Posted by steph in tex on March 28, 2000 at 11:38:35:
My offer was at payoff. No back payments, late fees, or atty fees. Basically, I’d offer the loan balance, what was it? 84K? forget the 46K. see if that works-you never know until you ask! I had an authorization and call the lender. I referred to the seller as my “client”, told them we had a buyer at loan balance. They offered to send out overnight a shortsale packet. Lots of stuff in there. they need tax returns, paystubs, etc. on the sellers.
They wanted the contract and a listing agreement. they wanted a CMA, which was hand written-not very formal. We were on a tight time frame to get it all together in order for them to postpone the sale. Anyway, the lender then forwards everything to HUD or their HUD dept. I had my title company do alot of it. That took me somewhat out of the loop and I feel lead legitimacy to the whole thing.
Worked once- it could work for you too!
call me if you want to.
steph in tex