REALTORS®
For Realtors: We are short sale negotiators and real estate investors with discounted properties that have or will have approved short sale packages. We just need deserving families or investors to come and make an offer on a great Indianapolis or Central Indiana home. If you have a homeowner prospect that needs to short sell their Indianapolis and Central Indiana home, we could make them an offer right away! We will then promptly re-list the property for sale, and you can earn double-commission. Call us to negotiate your short sale prospects and get back to selling homes instead of fighting the banks.
If you have a homeowner prospect that needs to short sell their home, we may make them an offer right away! We will then promptly re-list the property for sale, and you could earn double-commissions... on the sale from the seller to us, then on the re-sale from us to our end-buyer! We have all the transactional funding in place to fund these deals for 1 day, a week, a month or 3 months plus. We prefer cash deals, so that we can resell these quickly for a profit, but if we have a qualified property and end-buyer, we can accommodate holding the property long enough to work through any title seasoning issues that would arise.
Our Short Sale System Process
We offer a solution for properties in pre-foreclosure by providing a proven system and the ability to fund a short sale quickly. This allows you, as the REALTOR, to spend your time marketing and selling the house instead of dealing with bank negotiations. Best of all, in most cases, you will still earn your full commission. Because we find that many REALTOR's do not understand our Short Sale Process, here is a brief explanation of what happens when we act as an "Investor" in a short sale.- When you bring us your Seller in trouble, we begin immediately to construct a professional short sale package and work with the lender to get the short sale approved before the house goes to foreclosure.
- We start by executing an "Option Contract" on the property and an "Affidavit of Understanding." Our Option Contract is the offer that is sent to the lender to get the process started. You do not have to wait to secure an end buyer while your seller inches closer to auction.
- We record a "Notice of Option Contract for Sale and Purchase" along with the "Affidavit of Understanding" to make sure all parties are aware of our Equitable Interest. These three documents ensure that everyone understands how we are purchasing the property and that we have a legal right to list and sell the property, contingent on an acceptable short sale acceptance letter from the lender. We believe in full disclosure of our intentions.
- You continue to market the property at a competitive price that will attract a buyer in 30-60 days.
- Once we have completed negotiations with the lender and you have found a Buyer, we will exercise our Option with the Seller and move towards closing two back-to-back transactions, using our approved title company whenever possible. Because our preferred title company does many of these transactions, they have no difficulty preparing a short sale closing and handling everything efficiently.
- We will close our short sale purchase with the Seller for cash and title will pass to us. The Seller receives no funds from the sale.
- We will then close with the End Buyers per their approved method of financing just as with any standard closing and title will pass to them.
- We make sure the Buyer's lender is apprised of the process, too. When the Buyer obtains a title commitment, there may be an exception listed as "Notice of Option Contract for Sale and Purchase." This is not a Land Contract, lease/option purchase, or any condition other than notice that it is the intent of the parties to convey fee simple interest in the property to the Optionee, i.e. the Investor.
- All documentation is available to all parties and we make full disclosure of our intent to purchase the property via short sale and re-sell the property for a profit.
- You will receive a normal commission on the sale to the End Buyer as well as a commission, as approved by the lender, on the short sale.
Let us do what we do best - negotiate and close Short Sales - so you can do what you do best - sell houses and earn commissions!
HUD ANNOUNCEMENT 1/15/2010: Waiver of Requirements for 24 CFR 203.37a(b)(2)
Waiver of 90 Day Property Flipping Rule (Chain of Title Seasoning)
US Treasury ANNOUNCEMENT 11/30/2009: New Home Affordable Foreclosure Alternatives Program
~ Fannie Mae HomePath Real Estate eNews~
On November 30, 2009, the U.S. Department of the Treasury announced the Home Affordable Foreclosure Alternatives Program (HAFA), which provides financial incentives to servicers, borrowers, and investors for a closed short sale or a deed-in-lieu (DIL). HAFA encourages foreclosure alternatives to costly and expensive foreclosures.
Details for servicers of mortgage loans that are not owned or guaranteed by the GSEs are provided in Supplemental Directive 00-09: Introduction of Home Affordable Foreclosure Alternatives -- Short Sale and Deed-in-Lieu of Foreclosure, available on HMPadmin.com, the administrative Web site for servicers. Fannie Mae will provide guidelines for servicers for Fannie Mae loans in the days to come.
Real estate professionals working with short sales should review the Short Sale section of the Supplemental Directive (pages 5-9) and review the forms and letters in Exhibits A and B.
Supplemental Directive 09-09 is effective April 5, 2010, but participating servicers may elect to implement HAFA prior to April 5, 2010, in accordance with the Supplemental Directive.
The HAFA program simplifies and encourages short sale and DIL options by:
Borrowers should be (or request to be) considered for a Home Affordable Modification Program (HAMP) modification and other retention programs before being considered for HAFA.
For more information about HAFA, read the Supplemental Directive using the link above or find this and other Making Home Affordable information at HMPadmin.com .