Short sale order of events?
Ok, so I didn't go to any guru's classes and sign up for any concierge service. So I need a little help.
I have been looking and can’t seem to find anything on the order of events for investor short sales. I am looking for the order on properties already listed (Realtor leads) and for the homeowners that I have personally gotten on board. (my leads)
My understanding:
FSBO’s,
1) Have paperwork completed including hardship letter, W-2’s, Tax returns, Pay stubs, short sale addendum to contract (allows you to make multiple offers) and affidavit which spells out your right to market for sale, the right of the lender to pursue for money “shorted†etc. (ok, so I cheated and got that from James), POF and a purchase and sale agreement with “to be determined†for the amount
2) Start negotiations or send packet to your contracted negotiator
3) List property for sale using SS verbiage
4) Get property under contract with end buyer
5) Wait for closing
6) Have title company send transactional lender proof of deal and POF from your buyer
7) Close with transactional funds
8) Close with end buyer and walk away with a big grin :D
What is the process when pursuing realtor leads or already listed properties?
Do you have the owner fill out your packet or does the listing agent usually have all that done?
Is it outlined in your contract (offer) that all offers will now go to you instead of the owner? (assuming only 1 realtor for both transactions)