OfflineI have to write up an offer to BOA. This is the house that the dad died, the girls started to reinstate the loan, then decided to walk away.
The atty said write up and offer to BOA and he would be sure the girls agree to a short sale. The bank said we had about 45 days to turn over the keys.
Which agreement should I use? Is it different when it is a short sale with this bank?
Would I have to enclose POF or earnest money with the offer.
I do have an end buyer that is 90% sure and are seeing the property on Thursday, they have seen pictures and were told an amount.
And BOA may not even take it.
But can I use one of the forms from Dean, or is there another that would be better?
The atty is going over it with me before he sends it to them, to make sure we have the contingencies right.
Sandi
Which contract for a short sale to BOA?
Posted on: Sat, 10/15/2011 - 18:38
Which contract for a short sale to BOA?
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- by sandiboots
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I still can't find a good contract to use for BOA for a short sale. The atty said I should just use any purchase agreement, but the REI club, tells me because of BOA I should use one the atty recommends, and he says to use any.
So I went online and even under BOA and just plain short sale forms to purchase, and still can't find one.
Any help on what to use for Wis, or does it matter. Can I use the one on Deans site for just Purchase and sale agreement?
Wrote up my first short sale today and thanks to the help of the coaches, particularly Randy, I did it. I was scared because it was the probate home and I had to get a Real estate agent to explain to the daughters what would all have to be done, and they financially couldn't do much at all with the place.
I went to my first WINGS group, that was started by Eric and a couple women in the REI club, for women to have a chance to work just with each other. It was great! My first time going met another investor who had a buyer looking for this kind of place.
They toured the home yesterday and were excited about it. I was so nervous to try a short sale, and called and talked to Randy a few times.
I did call the agent I have looked at houses with in the past, and I hired her to do the contract. Then I took the contract to the atty for the daughters to get their signatures on this.
Since I didn't get answers on this post, I finally called the coaches, and yes I didn't always get through, but after this, I intend to use them again and again.
I know it may take awhile, but this was really easier than I thought!
And not only did I go to coastal funding, but today had two other options for the money even one PML that would do six months for me if this end buyer doesn't come through. They are from the REI club, and the other investor who had the buyer, had spoke to these others about doing the funding for me, and they said yes. The confidence that gave me was awesome. To actually find PML that I knew through the club.
See what happens when you finally "just do it!"
Sandi