The Complete Short Sale Investor's Toolkit. What is an A>B, B>C transaction? What makes it legal? What are the most important things to do in order to.

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Presentation transcript:

The Complete Short Sale Investor's Toolkit

What is an A>B, B>C transaction? What makes it legal? What are the most important things to do in order to make sure it's done right? Disclosure Each transaction must stand on it's own What is an "Equitable Interest"?

The Complete Short Sale Investor's Toolkit Why is it important to record the "Notice of Contract"? What is Transactional Funding? How can a property have 2 different values "on the same day"?

The Complete Short Sale Investor's Toolkit What documents are needed for a "complete" short sale package? (A>B) Authorization To Release Contract for Sale & Purchase Short Sale Addendum Notice of Contract Amendment to Listing Agreement (if already listed) Commission Agreement Affidavit of Understanding Freddie Mac BFI (Borrower Financial Info) Hardship Letter Property Inspection Sheet

The Complete Short Sale Investor's Toolkit Homeowner Financials: 2 years tax returns & W2's (no schedules needed) 3 months bank statements 4 most recent pay-stubs Most recent mortgage statement/coupon Any correspondence from lender/attorneys Copy of Deed Additional Info: Contractor Repair Estimate Comparable Sales

The Complete Short Sale Investor's Toolkit (B>C) Transaction Addendum Disclosure Form Title Company Addendum

The Complete Short Sale Investor's Toolkit The Valuation: What is a BPO? Why is it important to properly "influence" the outcome? How do you price the property? What is the "ice method"? Tips for the initial listing: Use only 1 exterior photo Description should be plain. For example: “Public: Shortsale. AS-IS. Buyer responsible for all the township or mortgage company repairs. Final sale price are subject to bank approval.”

The Complete Short Sale Investor's Toolkit Closing Thoughts, Tips, Etc. Always operate with integrity Treat your Realtor Partners right Remember that someone is suffering You only have 1 reputation…uphold it