Out of State Short Sale Deal
BP, I need your feedback; I am in the midst of my first wholesale deal and I need a few questions answered if you can be of assistance.
I am working with a client from the Chicago Area (my previous home locale) we are beginning the short sale process and I contacted the lender and they are requesting the following documents: Purchase Agreement, HUD 1, Comps, Letter of Autho, Hardship Letter.
1) I'm aware that I can not assign a short sale, so am I using a traditional purchase contract a realtor would use? If so where do I get one?
2) The HUD; 1 is this the HUD 1 from the owners original purchase agreement?
3) The Letter of Authorization, I have no idea what this is?
4) I am out of state I have viewed the property and have a great relationship with the owner; should I use a realtor to assist me with this deal.
5) How much earnest money should I put down?
6) I am sending an estimate of repairs from my contractor should this be done to justify the asking price?
There are numerous REI Companies that purchased properties in the subdivision and even 3 on the same block, this is the reason I believe I will be able to sell the property without any hang-ups. The comps in the area have all been under 40K except for a few outliers, and the property needs cosmetic upgrades. I will send the numbers after I get this thing under contract.
Please help with the above questions