I just got a shortsale lead, what do I do now?

[bakc4]

I am an investor and I have a verbal agreement with the seller of a shortsale to make an offer on his property and negotiate the sale.  The bank has agreed to a shortsale and the buyer is preparing docs for the package.  I've done my homework and I know what i'm going to offer. 

I think I've heard that I need to use an option agreement to buy the property from the seller. Is this correct?

Thanks in advance

[Summit]

Option agreement and Lenders don't really mix all that well. Its kinda like gas and water. They are getting to the point that they will not look at any deal unless its a Solid buyer on the deal.

[davidmontano]

I'm in the same situation as you... this is my first short sale. Any advice on how to make money off this short sale? I'm in southern Ca.

David

[LyonelK]

David,

Are you an investor? Seller? Agent? I am located in Southern California myself working with Short sales let me know if I can help in anyway.

[tuesdayblue]

First off, to those that just got short sales... CONGRATULATIONS!  That was step one... now off you go!   
I found that I had to have a system so that I would not get confused or overwhelmed.
I ask the homeowner for MORE than I really need, better more than not enough.

Get everything up front because I always found the homeowner gets tired out fast.  Just my opinion.
Good Luck!
Merry Christmas

[Summit]

David,

Are you an investor? Seller? Agent? I am located in Southern California myself working with Short sales let me know if I can help in anyway.

Thank you LyonelK for another great subtle sales pitch we all love seeing that on here!

Anyway now that you have a lead find out who the lenders are.. I have the Short Sale Package you will need to get it done. I have every Lenders Package and will give you that for FREE! (NOT SELLING IT!) From there let me know I will give you the fax number and phone number you need to call (FREE AGAIN) As long as you have some Negotaition Skills and are good on the phone you can do it. This is really not Rocket Science. Try it yourself and after a few it will become second nature to you. Or you can contact others on the forums and share your profit with them! 

[davidmontano]

Wow Summit, thanks for your offer! Please send. I gathered documents: 2years taxes, paystubs,bank statements,financial worksheet,hardship ltr,taxes, & mortgage statement(Bank of America). anything further to collect? I'm a loan officer looking to start investing in short sales and wholesaling. Now that I got these docs, what is the next step from here?

[Summit]

I emailed the doc's for BOA let me know if there is a second on the property with a different lender. The best number for BOA is Bank of America (800) 846-2222. With Bank of America to get this done call them and tell them to transfer you to someone in the Short Sale Department. From there ask them if they got your file they of course will say NO then ask if you can send it while on the phone. They will let you do that and will enter it into the system right away. They might even get the BPO set up while you are on the phone with them. Also I sent you the doc's that I give to home owners to cover everything. Let me know if there is anything else you need.

Just a FYI Bank of America can take awhile. If you do it right you can close in 45-60 days.

[davidmontano]

Recieved it thanks a lot, that helps tremendously! On the purchase offer, is there a recommended  way to take title in order to be able to assign or double close? I've heard of investors taking title in a trust, or corp, or vesting tbd in escrow??? How about the POF?... I plan to use a bk stmt from a friend and letter from him stating he agrees to fund the deal... would that work?

[Summit]

Check your personal messages

[robdedgar]

Summit, I am interested in short selling as well, could you please send me a copy of the short sale packet so I can better understand what is needed?

Thank you

Rob Edgar

[dave8338]

Hi,

I have been reading books and listing to CD's on how to do short sales.  I am ready to take the first step: find a distressed homeowner to sign an option agreement to buy.  However, Summit said above that option agreement doesn't work?...  My question is if I go ahead by signing a purchase and sales agreement, how do I get out of the contract if I can't find a end buyer in time?

Also when signing the purchase and sales agreement, how much earnest deposit do you guys put down typically?

Thanks

Dave

[ShortSaleArtisan]

I am an investor and I have a verbal agreement with the seller of a shortsale to make an offer on his property and negotiate the sale.  The bank has agreed to a shortsale and the buyer is preparing docs for the package.  I've done my homework and I know what i'm going to offer. 

I think I've heard that I need to use an option agreement to buy the property from the seller. Is this correct?

Thanks in advance

Congrats & best of luck! I've heard that BOA's process is getting better, and remember the squeaky wheel gets the oil !