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Building A Short Sale Package
Investing in short sales is a superior way to gain in real estate and the short sale package is pretty easy to develop. After you have effectively negotiated the purchase price with the seller , you must design your package so that the loss alleviation officer at the bank fully understands the trade off between accepting and rejecting your short sale purchase offer. For the reason that the lender will have the final say in the deal, you should contact them very early on.
As you get started down the road, get the loan number and permission from the property owner to contact the lender. For the reason that 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, in order for the deal to go through, you will need to be in contact with the owner of the mortgage.
Get in contact with the bank who controls the mortgage and determine who would be responsible for allowing the deal to go through. This is typically a loss alleviation officer. Find out what the bank needs and expects in a short sale package as well as any specific details that will help the short sale purchase offer to be accepted.
Once you have found out what the bank needs, start building a short sale package that will meet those needs. As this is a short sale, you will need to give sufficient proof that the home is not worth what is currently owed on the mortgage. Document any areas of the property that need repair and get contractors to provide good faith estimates on repairs. Get a true market appraisal from a certified appraiser for the property as well. This data, as well as letters of hardship from the property owner need to go into the short sale package
After completing the short sale package, you simply submit it and wait. It will now be up to the lender to accept the offer, or reject it based upon specific reasons. However, if you have done your due diligence, and the home is in pre foreclosure, the chances of the bank accepting your short sale offer are relatively high.
About the Author Stop by freetrainer.com to find out more about short selling investment properties. Download your free real estate software and find out more about investing in foreclosed homes
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