Creating A Short Sale Package
For many veteran investors, assembling a short sale package is an easy procedure. After you have successfully negotiated the purchase price with the seller , you have got 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. Since the lender will have the final say in the deal, you should contact them very early on.
As you get started down the road, determine which lender owns the note. This may be challenging as a number of mortgages have been bought and sold and bought again. 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 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. Get a true market appraisal from a certified appraiser for the property as well. This, 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. 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.
Stop by complimentarytrainer.com to find out more about short selling investment properties. Get your complimentary real estate software and find out more about investing in foreclosed homes
Processing your request, Please wait....
