OfflineHi everyone.I just put in an offer on a property that was listed at 100,000.I offered 49,000 cash and close quickly.It has a fmv of 122,500 not to bad I think.Well the real estate agent just got back to me and wants to know if he should write up the offer or me .What is the best thing to do? I have not done a short sale yet.He then posted an e-mail asking me was this an mass e-mail confused now.Thanks look forward to any input.
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at least three months for a reply.
Do you have a POF because, not sure what state you're in but banks now need a bank statement and if you're using a biz purchasing, your corporate docs
If the realtor is willing to submit an offer for you then I would say yes. Submit an offer. Nothing is solid until you have an approved contract. Make sure you have buyers lined up for this property so you can close quickly.
if you have a buyer lined up then do transactional funds. They will want the information of your end buyer before doing the deal but you can get a proof of funds letter before doing this. They should be able to get you one with out that.
Depending on the situation, the bank, and what posistion they are in, if the sellers have given them all the info they need for the short sale and so forth will depend on how long it takes.
Short sales can range from 30days to 6 months some may even take up to a year.
No harm in submitting a contract just be sure your agent is familiar with short sales. Make sure they know how to negotiate them and make sure they follow up on the contract.
When you say thank you, you are telling the world that you want more. Say thank you every day! It will bring joy, and it will bring so much more.
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if it is a short sale, approved or not, a bank now will want a bank statement. Thats how it is in NY at least.
Currently working on a 4 family short sale for $325k. Bank manager told me flat out "if your clients don't have a bank statement with the exact or more money on hand, and they don't have updated corporate docs, don't even bother sending it"
My advice to newbies is stay away from shorts if you're expecting a check anytime soon; you're going to get frustrated and no investor is going to wait around for it