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 normally uncomplicated. Once agreeing on an satisfactory price with the property owner, you should start working with the lender to develop a short sale package. For the reason that 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, get the loan number and permission from the property owner to contact the lender. Since 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, in order for the deal to go through, you will need to be in contact with the owner of the mortgage.

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. 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. 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. Also bring in an appraiser to give you a true market value estimation of the property. This, in addition to proof that the property owner can no longer pay the mortgage must go into the package.

Once the package is completed, submit it to the lender for review. 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.

Stop by complimentarytrainer.com to find out more about short selling investment properties. Get your complimentary real estate software and find out more about investing in foreclosed homes

categories: short sale package,foreclosure,short selling,foreclosed homes,real estate,investment property