Look How Many Days It Takes To Complete A Foreclosure. 930 Days!!!
Who Said There’s No Inventory? It’s Just Being Suppressed.
Over the last few years, it seems short sale experts came out of the woodwork. Then title companies got in on the act.
Truth be told, if you want a good discount then you MUST prepare a substantive package.
There are a number of reasons why, which you will find out in this tip series.
Let’s Begin Our Short Sale Tip Series. Here we go!
Short Sale Tip 1. Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, there are Essential Elements of A Short Sale Package.
Here is a tip on the first element, The Cover Letter and Short Sale Request.
✅ The Cover Letter and Short Sale Request should be a one-page, clearly defined document.
✅ It should briefly state what your buyer is willing to pay for the property [accepted written offer]
✅ It should state the reason or “hardship” that is the cause of the request [ hardship letter]
✅ It should explain the other documents accompanying the proposal
✅ It should state and define the offer as an “As-Is” All Cash Offer with no contingencies and that all inspections have been made to the buyer’s satisfaction
✅ It should request the BPO so that the bank can expedite their opinion of value (if the bank already has a BPO it should request a second one including the interior of the property)
✅ It should state clearly how much the bank can expect to “net” from your offer [by including a sample HUD]
✅ It should state clearly as to when the closing will be.
✅ It should also contain your contact information, the loan number, the borrower’s name, and the Case Number. [don’t make the bank have to go looking for info]
Over the course of this free tip series, we’ll be talking more about each of these elements and more.
You will learn how the foreclosure process works and how you can profit from what is coming in the housing market.
Simply by following along with this free tip series, you’ll be ready well before your competition does.
⭐ Stay tuned for tomorrow’s tip regarding the Letter of Authorization. ⭐