Well, Thats right, I am Working on my first "Short Sale". This is just as Difficult as I thought it was going to be, especially since the Lender is Friggin' Counrty Wide(Go Figure!?), But a Deals a Deal. So, i thought that I would post the Details of the Deal:
Nice, "Bread & Butter" Property in a Good, Desirable Neighborhood, needs a Light Rehab, $10,000 or even Less. Property is a 3BR, 1.5BA, 1,200 Sq.Ft.
TAXES: $1,600 YR
NEGATIVE EQUITY: $29,000(Approx)
At This Point, I get EVERYTHING I need(Paperwork Wise) Ready to send to the Lender:
Borrower's Banking Statements
Borrower's Pay Stubs
Borrower's Federal & State Income Tax Returns(Past 2 Years)
Signed "Authorization Of Release"(So i can speak with their Lender about their Loan)
Borrower's "Letter Of Hardship"
Proving That Borrower Is INSOLVENT
CMA: "Competitive Market Analysis"(COMPS)
HUD1: Net Sheet
Purchase & Sale Agreement(signed)
So, WOW!? Thats a LOT of Stuff! At this point, the Borrower/Seller is getting everything together for me, so I can call the Lender and Fax/Send a copy of the Purchase & Sale Agreement and "Get the Ball Rollin'" I'll keep you guys in the loop, as it comes. I haven't had the time that i used to have, when it comes to posting on the site(sorry, i know you guys REALLY Miss me, lol) but, i have been EXTREMELY BUSY, I have been getting between 4-6 Leads a day, mix that with my FULL-TIME JOB and it = NO TIME to Post. Hope this HELPS some of you with questions with "Short Sales", CLASS DISMISSED, SULLY
YOUR HERO, SULLY