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  • Pre foreclosure advise from investor to home owner

     rrr3grr-la updated 11 months, 1 week ago 7Members · 8 Posts
  • Esmond Melton

    Member
    19.03.2020 at 12:08

    Hi All,
    Today I have to meet with 3 different home owners on offering my service and advice . Any advise on how to keep the conversation? what to say and not to say? what jind of documents I need from them.

  • Phoebe Pierce

    Member
    19.03.2020 at 12:09

    For a short sale my bank requires a written hardship letter explaining the financial hardship and asking for assistance. We also require the 2 most current years of tax returns, 3 most current months bank statements for all bank accounts, business and personal. We also require a profit and loss statement for the current year if the customer owns a business, and a rent roll if there is more than one unit. Additionally, we require a personal financial statement where the customer shows what they are bringing in each month versus where their money goes, down to gas for auto and groceries.

  • Esmond Melton

    Member
    19.03.2020 at 12:10

    Do i need to make the owner signa paper so that can prevent them contact an agent or another investor

  • Kenneth Crawford

    Member
    19.03.2020 at 12:11

    I wouldn’t do that. If they want to work with someone else, let them. Make sure they know that you are there for them and then give them a call soon after to check up on them. If you force them to only work with you and they really don’t want to, they will find a way to stop the deal. And that will only cost you more time and money.

  • Mary Walton

    Member
    19.03.2020 at 12:12

    You do need to have them sign the proper disclosures as well as an authorization to release information.
    From there, you will need to have them agther all the items necessary in a short sale packet.

  • Joshua Barber

    Member
    19.03.2020 at 12:13

    I’ve found the most effective way to control the conversation in an non threatening way is to ask questions and fact find. Figure out where the sellers pain is and come to a solution that solves that pain.

  • Mary Gallagher

    Member
    19.03.2020 at 12:13

    Find out what the seller wants and give it to them. Most just want out of the situation with the house.
    If you can help them get a fresh start, you will be rewarded.
    Focus on helping them first and good things will follow.
    As far as paperwork goes, always have an authorization to release information form with you for them to sign.

  • rrr3grr-la

    Member
    19.03.2020 at 12:14

    When we have a potential property owner call our office we talk to them about the situation and what they are looking to get out of the deal. From there we tell them all about ourselves and what we look to accomplish from each transaction. We then spend time answering questions about what/ when/ why/ who about short sales. If the property owner is interested we set an appointment to review the property. Once we overlook the property and it falls into our business plan, we also have performed research at the office, we give the property owner a list of the required paperwork. We explain a little about each item and why the Lender will want to review each item. We then leave our business card and tell the property owner to call our office when all the paperwork has been compiled. Once/ If they ever call, we go collect the paperwork, fill out the contract, fill out the addenda to contract, answer any questions, and then start the process.

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