Investing in short sales is a fine way to gain in real estate and the short sale package is pretty easy to develop. After you have successfully negotiated the purchase price with the seller , you may choose to contact the lender to get a good feel for what their short sale expectations are and how they would like to see the package. As the bank makes the final decision on the deal, you should be in contact with their loss mitigation department immediately.
To get started developing your short sale package, get the loan number and permission from the property owner to contact the lender. Because 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, find out who the lender is and get written permission from the property owner to contact the lender to discuss the note.
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. 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 alleviation officer, start building your short sale 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. 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, as well as letters of hardship from the property owner need to go into the short sale package
The next step is simply to submit your short sale package to the lender 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. - 29971
To get started developing your short sale package, get the loan number and permission from the property owner to contact the lender. Because 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, find out who the lender is and get written permission from the property owner to contact the lender to discuss the note.
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. 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 alleviation officer, start building your short sale 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. 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, as well as letters of hardship from the property owner need to go into the short sale package
The next step is simply to submit your short sale package to the lender 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. - 29971
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