Real Estate Investing And Short Sale Packages

If you are starting to invest in real estate, short sales may be a good place to start. The development of the short sale package is usually basic. After you have profitably 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 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, get the loan number and permission from the property owner to contact the lender. For the reason that of the recent market shift, finding the actual note holder may be challenging. Regardless, it is imperative that you find out who owns the note in order for the sale to proceed.

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 alleviation 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.

After you conversation, go about developing your 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. To help build your substantiation, bring in appraisers and contractors to give an estimate to the cost of rehabbing the property. Also bring in an appraiser to give you a true market value estimation of the property. This, along with letters from the homeowner stating that they can no longer afford to pay the mortgage must be included in your 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. However, if you have done your due diligence, and the home is in pre foreclosure, the chances of the bank accepting your short sale offer are relatively high.

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