Homeowner Short Sale Package: Fill & Download for Free

When you apply for a short sale with your lender(s) you're going to have to provide them with some sort of reasoning (with documented proof) why you are unable, or will be unable to continue paying your mortgage. They'll want to know what has changed in your life and financial status since you signed the mortgage(s) on the property. If you can't show that you have some sort of hardship that is affecting your ability to pay your mortgage, they are unlikely to approve you for a short sale.Certain lenders require that you are already past due or in default before they'll consider a short sale package. If a seller goes into default on their mortgage to short sale their home, their credit is already affected.As noted above, it's important to be aware of the consequences of a short sale on your credit as well. While the effect is not as substantial as a foreclosure, there are serious impacts on your credit report and your credit score.I would advise a seller interested in a short sale of their property, given the scenario above (decent job/income/credit), to talk with their attorney, their tax advisor and a local real estate short sale expert before considering going into default on their mortgage and to strongly consider their motivation to sell their property.Many homeowners I meet with are interested in a short sale because they're underwater and are uneasy about owing more than what their property is worth. But they don't have a need to sell, they can continue to pay their mortgage comfortably, and they actually would like to stay in the home. If there is no financial distress or desperation to move or sell the home, I recommend that the homeowner does not consider a short sale. As with any real estate situation, the best step is to talk to your local advisors and professionals.

There are many ways to approach a foreclosure. Properties can be obtained through a foreclosure at the end at the foreclosure auction or at the very earliest stages when the foreclosure proceeding begins by contacting the homeowners and negotiated with them for the purchase or refinancing of their property. We encourage the investors we mentor to contact homeowners as early in the foreclosure process as possible. Our customers can get to the door before the summons. This is the prime time for several reasons. Looking at this from a financial aspect, interest and fees are growing daily. The further into the process the less equity, so obviously, the earlier the better. Another reason it is so important to get to the homeowners early is because too many people going through foreclosure do not know what options are available. Based on the feedback from investors over the years, even highly educated homeowners can be mislead by people telling them they cannot sell their property once they are in default or that their equity has been sacrificed because they have fallen behind in their payments. Sadly, like in any business there are people who prey on the less fortunate. Homeowners in foreclosure are extrememly vulnerable. Keep in mind, foreclosure is not what is happening to these people. Foreclosure is the result of something that has happened causing the homeowners finances and attention to be diverted. The loss of a job or dissolution of marriage, illness or death are all very common causes. Being compassionate and understanding of their circumstances and treating them fairly go a long way in resolving the problem in a manner that behooves both the homeowners and the investor. When there is equity, be fair. Let the math dictate the offer and understand that is okay to make a profit but it is not okay to equity skim and cheat or mislead the owner. If there is not equity you can negotiate a short sale with the bank. Experienced investors used to say that short sale was anything but short. Short sale refers to getting the bank to take less then what is owed due to the comps or the condition of the property. There is a short sale package that needs to include specific documents for the bank to review. During the crash nearly everyone was upside down and needed a short sale, overwhelming the financial institutions causing the response time to be months. Real Estate values have improved availing alternate options so short sales are going through the system in a shorter (pun intended) period of time.The short answer, which I never give, as a realtor you can list the property for sale. As a mortgage broker you can refinance at a lower interest rate enabling the owner to afford their payments, you can do subject to, or purchase for buy and hold or fix and flip or if all else fails you can purchase at auction. Every foreclosure is a deal for someone. Like anything else, the more you know the more chances you have to amicably resolve the foreclosure to everyone’s benefit. Looking at it from a broader prospective, my personal advise is always this…When beginning a relationship be it personal or business (there is few things more personal then the foreclosure business) use the three “c’s”. Compassion. Communication. Cooperation.

Does he have a real estate licence?There are still profits to be made in real estate. Here are a few suggestions.With work from home, office building owners are suffering. Also, tenants are not paying rent. Your husband could specialize in representing office tenants, negotiating all kinds of benefits for tenants. Free rent periods, leasehold improvements, and way cheaper rent. Landlords will be delighted to pay commission and to nake concessions to get rent oaying tenants.Within 6 months to a year, house prices will be a lot lower. There will be bargains. More people will want or need to rent. At the same time, there are a lot of investors desperate for yield on their money. Your husband could organize investors to buy fix up and rent houses. He makes all the arrangements and gets commission on the purchase, a share of ownership for free, a management fee ie a percentage of gross rental income, a commission when the property is eventually sold, and a share of profits. It's called syndicating real estate. Have him buy ebooks on syndicating real estate on amazon kindle.This could also be done for flips, buy fixup and sell rather than keep for rental income.He could set up a service to clean up, fix up, and watch over properties that are being foreclosed by mortgage lenders. That would include getting the listing to sell it for them. The comprehensive package of services for mortgage lenders would give him first crack at listing and selling those properties.He could build a list of cash investors. When a house goes under foreclosure he could go direct to the homeowner and negotiate a direct sale to one of the investors on his list. It might even be a “short sale". Again i recommend ebooks on short sales.If he doesn't have a licence, he could flip houses as a principal. Dig up the opportunity, and have a money partner put up all the money, 50-50 split on profits. Syndicating doesn't require a realtors licence.He could tie up property with a conditional offer, and apply to rezone to allow a more profitable use. If he gets it, he should be able to sell the property at a big profit.He could flip by way of assigning the offers for a fee. See ebooks on assigning real estate offersHe could rent a house with permission to rent rooms. Rent to students or young professionals. Read about student rentals.He could rent a house and rent out the house or flats or rooms on Airbnb or other similar websites. There are ebooks on the topic.whatever his decision, he should consult a good real estate lawyer for advice and drafting contracts. Also his insurance professional for advice and coverage.