Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 12 years ago on . Most recent reply

User Stats

23
Posts
0
Votes
Eric C.
  • Ridgewood, NJ
0
Votes |
23
Posts

Short sale with additional payment?

Eric C.
  • Ridgewood, NJ
Posted

I have a deal where the best way for me to buy the house would be to convince the homeowner to do a short-sale and then give him a "consulting fee" afterwards.
How would I do this exactly? Would I write up a Bill of Sale for consulting service on xyz and sign it with him at the same time we sign the Purchase Agreement and everything else we plan to send to the bank? I know this can't go on the HUD-1.

Also, I have a template for the BPO report on file, but I've never done this - do I wait for the bank to call and send out a BPO agent and meet him/her at the house to show it (and show comps/damages)?

Any other tips would be so very much appreciated!! I'm just starting to try the whole short sale process.

Loading replies...