then you got people like fly that thinks he can stop making mortgage payments and shortsale his house to april. he's in for one helluva surprise.
Oh relax. We put that idea on hold for right now.
then you got people like fly that thinks he can stop making mortgage payments and shortsale his house to april. he's in for one helluva surprise.
Oh relax. We put that idea on hold for right now.
Oh relax. We put that idea on hold for right now.
good, cause it never would've worked.
bank asks for all your assets statement, all your bank accont statements, stocks, etc... then the most important part is a letter of hardship, where you gotta prove something drastically changed in your life to put you into foreclosure (ie: death, illness, lost job, divorce, etc.).
so basically, you gotta have no investments, almost no money in the bank, leased cars, and out of a job, etc. as all of this is part of the short sale packet.
also, for you to buy it april, you'd have to pay cash. the only way to do traditional loans is to use a transactional fund and do a back to back closing the day the shortsale went through, which is gonna cost you 1% of the foreclosure price. the upside to your plan, and this is probably the only upside, is you save 6% in realtor commissions attached to alot of shortsales.
you're better off finding someone down on there luck, shortsaling there house, and taking the profits. even then, its a long process with alot of paperwork and procedures and you're gonna need a buyer ready to take the place. so really, you'd be even better off, finding someone behind on their mortgage payments, flat broke, etc. and telling me about them. i'll do a 60-40 split on the profits.
you can't assign shortsale contracts, so if a third party does the shortsale and not you personally, the third party would have to get a 1 day loan called a transactional loan or a bridge loan at 1 point or pay cash and turn around and sell the house to you for whatever. typically 85-90 cents on the dollar if you're getting a good deal.
the shortsale will go through at 65-70 cents on the dollar, but but there's alot of costs associated with it. closing costs, transactional loan costs, realtors 6% fee's to sell it to you, etc.
with foreclosures or short sales there's also a thing called a deficiency judgement. the bank could agree to the shortsale, then come after you with a defiency judgement to make up the difference they lost.
Assign? wtf are you talking about? Are things different where you are? Here all you have to do is put in a bid with the bank (after they agree to the short sale). It usually takes a couple of months, but the bank either approves or denies the bid. After that, its the conventional mortgage process. Are you thinking that maybe more than one person would bid on the house? It's possible, but again we really don't care if we lose it.
And finally, florida is a deficiency judgement state, but that's usually written off in the short sale contract. Meaning, they agree not to come after you.
i've never heard on bidding on shortsales, only on foreclosures.
a shortsale is something completely different from a foreclosure auction and when the foreclosure auction fails the property becomes an REO.
a shortsale is a formal submission of all kinds of stuff, then the bank has to agree to the shortsale. part of submissions is garunteeing you have the funds to pay for the transaction.
weren't we gonna buy like a city block in detroit or something?