Investing in short sales is a superior way to gain in real estate and the short sale package is pretty simple to develop. After you have effectively negotiated the purchase price with the seller , you should 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, determine which lender owns the note. Because of the recent market shift, finding the actual note holder may be challenging. Regardless, in order for the deal to go through, you will need to be in contact with the owner of the mortgage.
Contact the loss mitigation department of the lender who holds the note and discuss your plans with the officer. Discover what will be necessary to craft a short sale package that will meet the bank’s needs.
After you conversation, go about developing your package. Because this is 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. To help build your substantiation, bring in appraisers and contractors to give an estimate to the cost of rehabbing the property. Get a true market appraisal from a certified appraiser for the property as well. These, 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. 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.
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