If you are starting to invest in real estate, short sales may be a good place to start. The development of the short sale package is normally uncomplicated. After approving on an satisfactory price with the property owner, you ought to design your package so that the loss mitigation officer at the bank fully understands the trade off between accepting and rejecting your short sale purchase offer. As the bank makes the final decision on the deal, you should be in contact with their loss alleviation department immediately.
As you get started down the road, find out from the property owner who currently holds the note on the mortgage. 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, it is imperative that you find out who owns the note in order for the sale to proceed.
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 mitigation 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. Also bring in an appraiser to give you a true market value estimation of the property. This, in addition to proof that the property owner can no longer pay the mortgage must go into the package.
After completing the short sale package, you simply submit it and wait. Depending on a number of factors, the lender may accept or reject your offer. 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.
Author Resource:
Visit 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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