Creating Your Short Sale Package

Visit Best Short Sales Now and Begin Investing In Short Sales Today!

 

Investing in short sales is a good way to profit in real estate and the short sale package is pretty easy to develop. After you have successfully negotiated the purchase price with the seller , you may choose to contact the lender to get a good feel for what their short sale expectations are and how they would like to see the package. Because the lender will have the final say in the deal, you should contact them very early on.

 

As you get started down the road, find out from the property owner who currently holds the note on the mortgage. Because of the way mortgage notes have been handled over the last few years, finding the actual note holder may be more of a challenge. Regardless, find out who the lender is and get written permission from the property owner to contact the lender to discuss the note. Contact the loss mitigation department of the lender who holds the note and discuss your plans with the officer. Determine what information the bank will need in order to make a decision on the short sale package.

 

After you conversation, go about developing your package. Because you are buying a short sale, you need to provide as much proof as possible that the value of the home is well below that of the current mortgage. With the help of the property owner photograph and document any areas that need repair. Bring in a contract to provide an estimate of the costs to make the repairs. Get a true market appraisal from a certified appraiser for the property as well. This data, in addition to proof that the property owner can no longer pay the mortgage must go into the package.

 

Once the package is completed, submit it to the lender for review. It will now be up to the lender to accept the offer, or reject it based upon specific reasons. If you have created a thorough short sale proposal and your offer is sound, the bank should accept your offer. If they don’t, simply change your offer and submit it again.

 

Use The Education And Investment Resources To Succeed In Short Selling Property