Short Sales

[charlie4]

Hey everyone,

Is there anyone out that is working with short sales?

Currently about 75% of my listings are contingent on short sales. I find they are a lot more work although the need for agents that are willing to work these is huge. The sellers need us more than ever with all the foreclosures that are coming up.

If anyone has any insight into short sales. I would love to hear it. I currently have 10 short sale contingent listings. I could go out and get a bunch more in no time if I wanted to. I find they are very easy sellers to work with, but the banks are not always cooperative and give so little information.

I would love to see everyone here come together on this topic as they have with the BPO Information.

I am will to post more about short sales in the near future. I dont have the time to sit and write it all out now.

Please feel free to email me or post here for more information or if you have more information, I would love to hear it.

[charlie4]

Here are some lists that I have.

Items Needed To Help Stop Foreclosure:

1. Recent mortgage statement or
coupon

2. Copy of Mortgage, showing type of loan

3. Copy of any collection letters,
NOD Filings, etc.

4. Letters from Foreclosing Attorney or Any Summons

5. Homeowners Insurance Policy

6. Recent Property Survey
(if available)

7. Copy of the Current Deed and the county's recorders office contact information

8. Listing Agreement if house
is listed with a Realtor or expired listing contract

9. Copy of most recent Appraisal and/or Inspections

10. Digital Pictures and Detailed / List of all repairs needed

11. List of all repairs and improvements done during ownership

12. Hardship Letter with detailed financial explanation for why the mortgage could not be paid

13. Paystubs and Bank Statements for the Seller

Note: If current financials are better now than time period dated back to when payments were not first made to this point, older stubs and statements need to be provided with todays.

14. Authorizations for lenders, foreclosing attorney, utilities, and insurance company

15. Agreements and Documents filled out and Returned from ODI/Christine Rupert and notarized if needed.


Authorization to Release form
To: [Bank name]

Re: [Borrower/ Owner: ]
[Borrower’s/ Seller SS#: ]
[Property Address: ]


AUTHORIZATION TO RELEASE INFORMATION


I/WE, , HEREBY AUTHORIZE AND ITS AGENTS TO OBTAIN ANY AND ALL INFORMATION WITH RESPECT TO THE FOLLOWING ITEMS:

1.ANY AND ALL INFORMATION ON MY EXISTING LOAN, INCLUDING BUT NOT LIMITED TO: MY MORTGAGE LOAN WITH UNDER LOAN NO.
2.ANY AND ALL INFORMATION ON ANY EXISTING LIENS AGAINST THE ABOVE MAMED PROPERTY, INCLUDING BUT NOT LIMITED TO INORMATION FOR ANY LIEN HOLDER/S AND OR THEIR ATTORNEYS : __________________________________________________ _
3.THIS DOCUMENT MAY BE REPRODUCED BY THE PURCHASER OR ITS TRUSTEE TO OBTAIN INFORMATION FROM MULTIPLE SOURCES AS NEEDED.



PLEASE PROVIDE WITH ANY AND ALL INFORMATION REQUESTED ON OUR BEHALF.

SINCERELY,



Seller Name



Seller Name



Disclosure of Non-Financial Counseling




We are not a debt relief agency and we do not help people file for bankruptcy reliefunder the Bankruptcy Code. We do not provide bankruptcy information, advice,counseling, document preparation, bankruptcy filing, or legal representation related to an existing or prospective bankruptcy. If you want bankruptcy advice please consult an attorney. Any written or oral statements we may give to you about bankruptcy are our opinions only. We are not Attorneys, do not help people with bankruptcy filings and cannot give you competent legal advice about bankruptcy.”

We do not provide financial counseling of any kind. We are not attorneys, accountants or financial planners. Any discussion we participate in represents our opinion only and is not to be considered replacement for the advice of a qualified professional. If you have any questions in these areas we highly advise that you seek the advice of an Attorney, a Certified Public
Accountant or/and a Certified Financial Planner.

Seller hereby acknowledges receipt of this disclosure. Seller hereby acknowledges that they have read and understand this disclosure document.


_______________________ ________________________ ________________
Seller’s Signature Seller’s printed name Date

_______________________ ________________________ ________________
Seller’s Signature Seller’s printed name Date




STATE OF ( ) COUNTY OF (______________)



The foregoing instrument was acknowledged before me this day of , 20 , by ____,Grantors, who are [ ] personally known to me or [ ] have produced a driver’s license as identification.


My commission expires: NOTARY PUBLIC

Residential Real Estate Disclosure Statement

Page 1 of 3 © Copyright 2005, MTW Solution, Inc.
1. The following are in the condition indicated:
NONE INCLUDED NOT
INCLUDED
DEFECTIVE NOT
DEFECTIVE
DO NOT
KNOW
APPLIANCES
Disposal
Oven/Range
Refrigerator
Dishwasher
NONE INCLUDED NOT
INCLUDED
DEFECTIVE NOT
DEFECTIVE
DO NOT
KNOW
ELECTRICAL
SYSTEM
Ceiling Fans
Phone Jacks
Light Fixtures
Vent fan(s)
60/100/200
amp service
NONE INCLUDED NOT
INCLUDED
DEFECTIVE NOT
DEFECTIVE
DO NOT
KNOW
HEATING/COOLING
SYSTEM
Attic Fan
Central Air
Boiler System
Furnace/Gas
Furnace/Electric
Oil/Oil
NONE YES NO DEFECTIVE NOT
DEFECTIVE
DO NOT
KNOW
WATER/SEWER
SYSTEM
Septic System
Plumbing
Water
heater/electric
Water heater/gas
City Sewer System
County Sewer
System
Residential Real Estate Disclosure Statement
Page 2 of 3 © Copyright 2005, MTW Solution, Inc.
Private/Community
Water System
NONE YES NO DO NOT KNOW
ROOF
Age of Roof________
Does roof leak
Is there present damage on
the roof?
Is there more than one roof
on the house?
Are there any existing hazardous conditions,
on the Property, such as methane gas, lead paint,
radon gas in house or well radioactive material,
landfill, mine shaft, expansive soil, toxic materials,
Asbestos insulation or pcb's
4. Other disclosures:
Do improvements have aluminum wiring?
Are there any foundation problems with the improvements?
Are there any encroachments?
Are there any violations of zoning, building codes or covenants?
Is the present use a non-conforming use?
Have you received any notices from government agency about property?
Are there any structural problems with the building?
Have any substantial additions or alterations been made without
A required building permit?
Are there moisture /or water problems in the basement/crawl space?
Is there any damage due to wind, flood, termites or rodents?
Are the furnace/woodstove/chimney/flue all in working order?
Is the property in a flood plain?
Do you currently pay flood insurance?
Does the property contain underground storage tanks?
Is the seller a licensed real estate salesperson or broker?
Is there any threatened or existing litigation on the property?
Is the property subject to covenants, conditions and / or
restrictions of a homeowner's association?
Is the property located within one nautical mile of an airport?
NONE YES NO DO NOT KNOW
NONE YES NO DO NOT KNOW
NONE YES NO DO NOT KNOW
Residential Real Estate Disclosure Statement
Page 3 of 3 © Copyright 2005, MTW Solution, Inc.
Seller acknowledges that information in this disclosure is correct to the best of seller's current
knowledge as of the above date. Both parties to this transaction may wish to obtain professional
advice or inspections of the property and provide for appropriate provisions in a contract between
them concerning any advice, inspections, defects, or warranties obtained on the property. The
representations in this form are that of the owner and are not the representations of the agent, if any.
This information is for disclosure only and is not intended to be a part of any contract between the
buyer and the Owner. An owner must complete and sign the disclosure form and submit the form to
a prospective buyer before an offer is accepted for the sale of the real estate.
Property Address: __________________________________________________ _______________
The information contained in this disclosure has been furnished by the seller, who certifies to the truth
thereof, based on the seller's current knowledge. A disclosure form is not a warranty by the owner or
the owner's agent, if any, and the disclosure form may not be used as a substitute for any inspections
or warranties that the perspective buyer or owner may later obtain. At or before settlement, the
owner is required to disclose any material changes in the physical condition of the property or certify
to the purchaser at settlement that the condition of the property is substantially the same as it was
when the disclosure form was provided. Seller and purchaser hereby acknowledge receipt of this
disclosure by signing below:
_______________________ _________________ __________________________
Seller Print Name Date Seller Signature
_______________________ _________________ __________________________
Seller Print Name Date Seller Signature
_______________________ _________________ __________________________
Buyer Print Name Date Buyer Signature


PLEASE DO NOT DUPLICATE THESE FORMS. I have posted these for examples only. Some or all of these posted forms are copywrited.

[Jnazareno]

[QUOTE=charlie4;125288]H I find they are very easy sellers to work with, but the banks are not always cooperative and give so little information.
QUOTE]


lol you hit the spot with banks .. don't know what it is, maybe too much redtape going on maybe those people are just being underpaid or maybe they should merge departments ..

[BuyHawkeye]

I suspect the banks attitudes will change shortly.

I'm getting more and more calls from people in distress wanting me to buy their homes. None of them have any equity. Something has gotta give.

[charlie4]

I have found that the banks are not ready for the qty. of foreclosures that are coming into their laps. The departments that handle these items are under staffed. I wish they would catch up and get the staffing that is needed hired and trained.

[Jnazareno]

lol and to say the foreclosure market is young and banks will only see a bigger increase later this year and early next year .. think we will see For Hire signs soon with those big banks

[thebpoguru]

im very intrested to see what is going to happen here in the next few months. My area is about to explode with forclosures. I have had atleast a dozen sellers call me in the last couple months that were $30k plus upside down on $250k homes. I talked to one guy who bought at the very peak of our ocean front market and was almost $100k upside down

[RalphNudi]

Hey Charlie,

My name is Ralph Nudi and I am from Kenosha, WI I have been doing a lot of work in the foreclosure niche and wouldn't mind working together on foreclosures in Wisconsin, PM or email me if you have any interest in this. Ralph.Nudi@gmail.com

Ralph Nudi

[petruccione@sbcglobal.net]

There are companies that do all the extra work required for short sales. shortsaleplan.com is an example.
Ron Petruccione

[RalphNudi]

I don't think I could trust them, it might not be a terrible thing to try though