For many experienced investors, building a short sale package is a simple procedure. After you have profitably negotiated the acquisition price with the seller , you should start working with the lender to develop a short sale package. Since 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.
As you get started down the road, find out from the property owner who currently holds the note on the mortgage. This may be challenging as a number of mortgages have been bought and sold and bought again. 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 alleviation people are. Discover what will be necessary to craft a short sale package that will meet the bank's needs.
After discussing the short sale process with the loss mitigation 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. 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. This data, 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.
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.
As you get started down the road, find out from the property owner who currently holds the note on the mortgage. This may be challenging as a number of mortgages have been bought and sold and bought again. 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 alleviation people are. Discover what will be necessary to craft a short sale package that will meet the bank's needs.
After discussing the short sale process with the loss mitigation 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. 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. This data, 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.
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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