How Can I Short Sale This House?!!

I came across a lady that is losing her home and was plannig to move out the country. She really didn't want her property so she called the bank and tald them to "come and get their home" , those were her exact words to the bank rep. I persuade her to quick claim the deed to me and I would negotiate with the bank.

After she signed the QC deed, I wanted her social so in order for the bank to allow me to negotiate a short sale but she refuses to give it to me. My question is this, How can I do a short sale with a QC deed and not having the proper info of the original owner?

Cliff

Edited: 06/26/2010 at 05:40AM

Jon Holdman

Real Estate Investor · Denver, Colorado

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Icon_minipost Aug 12 '08, 03:23 AM

You'll need some sort of agreement for the bank to release information to you or else they won't talk to you. Pretty tough to negotiate with out that release.

Its "quit claim", by the way, not "quick claim."

Edited: 06/26/2010 at 05:40AM

Jon Holdman, Flying Phoenix LLC

Will Barnard

Rehabber · Santa Clarita, California

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Icon_minipost Aug 12 '08, 03:27 AM

Jon is right. I do not recall the specific name of the doc, however, banks have a form/document in which the owner/seller authorizes a third party to negotiate with the bank and authorizes the bank to release information to the third party. Ask the bank for the form and have the lady sign it. I believe it must be notarized but don't quote me.

Edited: 06/26/2010 at 05:40AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Jon Holdman

Real Estate Investor · Denver, Colorado

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Icon_minipost Aug 12 '08, 03:32 AM

"Authorization to Release Information" or some such, as I recall.

Edited: 06/26/2010 at 05:40AM

Jon Holdman, Flying Phoenix LLC

Clifford Erard

Real Estate Investor · Wellington, FL

2 posts

Icon_minipost Aug 12 '08, 07:51 AM

Oops! Sorry about the spelling folks. Yes, you both are right. I will need a signed authorization form from the owner. But in this case, the owner has left the country and I don't have her contact info.

All I have is the QC deed. My question was, are there any possible ways to have the bank talk to me as I am the owner of the house or am I pretty much out of luck?

Cliff

Edited: 06/26/2010 at 05:40AM

Will Barnard

Rehabber · Santa Clarita, California

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Icon_minipost Aug 12 '08, 10:46 AM

You could pay off the bank in cash or get some quick financing to repay the original loan. If you have lots of equity, it would be a shame to let it go. Find a way or find a $ partner.

Edited: 06/26/2010 at 05:40AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Dave P.

Real Estate Consultant

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Icon_minipost Aug 13 '08, 09:38 AM

Are you sure it's worth messing with?

There would have to be tons of potential for it to be worth the time.

Short sales are everywhere. Having a phantom seller puts them in the "too hard to do" category.

Edited: 06/26/2010 at 05:40AM

William Moua

Homeowner · Lancaster, PA

11 posts

Icon_minipost Aug 13 '08, 11:04 PM

So what is the process on how to do this then???
I need a quick claim...
then what
I know of people in a jam and they don't want the house no more...
I am willing to buy it out but with out too much work

Edited: 06/26/2010 at 05:40AM

Aaron Einfrank

Real Estate Investor · tucson, Alabama

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Icon_minipost Aug 14 '08, 01:58 AM

"Short Sale This House!!!"

Sounds like a new show on HGTV.

Edited: 06/26/2010 at 05:41AM

Dave P.

Real Estate Consultant

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Icon_minipost Aug 14 '08, 03:17 AM

"I know of people in a jam and they don't want the house no more...
I am willing to buy it out but with out too much work"

Do you mean "too much work" as in rehab or too much work in getting the deal closed?

There is no easy way to do a short sale. Here is a sample of docs you will need to get assembled before you start dealing with the lender:
1. hardship letter
2. financial work sheet
3. bank statements
4. pay stubs
5. two years taxes
6. authorize to release information
7. sales contract
8. broker price opinion

that's just to get started.

Edited: 06/26/2010 at 05:41AM

Tom Tarrant

Real Estate Investor · San Diego, California

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Icon_minipost Aug 19 '08, 07:49 AM

why do you want to short sale it? you are controlling the property now. dont record your deed at the courthouse, just try and sell the house now or rent it and quietly assume her loan. Dont tell the bank she left, just start paying the mtg. You basically just bought it "subject to" for nothing! if it has equity maybe you can sell it. If it doesnt sell, walk away, its not in your name.

Edited: 06/26/2010 at 05:43AM

Account Closed

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Icon_minipost Aug 19 '08, 08:59 AM

When was the last payment made. Is there a 2nd on the property. If there is a 2nd I would short the 2nd then bring the 1st current by way of tenant/buyer. I would explain it like this to the home owner, I would like to buy your property but need some help from you. The bank or lender will require some paper work from you. Once they have this paper work it will allow me to purchase the home. Again I need to buy your home at a discount from the bank that is why the bank requires this paperwork. Then just find out why they dont want to give up there SS# and over come that. hope that gives you and idea on how to handle it....also you might want to look into a loan mod and sell as a rent to own.

Edited: 06/26/2010 at 05:43AM