Troy, in response to your email to me, to present an offer to the bank is not very difficult, you fax it in, that's it. The issue is who to fax it to. Loss Mitigation, asset mgt., Asset Recovery, Pre-foreclosure, asset distribution, or a host of other names it could be - you just have to be persistent with the bank to find out where to send the paperwork. Also, it helps if you send in an autorization to negotiate on behalf of the client - signed by them. Once you send that into the bank, then they will talk to you about where the account is and where to send it. You may also want to have a title company do a simple lein search prior to even attempting to sell or buy the property. If there are outstanding judgements on the property - you will have collection attorneys to deal with. It is easier to put your head through a solid lead wall than it is to talk to these bitter, hateful, unprofessional people - as the will treat you like you are the one indebted to them, for some reason, and they will NOT give up any money, and will force it to foreclose - which may be the best option, because if it forecloses, all that money goes away, and the house can then be sold by the bank later. Don't expect logical decisions to happen either - there is no ryme or reason to the decisions that are made. I had a bank give up $60,000 on an $85,000 loan on one sale, and the same bank denied one losing less than $5,000 not two weeks later, but then, 5 months after, listed the home as an REO at $10,000 less than my original offer - and there were NO judgements, leins, or second mortgages to deal with - they took the advice of the foreclosure attorney - who OBVIOUSLY was not working in their best interest, but only in his own on that deal - as it cost the bank the price of his fees for the foreclosure, the legal filing fees, the $10,000 in guaranteed money due to the lower price, and at least 5 months worth of holding costs - if not longer, as the SAME investor has written another offer on it, and the bank will not respond or answer - so throw logic and timliness right out the door when working this market. If you are not an agent or working with an agent who is TRAINED properly in how to deal with these situations, the bank will not welcome your offer, will not negotiate with you, and will more than likely not respond to you after they find out they are dealing with someone who may not be as knowledgeable on the topic as they would like. They are so inundated with this type of work that they do not have the time to work with people who do not know what they are doing. you are not going to save money by lowering your commission - all banks have set amounts that they are willing to pay to negotiate with a professional, and if you are not an agent, you will certainly not save any money by not having an agent help you, as the bank is MUCH better at this than you will ever be - they do it all day, everyday, on a national scale, so be prepared for that.
Make sure your apcket to the bank is complete. Either call the bank and ssk them to send you their short sale packet - they alll have one, and they are all different, but they all contain the same basic info. They want a financial information sheet from the seller, other mortgage and lein information, bank statements (usually) sometimes tax returns, and a hardship letter explaining what has happened up to this point (can be the crucial piece). We also council the seller on other alternatives to foreclosure besides short sale, so they can make an informed decision on what to do - we have been successful in helping some people actually negotiate payments on keeping their home.
We have put a lot into this and are very successful with our program.
I wish you the best of luck!