
Does a successful short sell start with the property owner? How? Why? What type of agreement with property owner do you need?
______________________________
Yes, a short sale has to be initiated by the owner. However, they don't know what a short sale is so you have to get an authorization to release information form signed by the owner and then fax that to the bank and negotiate the short sale on their behalf.
After you do that you'll call the bank and ask them to send you their short sale package.
The property must be in default. If the loan is current there will be no motivation from the bank to take a loss.
You will need to provide the bank with some or all of the following :
1. Contract
2. Hardship Letter
3. Net Sheet
4. List of repairs
5. Pictures of property
6. Comps
The bank may also ask for the owners last 2 years tax returns, bank statements, etc. etc...every financial institution has it's own policies and procedures.
Then there is the issue of funding. Once you get the bank to accept your short sale they will usually only give you 8 to 14 days to close. You had better have the funds lined up or have a buyer lined up to close quick.
Hope that helps.