OfflineI have a homeowner that is upside down in there mortgage, and I want to help them by assigning a contract to an investor.
well of course the investor is going to want to buy the house as far under FMV as possible, and they owe more on there loan than what the property is worth.
in this case a short sale would be needed correct?
And if so does the seller need to submit a short sale submission package, and when do I as a investor wait to make an offer?
is there any other way to pass this property off to an investor, and if the short sale is the only way to go is there anything else needed by me as the investor in helping this person get this heavy burden off there shoulders?
Thanks again,
Justin
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Shortsale is needed in order to create some equity for you. I am currently working with a few owners in doing a shortsale. I am guiding them in putting together a package for the bank. You submitt your offer with the completed package. Owners have to be willing to cooperate becasue they have to support the reasoning for the bank accepting a shortsale. The need a compelling story and have to be able to back it up with proof. You need comps, pictures of prop showig poor condition only, if their is none, no pictures then. But their must be financial distress and it has to be proven with medical bills late bills, missed car notes, receiving welfare, etc anything that can support your case to pursuae the bank to accept your offer on doing a shortsale. So time has to be put into it. I am working 3 shortsales, and hopefully all works out.
I got my mind made up.....
www.Kingjussinvestors.com
www.jussinvestors.com (buyers site)
JAndrews,
Are they aware of what a shortsale is? And are you willing to walk through it with them? I am also working on some shortsales with two clients looking for more and I am working on getting the process fully automated.
Do you guys want to come together and partner this deals and try an help the home owner. That's if you would like us to JAndrews.
This is just a proposition, if you wanted to get an insite on shortsales.
Please advise?
And also very important is what State you are in? Is it a Recourse or non-recourse state. Which just means that the lender can npot come after the home owner for the difference of the shortpay.
Please let me know what you would like to do.
There are other options, but I am not sure if the home owner has checked into them or how well versed you are on them like Loan Modification or a Forbearance.
I'm working with a company called walkawaytoday.org they take over properties that are upside down and pay a finders fee of $500. Hope that helps. Keith