I recently worked a short sale and I specifically added a statement on the option contract that the lender agrees not to pursue the balance of the loan or the contract would be invalid.

So to answer your question in one basic statement: GET BACK TO THE BASICS!

I am not there so I shall keep quiet next time.Make sure your package has everything the bank needs: usually a form from their website listing their expenses and income, 2-3 months of recent pay stubs and bank statements (more is better as it will take a while for a file to run its course), child support if it is being included in their income to show affordability, social security or pension income if it is being used, authorization signed by the home owner so you can speak on their behalf or they won't even speak to you, 2 or 3 years of tax returns if they are self employed and a hardship letter should be a good start.

Seller hereby agrees that after Closing, Buyer shall be entitled to take the interest deduction on Buyer’s income tax return for any and all interest paid related to any and all above mentioned mortgages and mortgage payments regardless of EIN or SSN on any future form 1098 or any other future statement of interest paid.

NationwidepiEnjoy reading your posts but the statement you made that it is not legal for an agent to receive funds outside of closing is 100% wrong if your talking about fees for service.In California a broker can be paid fees for services before, during, or after a deal, and as a matter of fact there doesn't even have to be a deal just a consultation..

If you desire not to use an agent then you will either need to get written permission from them or convince them to take the lead and begin communication with the bank.The bank will require that they submit a short sale packet and it will consist of the following (at a minimum):-last two months of bank statements-last two years tax returns-last two pay stubs-hardship letter-etc...The next step would be to enter into a written contract with the distressed seller with a purchase contract.

We can't take less than $300, or we won't be able to pay realtor fees.This statement still makes me think you're considering what you owe when setting the price.

Please correct any of my incorrect statements and help Shari out even further than I can.

Look at your latest mortgage statement.

The statement that "the appreciation game doesn't work any more" is not true.