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<< RESPA NOW HAS AN EXPANDED SCOPE and COVERAGE | Home | Wholesale buying and selling of deeply discounted houses in any market >>
Information a Short Sale Investor Must Have From the Listing Agent
As a short sale investor, you can really speed up your analysis of a deal, especially if you are working with Realtors who send you leads off the MLS by getting the following questions answered for you at the time the specific lead is sent to you:



Ask the Realtor to find out from the listing agent the following information: 

1) Current market value of property, (validated by solid comps.);

2) The number of loans  and other liens of any kind--judgments, federal tax liens, HOA liens etc;

3) The amount outstanding on each loan;

4) Date of most recent BPO by each lender, and if the BPO was interior/exterior and was listing agent present,

5) Who lender/servicing agents are and type of loan, Conventional. Fannie Mae, Freddie Mac, FHA, VA.

6) Any offers pending,

7)Have they had any offers, if so how many.

8)What is the CDOM,

9)Name of different lenders,

10) Condition of property--just a ball park of rehab/remodel cost estimate (as a Realtor,not as a contractor),

11) Neighborhood--rate it from 1 to 10 where 1 is a War Zone--if only listing agent knows neighborhood ask him/her about   it;

12) Date Short Sale package submitted, any updates requested that have not been supplied to Loss Mitigation;

13) Who is handling SS package with lender/servicing agent.(outsourced or handled by listing agent), if no package has been submitted, you can handle that as well to the extent you have them outsourced or do them yourself and claim a loss mitigation fee on the HUD-1 if you are using a different entity.

14) Price History --need this on buyers page too, along with assessors info on sales;

15) Trustee sale date?    Has sale been scheduled, if so, when? Any sale dates before?  How many continuances?

16) Is there an approval letter(s) for any past offers?

17) Was a draft HUD-1 submitted to each lender with prior offer?

18) Were prior offers for cash or contingent on financing?

You might want to also tell the Realtor the following:

I am an investor and I make cash offers with Proof of Funds letters on every short sale deal from a Realtor, if listing agent, I will do dual agency, if buyer's agent, just find the deal and send me the information (and the Realtor side of the Buyer's Page--the offer will be submitted by you) set forth above. I can close within 30 days or less after approval letter(s)
posted on Wednesday, November 11, 2009 12:00 AM Print
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# re: Information a Short Sale Investor Must Have From the Listing Agent
Ryan Kempton
3/23/2010 10:26 AM
  
HI I have a agent that referred a house to me its a short sale that goes on the market april 2nd there looking for a cash buyer its a 7 bedroom 4 bathroom house corner garage i have more detailed info if your interested its going on market listed at 119k its a good deal you can prob get down under 100k after negotiations .

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