New Guy, New To Short Sales
I have been investing in foreclosures for some time but have recently started looking at short sales.
My investment company is VERY liquid and I generally do not finance my purchases.
1) Does having cash on hand create an advantage with the banks in a short sale situation?
2) When I deal with a 1st and 2nd deed of trust, do I have to approach each bank individually and if so how? ( 2 different lien holders)
3) Apart from this web site, what is a good soup to nuts starter course to give me the basics on how to approach short sales?
Thanks for any help
You can check PTCI products for books and mau=nuals on the preforeclosure short sale acquisition technique... you can click on any shopping cart icons you might see, and/or you can spend a day reading thru the thousands of posts... which I recommend you do.
Embrace what makes sense, discard what seems like nonsense.
In a short sale does most bank expect you to assume the loan or find a new loan ? . If assume obviously they want to check your current liabilities ? Should I buy the title from the owner BEFORE negotiating with the bank or AFTER bank agrees ? Does buying before will reduce my clout with the bank or increase ?
Do I let them know I do plan to resell the property after some improvements?
Or do I just blow smoke?
Where can I get $ 99 short sale primer ? also shortsalepro , what do you mean by proposal adn compelling proposal ? I was told that basically the owner gets "short sale forms" from the lander, and if the lander agrees they send it. , Is it true ? or one has to send a proposal like you said ? thanks all of you for being generous to share your knowledge with us.[ Edited by ashwin on Date 05/21/2005 ]
To view the order form for the Short Sale Primer, click on the shopping cart at the footer of my post.
An application is simply an application... to increase the chances of approval, I always incorporate the application into a factually compelling Proposal... with picture, property inspection report, repairs estimates, a time value of money analysis, a contract for sale, a HUD1, and proof of funds to close.
OOPS,
Forgot to say it is a 3750 sq ft all brick, with an unfinished upstairs worth another 1000 sq ft.
Access is included?