All Forum Posts by: Jane Entroliso

yea call the first mortgage and find out when you will be receiving the approval letter? so you can close. regardless you will be receiving the approval from first lender. thats awesome and congrats!

yes, every bank is different, however, it's up to the realtors doing the shortsale, or urself if you are doing your own short sale to speed up the process. when you submit the offer, make sure you call them first to get to the right department with is the loss mitigation department thats where you need to fax the short sale package to and then find out who is the person incharge for that file/loan number . find out what they need and get it to them right away. once they get the short sale offer they will usually tell you it takes 30 days to hear from them. not true!. because once you have the loss mitigator imformation you can ask that person to speed up the process and put a rush on the file, and they will do it, collect the paperwork they need and submit it to the the investor to make a decision. you have to keep following up with them, i call them every few days to check the status of the file. otherwise , your file will get burried  to the bottom of other files the shortsale mitigator. 

well first are you on the loan? or just on the deed? if you are on the loan, then the lender will try to get your financial information in order to consider a short sale. if your not on the loan, then you dont have to provide any of your financial info to the lender. if you are on the loan and deed, then you can quit claim your interest to the other person, and the realtor can then tell the bank you no longer owned the home, and not part of it and send a copy of the quit claim to the lender to prove that you are no longer a part of the home, and at that point the lender wont ask your financial information.

im a realtor, and also been doing flips and short sales for a long time, since 2005. to me if your an investor why buy a house thru an agent and offer shortsale? i have short sale deals for houses i cant buy, but those listings, once a realtor is involve, the banks isnt going to give you enough discount because they have to pay so many fees and resltor fees. i find my own short sale deals and its better to deal with the bank and homeowner directly as an investor and do the short sale yourself, because the lenders will more likely to accept lower offer because they dont have to pay realtor fees.  

If property is an REO then the banks you purchase the house from will require you to hold the property for 90 days before you can sell it again. but if you're doing your own short sales, you can assign the contract and or do a double closing.

I agree with Kendall, also you can put in the contract the LLC name purchasing the property and put " and or assigns" that way you can transfer the contract to a new buyer or you can have the title company do a simultaneous closing.

buy a few homes "subject to"

make sure lender don't charge you upfront fees. I had bad experience with upfront fees. If they can give you funding there shouldn't be upfront fees.

typo. Thru your county recorders. 

you can get a list of tax delinquent thru type country recorders or title companies might have the info and mail homeowner letter.