1st Short Sale Attempt

[Mitch Freed]

Hello,

I am attempting my first short sale very soon (auction date is 2/8/08) and I would like to make sure that I have all my bases covered before I jump into the ring. I have read a few posts by short sale newbies and the information provided has been great so far. I thought I would post my own and see if any new info was out there and confirm that what I have down so far is accurate.

I suppose my main questions are as follows:

1. When auction is so near how can I assist the homeowner in postponing the auction date. Is there a more effective conversation he/she can have with the lender?

2. I am familiar with contacting the lender and requesting their loss mitigation dept and obtaining their short sale package..any recommendations on extra items to include on top of what they ask for?

3. I have a Federal HUD-1..is there a state specific HUD or will the federal one do just fine?

4. Other items I will include in the first package are Hardship letter written by borrower, Proof of Income Tax Returns, Bank Statements, CMA, My written offer.

5. I have also heard that including a list of repairs and taking pictures of the worst looking parts of the home help as well.

Any other suggestions? Also any advice on protecting your interest while in negotiations with the lender. I figured purchasing an Option to Purchase from the homeowner would be a good idea..say for $10.00.

Thanks in advance for any help/advice!

Mitch