Real Estate Investing And Short Sale Packages

For resourceful real estate investors, crafting a short sale package is an easy procedure. Subsequent to agreeing on an satisfactory price with the property owner, 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. Because the ultimate goal is to get the bank to accept your offer, you should be in contact with the lender well before you begin assembling your short sale package.

To get started developing your short sale package, determine which lender owns the note. As of the recent market shift, finding the actual note holder may be challenging. Regardless, find out who the lender is and get written permission from the property owner to contact the lender to discuss the note.

Get in touch with the owner of the note and find out who their loss mitigation people are. Determine what information the bank will need in order to make a decision on the short sale package.

After discussing the short sale process with the loss mitigation officer, start building your short sale package. 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. 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, 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.

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