Well, there’s a big difference between finding a potential deal and making it happen.
The combined total discount was $20K (including lender and 3 lien holders).
The owners were contemplating filling for bankruptcy protection, which would have delayed the foreclosure for the duration of the bk proceedings. Can’t be for certain, but I think that was in part what motivated everyone to negotiate, considering there was little chance of getting their money back any other way because the owners had no other assets. But it still took almost a month of going back and forth before we came to an agreement.
Got my first short sale under my belt and am closing this Friday.
I found it very easy to knock on the owners door and listen to their problem and offer a solution. It was easy to negotiate with the lender with the 3 of us on the phone without even being asked for an authorization to release information form. (Maybe I just got lucky).
But now I found a great deal out of state and I don’t have the luxury of knocking on the owners door and fit my approach based on the personal interaction with the owner. And I can’t call him because his phone seems to be disconnected.
My question is: Does anyone have a sample of a letter I can send to the owner introducing myself as a possible problem solver and hopefully get him to call me to discuss his situation? And since this time I may have to deal with the lender without the owner on the call, does anyone have a ‘fill-in-the-blanks’ authorization to release information form as well?
Posted by Richard on October 01, 2003 at 15:44:48:
Hi Gina!
I am in Tacoma trying to do short sales also. But my question to you. Is did you find the deal and how long did take to find a deal.
Thank you
Richard
I found the first one by sifting through notices of trustee sales registered through the county recorder, and picked the one I thought fit my criteria. Then I started doing the research on that property, owners, market value etc.
This second one that I am trying to do is as a result of a friend of a friend who found it and was going to do the deal but gave up after unsuccessfully trying to contact the owners. (Hence my need for a great letter).
Time wise, the first deal took me a day to find, the second fell into my lap.
Gina, I was wondering if you could give some more details on you first short sale, such as: the discount you received, how long it took, and the situation surrounding the buyers, etc. Thank you for your time.