Short Sale Manifest Mrr Ebook

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Table Of Contents

A Brief Introduction ………….. 5
What Is A Short Sale? ……………. 8
A Good Short Sale Candidate …………. 9
Average Discount Amounts …………. 10
VA and FHA insured loans …………. 10
The Short Sale Package ……………. 12
Hardship Letter ………………… 12
W2’s, Bank Statements and Paystubs …………. 13
Listing Agreement ……………. 13
Purchase Agreement …………….. 13
Comparable Market Analysis …………………….. 14
List of Repairs and Pictures ……………………….. 14
Estimates Net Sheet (HUD1) ……………………….. 14
Authorization To Release Information …………. 15
Creating Huge Discounts With Little Work …………. 16
How To Get Property Owners To Call You …………. 17
Finding Foreclosure Lists ………….. 17
Direct Mail ………………… 18
Newspaper Ads …………. 20
Signs …………………………. 21
Telephone ………………… 22
Door knocking ………….. 23
Approaching The Lender…………. 24
Closing Remarks ……………… 25
Example Forms ………………… 26
Authorization to Release Information …………. 27
PURCHASE AGREEMENT …………… 29
LIMITED POWER OF ATTORNEY ……………………….. 36
Sample Hardship Letter ………….. 39
Sample Repair List …………… 42
Direct Mail Examples ………………. 45

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What Is A Short Sale?

A short sale is when a lender will agree to take less than is owed to remove the lien. Normally you will have to build up a case for the lender to take a discount. This can be done in several ways to show the property to be worth less than originally anticipated by the lender. The better the substantiating information you can give to the lender then the bigger the discount.

Lenders have also been known to sell the note at a discount. This is not the same as a short sale. The note value remains the same while they sell it to you for less. For example; a note could be worth $100,000 and the lender will sell it to you for $50,000. The note and lien is still on the house with the value of $100,000.