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I'm new to short sale real estate investing. What are the typical documents needed in a short sale package?

Posted by Gregory Smith on May 31, 2015 at 2:34pm in Short Sale Discussions

Hello everyone,

 My name is Greg and I'm currently new to the short sale investing strategy and I wanted to get some information on what are the typical documents needed in a short sale package for the seller to submit to the lender?

Also, can anyone give me good advice on the best strategies to get the BPO appraisal to come in as low as possible to work more in my favor to negotiate price with lender?

Thanks,

Greg

http://www.facebook.com/smithpropertyinvestments

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Replies

  • Wayne Brooks June 1, 2015 at 1:50am
    It doesn't really matter, as you're not going to be involved in that part of the process. The lender will require the seller to have an agent, and place the property on the MLS. Are you trying to wholesale?
    • Gregory Smith > Wayne Brooks June 1, 2015 at 7:06am

      Wayne,

       Yes, I would like to use this in my wholesale business. Looking to get a better understanding of the process.

      Greg

      • Wayne Brooks > Gregory Smith June 1, 2015 at 5:41pm
        Gregory, you should stay away from short sales for two reasons:
        1) Lenders are looking for something near FMV, and they know what they're doing.
        2) No homeowner in foreclosure needs you tying up their property for more than 90 days, just to have you walk when you can't flip it, and they're now just 90 days closer to foreclosure. I've Never let a wholesaler tie up a short sale, and I can spot you a mile away.
  • Jonathan Katz May 31, 2015 at 3:31pm

    Greg,

          Feel free to shoot me an email to schedule a time to speak or call me anytime.

    Brett@ishortsalenow.com

    310-564-6389

    www.ishortsalenow.com

    • Gregory Smith > Jonathan Katz June 1, 2015 at 7:05am

      Thanks Brett,

       I will definitely give you a call to discuss the process of short sale investing.

      Greg

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