Posted by IB (NJ) on January 09, 2003 at 10:54:47:
You get in touch with the owners and get them to agree to let you buy the house. If it’s a short sale, the agreement would reflect the ‘short sale’ price. Also, have the owners sign an authorization letter allowing you to obtain their mortgage information from the bank on their behalf.
You then call the mortgage company and see if they’re open to a short sale. The owners should have mortgage statements or letters from the mortgage company with (at least) an 800 number. Call them and ask for their loss mitigation department.
The approach for a short sale - Posted by Patrick Rownd
Posted by Patrick Rownd on January 08, 2003 at 19:18:45:
I have just found this site and have a few questions of my own. I have been reading alot about the short sales and was wondering
1)how does one go about presenting this offer to the current owners of the home that is about to go into foreclosure?
2)Are there any tactics that anyone has used that have proven more succesful than others?
I have had trouble with finding the people who actually own the property. They aren’t paying their house note and the surely wren’t paying their phone bill or leaving a forwarding address at the property. How should I locate them?
I would greatly appreciate any information and have been enjoying reading all of the info in the archives.
The approach for a short sale - Posted by Ben (oh)
Posted by Ben (oh) on January 09, 2003 at 07:27:30:
Hi Patrick
You ask good questions. The answers depend on the situation.
The offer to the owner is meaningless if the bank won’t agree to a short.
Yes, there are many tactics, which make all the difference in the world. But where do i begin. I could write a book (and probably will!)
Locating people can be as simple as sending a letter with forwarding address requested. Or simply knock on the door. Ask the neighboirs. Find where the tax bill is mailed. If vacant place a sign on the property “I want to buy this house, please call”
Re: The approach for a short sale - Posted by Patrick
Posted by Patrick on January 09, 2003 at 08:35:57:
I just graduated from college in the spring of 2002 and have been a real estate agent for two years prior to my graduation.
I got into the foreclosure world just before I graduated when I met an attorney who does this same thing for other clients. He has been a great help and got us our first deal ( we assumed a mortgage in foreclosure and are taking it to the sheriff sale ourselves) His help has been great but has also cost some. Until I found this site I had nowhere to turn. My only method was a lot of trial and error. In only a couple of hours of reading on this site I have increased my knowledge of what is going on tern fold.
My biggest problem would be trying to find the people when they aren’t at the home anymore and then what to say to them after I have found them.
Now that I have found them how do I get in touch with this financial institution that doesn’t want to be found.
This kind of work really excites me and I want to be able to do this instead of going and finding a regular 8 to 5. I just need to learn more.
Thanking everyone and this site.
Sincerely
Patrick