What Is Required To Do A Short Sale -
If you are one of the many real estate investors who are looking for a way to profit from the housing meltdwon, then the short sale investing niche may be the perfect solution for you. It is important to make sure that you are taking all the necessary action steps to ensure you can make big money from helping others in a foreclosure situation.
A short sale is where the lender will release their lien on the property for an amount that is less than what they are owed. Even though this at first may not seem like a smart move for the bank, it actually is since they end up losing so much more should they take the mortgage account all the way through the foreclosure process. Losing ten thousand is much better than losing forty thousand.
There are many things that are required in order to make sure that the short sale is approved. When you call the lender to inquire about a short sale, one of the first questions they are going to ask you is if the house is listed and if it is, they will want to know with who and for how much. They will also need to know the listing date. If you do not have the house on the market yet, they will advise you to do so in order to get the ball rolling.
With most lenders, a home has to have been in arrears for a period of three months or more. Only after that period of time will they consider a short sale. When the lender is ready to look at a short sale, there will be a variety of things that you will be asked of the borrower. The borrower will be asked to provide a number of items, such as income and earning statements, and they will want you to give a detailed report of what your expenses are. Another thing that they may want is a letter of hardship what it was that caused them to fall behind.
The lender will also try to encourage them to try to make some payments in order to keep it out of the foreclosure process. The short sale process does not stop the foreclosure process.
The seller will have to show that the home is not going to be able to sell for the amount that is owed. While the bank might have their own appraisal done, it is up to the real estate investor to help build the case to support their Broker Price Opinion. Here is the list of items we put together to support our case for the short sale to be accepted:
1. Cover Sheet
2. Copy P/S Agreement
3. Repair Estimates
4. Hardship Letter
5. Low Comps
6. List of actives and inventory level
7. Other Foreclosures in area
8. Bad news items, sex predators, crime rates
9. Recent articles on jobs, market value area.
Having a complete short sale package along with a well thought out documentation to help support the Broker Price Opinion will get more short sales completed.
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