Blue Print for short-sale flips

[David Joselson]

Does anyone have an written blue-print for how to purchase a short-sale and simultaneusly close and do it legally. i. e. What forms to use, What to write on each contract including A to B offer, HUD, Listing Contract, etc., every detail to do this. I more than happy to pay someone for their trouble.

[Maryann L.]

David, no short sale is ever the same. What worked on one short sale may not work on another for a multitude of reasons.

The basics are
1) work with the homeowner and collect paperwork including"
p&s (add a line that says you're reselling for profit and can market the property)
tax returns
bank statements
pay stubs
hardship letter
authorization for release
financial form
disclosures
Then take that paperwork and your HUD1 filled out and send to the lender
2) negotiate negotiate...you may want to outsource this
3) Bpo gets ordered. YOu will likely want to be at the house for that
4) negotiate negotiate
5) get a damn good closing attorney. preferably someone who is investor friendly and can juggle this type of closing.
6) market and get your buyer lined up
7) review approvals
8) close
9) if you're lucky the same attorney will close the second transaction
Make sure you're following all your state laws for short sale purchases and negotiation. Each state is different.

I could be mistaken but a simul transaction is where you are using the end buyers funds. Not sure how much you can do that any more. I think you meant double closing.