Where's My Package??!!!!
I've been boasting that I have my first potential deal, but I have yet to get the short package from Countrywide. I faxed over the authorization to Beal Bank on the 21st of this month, I followed uo the next day only to find out that the loan had been transferred to countrywide. I've been reading that poeple are getting their package in 24hrs. How long does it take to get your package after faxing over the authorization??
You could have to wait a few weeks... the transfer of a loan from one servicer to another is complicated.. so, why wait?
If you are regular Tci reader, you know pretty much what's involved involved in a short sale application. So, get started!
Gather the Seller's financials, LOH, get your CMA done, photographs, repairs estimates, listing agreement/contract for sale, HUD1, Purchaser's prequal statement, etc.
When the ss application arrives.. you'll be ready to hit the ground running.
Thanks short sale pro,
I have the pictures, the estimates from a licensed and insured contractor, and a document from the city police department, the explains the crime in the area. My question is how can I right up an agreement of sale if I don't have a purchase price yet? The three purchasers that I have lined up are all buying cash, I have personal as wellas business relationships with all three, so I know that they are capable, however I will be requsting bank statements well once I have an agreement with countrywide.[ Edited by chris1220 on Date 02/26/2004 ]
Countrywide is so big and departmentalized that you have to make sure you are communicating with the right department in the right part of the country , i.e., TX. (hint, hint) I just closed a short w/ CW and getting the paperwork to the right department was the hardest part.
They will just ignore you if they fell a SS is not justified so the house better be a near basketcase or upside down on financing.
C-
A simple SS becomes more complex if you are seeking to assign or otherwise transfer the approved SS contract.
You have to decide what you will pay... and enter into an agreement between the Buyer (You) and the Seller.
The lender won't simply give you a sales price... you've got to go into contract to purchase, make application for short sale consideration, devise the compelling proposal in support of your Offer, and be ready to close within 30 days from mortgagee's written short sale approval.