10 Easy Steps to Complete a Short Sale
The obvious thing to do first is to find the lead which should be fairly simple in most places using your own marketing strategies. I find that i used to turn down so many deals because they were over-leveraged and i didnt want to deal with the hassle. Can SS’s be a hassle? yup. If you can learn the ins and outs and submit everything you need cookie cutter you will find life to be much easier.
When people think of short-sales, they think of a on going annoying what if process that doesnt work. I am currently working on 4 right now and they are all going smoothly. Many people take courses and go to bootcamps to learn the “ins and outs.” I have never been to a training or a bootcamp and i like to think i know most of what i need to (all the info in right in front of your face).
So you get your lead and you explain the process to them, they agree.
Step 1 : Have then sign and authorization to release info.
Step 2 : Fax it to the Mortgage Co and order a SS Package (everything they require)
Step 3 : Collect all the appropiate info from the seller (Bank statements, tax returns, pay stubs, hardship letter, etc) Have them sign a Landtrust and deed to trust (get this from your attorney or other investor)
step 4 : find out what you want to offer and have your attorney draw you up a preliminary HUD showing the Mortgage co what they are going to NET.
Step 5 : Call the Mortgage co and ask ” who is handling this account ” in the loss mitigation department or as countrywide like to call it “workout dept”
Step 6 : fax everything to the loss mit rep with a cover sheet and nice and neat.
Step 7 : Call them and follow up 2 days later and ask them is they recieved and ask them if they are going to order a BPO. Get that ordered and meet them there to influence it.
Step 8 : Record the land trust (with the prop description (i always forget))
Step 9 : list it (as you are now the owner of the trust)
Step 10: Get it under contract contingent upon the banks approval. wait for it and…….Double Close and profit!!
That is the 10 easy steps you can learn with just 5 easy payments to my bank account. the routing number is 6752347.
Just playing. But, if you werent familiar with the process i hope you have a little insight and will be able to research the details on your own. Once you understand the process and you do it, it should become a simple process.
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