How Can I Short Sale This House?!!

Question

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

Account Closed · Answer

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.

Tom Tarrant · Answer

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.

Dave P. · Answer

"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.

Aaron Einfrank · Answer

"Short Sale This House!!!"

Sounds like a new show on HGTV.

William Moua · Answer

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

Dave P. · Answer

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.

Will Barnard · Answer

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.

Clifford Erard · Answer

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

Jon Holdman · Answer

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

Will Barnard · Answer

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.