How To Do Short Sales

November 4, 2009 by  
Filed under Blog, How To Do Short Sales

How to execute a short sale properly?

I am going to share with you the secrets that my company uses to get successful results.  In efforts to short sale a property successfully you need to do the following:

  • One needs to explain to the seller that they are getting out of a terrible situation, and that a short sale will get rid of any negative debt they may have.
  • One needs to market this property to buyers  who are looking for good deals in this type of market
  • One needs to explain to lenders that they will make more money via a short sale as oppose to an auction

http://wilmingtonncrealestate.files.wordpress.com/2009/01/model-house.jpg

The buyer will want to make sure that they are getting this property at the lowest possible value and that this value will be approved by lenders.  In this case the seller receives no cash yet rids their debt, so all parties involved are winners.

There are a couple of things to consider as a buyer in a short sale transaction:

  • You want to find a buyer that is under water with their home loan.
  • You want to make sure there are no judgments against the property.
  • As a buyer you want to make sure that the seller is cooperative, because without their cooperation you will be facing a difficult transaction.
  • The price you are paying for this property will gain you instant equity.
  • As the buyer you should make sure that the seller is facing a true hardship

To sum this all up you need to find a homeowner who is in foreclosure or will be, and line up the right buyer, then you negotiate with the bank to accept the offer in on the property.

Comments

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!





asfsdfas
Housing Assist Coldwellbanker