For many veteran investors, creating a short sale package is a simple process. When you have established upon a purchase price, 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. 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.
Getting started is easy, simply find out from the property owner who currently holds the note on the mortgage. For the reason that 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, it is imperative that you find out who owns the note in order for the sale to proceed.
Get in touch with the owner of the note and find out who their loss mitigation people are. Discover what will be necessary to craft a short sale package that will meet the bank's needs.
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. 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. Also bring in an appraiser to give you a true market value estimation of the property. These, in addition to proof that the property owner can no longer pay the mortgage must go into the 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.
Getting started is easy, simply find out from the property owner who currently holds the note on the mortgage. For the reason that 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, it is imperative that you find out who owns the note in order for the sale to proceed.
Get in touch with the owner of the note and find out who their loss mitigation people are. Discover what will be necessary to craft a short sale package that will meet the bank's needs.
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. 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. Also bring in an appraiser to give you a true market value estimation of the property. These, in addition to proof that the property owner can no longer pay the mortgage must go into the 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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