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Video instructions and help with filling out and completing preliminary hud 1 short sale

Instructions and Help about preliminary hud 1 short sale

Everybody frenching here with REI club com the only site will need s real estate investor today's quick video ever talk about what is needed to complete a short sale package now a short assault pack is pretty much all the documentation that's needed in order to start a short sale now these are usually submitted by a real estate investor on behalf of a seller who's possibly distressed and it is pretty much this is their last option before the lenders considering foreclosing on them okay now you also have to submit a short sale package in order for a literature even consider this as a potential by and selling option okay now what exactly is included a short sale package the first item that I want to talk about is the authorization to release information now this piece of documentation allows the real estate agent to speak on your behalf and negotiate the short sale with the lender the next item is the seller hardship letter now that's the letter from the seller directly to the lender kind of explaining the current financial situation how they got there let's just call it an apology letter okay and it pretty much indicates why a short sale would be considered a good option for them the next thing is the executed listing agreement this elects the lenders see how long the project is sitting on the market for longer is always better for these types of situations they also know the brokerage is that they've been working with and then the Commission's have how they were paid out these are all essential factors allow them to calculate on what they need to before approval okay now you also want to include an executed purchase contract is just like any type of purchase agreement you would have with you and the seller and it's purely to indicate to the lender that this side of the deal is taken care of the seller has accepted the offer okay next is your pre-approval letter just like it always does it proves to the lender that your finances are in order and are ready to go upon approval next thing is your copy of the earnest I'll copy of the earnest money this pretty much as secure as a contract you have just makes it legit and make you look really like you're a serious investor okay the next item I want to talk on is your financial information there's a lot of banks out there who have PDF forms of itemized lists are looking for um they're broken down by you know what your assets while your liabilities month expenses and then of course your employment information it's kind of broken down very specific their replied to a loan it's very similar to that okay so I'm kind of go through quickly your assets you know they want to look at would give you real estate investments how much money do you.