05/17/2012

California Short Sale Investor,

I’ve been doing short sales for the past 7 years and no matter how much the short sale industry changes, you don’t stand a chance of getting your offer accepted if your short sale package is not assembled correctly or clear and persuasive. Let me ask you this…

As a short sale investor , do you have answers for these 3 most important questions?

• Are you getting the number of DEALS you need approved quickly?

• Is your package making the STRONGEST case possible?

• Do you have a PROVEN SYSTEM to do 20 or more short sales at once?

If you said “No” to any of the questions above, you are not alone.

Well… let me tell you this…

With thousands of short sale offers being submitted to loss mitigation everyday, the only way to get your deal to the top of the pile is to have a professional and well documented package.

Not only that… you need a way to manage A LOT of short sale deals effectively if you want to make BIG MONEY!

For a limited time you can get a complete sample Short Sale Package that has been proven to be successful at getting deals Approved FAST.

You can also get all the following documents in Microsoft Word format to help build amazing short sale packages quickly.

1. Authorization to Release Information – This short sale form is signed by the homeowner and authorizes the investor/realtor to speak with the mortgage company on behalf of the homeowner. It is the first document you need in order to get the process moving.
2. Hardship Letter – This is a letter composed by the homeowner that explains to the mortgage company the circumstances that have led to the missed mortgage payments. The homeowner need to make it clear that there is no hope of curing the default and a short sale is the only option. It is best if this letter is hand written, but a typed letter is fine. It should be at least one page long and be emotionally moving.
3. Hardship Proof – These are supporting documents that support the hardship letter explanation. For instance;  a repossession slip, a layoff pink slip, doctor bills, death certificate, divorce papers, bankruptcy papers, police report, etc…
4. Financial Statement – This is a one-page document that states the monthly income and expenses of the homeowner. This includes food, utilities, clothing, car, phone, etc…
5. Bank Statements – Most mortgage companies will require the last two months bank statements for both checking and savings. They are interested in verifying the deposits and withdrawals against the financial statement. Excellent Short Sale form.
6. Pay Stubs – Most mortgage companies will require the last 2-3 pay stubs to verify income. If the homeowner is unemployed, include a single signed document stating such and that pay stubs do not exist.
7. Tax Returns – The last two years federal tax returns are always required. They do not need the entire tax return, just the first two pages. If tax returns were not filed, include a single signed document stating such.
8. List of Repairs – Let the mortgage company know what costs would be incurred to bring the property up to market value. Make sure your costs are accurate but to the high side. This is the kind of estimate the homeowner would receive if they hired the local home improvement company.
9. Listing Agreement – Mortgage companies always request a listing agreement; if you’re a real estate agent doing the short sale for the commission, this is no problem. However if you’re an investor, it would be better if the property wasn’t listed in order to maintain profit margins. If you can convince the bank that a listing agreement is not needed since a purchase agreement is already in place you’ll be further ahead.
10. Purchase Agreement – Have the homeowner sign blank purchase agreements so you can negotiate quickly and resubmit new purchase agreements immediately. A signed blank agreement means you’ll only need to change the offer amount and date before resubmission.
11. HUD-1 / Net Sheet – The HUD-1 is a closing statement and provides a bottom line number the mortgage company would receive at closing. Mortgage companies will always request a Net Sheet or HUD-1. It’s much better to use a HUD-1 if you want to get your package approved quickly.