Short-Sale Pre-Foreclosure Investing by Dwan Bent-Twyford & Restrepo Sharon

Author:Dwan Bent-Twyford & Restrepo, Sharon
Language: eng
Format: epub
Publisher: Wiley
Published: 2011-01-05T00:00:00+00:00

CHAPTER 6

How to Approach the Bank

To really understand short-sales it is imperative that you understand where the bank representatives are coming from. In the past, the typical bank rep had 30 to 50 short-sale files at any given time. A few years ago that number went to 300 to 500 at any given time. Currently, because of the crazy foreclosure market, some reps may have as many as 700 files—or more! Imagine how stressed out you would be if you had 700 files on your desk and someone called and asked, “Do you ... um ... do ... uh ... short-sales?”

Sounding like you know what you are doing can make or break a deal. Does anyone know it is your first deal besides you? No way, so act like a pro even if you aren’t yet. With our help, you’ll be a pro in no time.

Upon initial contact, the bank will ask for an “Authorization to Release Information” form mentioned in the previous chapter. Due to privacy laws, the bank rep cannot disclose personal information pertaining to the homeowners without their written consent.

To obtain this information, you must have the borrowers (your sellers, the homeowners) sign what’s called an authorization to release form. This form states the borrower’s name, loan number, Social Security number, lender name, and contact information. It also gives the lender permission to speak to persons named on the form. Don’t waste your time contacting a lender without this form. Have it ready to fax to the lender as soon as you make contact. Get the fax number and the right person to speak with and get busy. Note that some lenders require the form to be notarized, and some lenders have their own form they want signed by the borrower.

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