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Real Estate Short Sale - 8 Steps to complete a Short Sale
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A real estate short sale is the process in which you negotiate with a lender to discount a home. The procedure starts when a homeowner does not pay their mortgage. The 8 steps you will have to caused by develop a short sale are listed below.
1. Marketing - You have to find homeowners which are losing their house to the bank or lender. You'll have to contact these to try to perform a short sale on their own home.
Los Angeles Short Sale
2. Letters - Send homeowners letters asking them to do something by calling you for a solution. Make sure the letter is sincere and not pushy.
3. Calls - Homeowners will phone you to see how you can enable them to get out of the foreclosure. Be very empathetic to their situation asking them questions regarding their situation and home. Then set a scheduled appointment with the homeowner to discuss further.
4. Meeting the Homeowner - Meet with the homeowner to complete the short sale package for that bank. Additionally, you will wish to consider the home taking photos of the areas that need repairs.
5. Calling the Bank - Send the bank the letter of authorization that will permit you to speak on the owners behalf. Ask the bank to do an interior BPO around the property. Make sure the bank would like to check out discounting the home.
6. BPO - A BPO agent will either do an interior or external inspection of the property. You have to obtain the bank to complete an interior inspection along with you meeting the agent at the property.
Los Angeles Short Sale
7. Short Sale Package - Gather the documents required for the package and fax it to the bank. Call the loss mitigator to ensure all of the paperwork arrived.
8. Accept or Reject - The bank will look at your offer and based on the BPO accept or reject the offer. If rejected then counter their offer with pictures and a reason for your low price. Continue this method until the bank accepts your offer or even the prices are excessive for you to buy the property.
That is the basic 8 steps to do a brief sale. Most of the steps involve a lot more detail so make sure you do your research and that you understand the details to negotiate with the lender. (More)
