Short Sale Submission Docs
If an opportunity permits when a homeowner is in foreclosure and wants to sell their property, but you do not have a buyer/investor on hand at that time, do you have to include a purchase contract right away when you submit a short sell offer? I do understand that a net sheet and hud1 must be included with the submission.
I have come across a couple of homeowners in foreclosure this month and would like to submit a short sale. The lender has already given me the short sale forms. At present I do not have a buyer. I could possibly get my realtor friend to list the property but due to the holiday season and the auction scheduled for Jan 4,2005 I'm not sure if there is enough time...Unless, the lender is willing to postpone the sale to allow us enough time...Do you think this could happen.
This is my first attempt on doing a short sale...I need help! Any advice would be greatly appreciated...Thanks in advance. Have a happy holiday season all!
Preforeclosure short sales can take 30-90 days or more.
So, are you saying that I do not need to submit a purchase contract with the short sell offer?
A bank will not review the short sale package if it is incomplete. So yes a purchase agreement needs to be submitted.
thanks