Cash Mortgage

If you are beginning to invest in real estate, short sales may be a good place to start. The development of the short sale package is usually basic. As soon as you have contracted upon a acquisition price, you should start working with the lender to develop a short sale package. Since the lender will have the final say in the deal, you should contact them very early on.

As you get started down the road, find out from the property owner who currently holds the note on the mortgage. For the reason that of the recent market shift, finding the actual note holder may be challenging. 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. Get a true market appraisal from a certified appraiser for the property as well. This data, as well as letters of hardship from the property owner need to go into the short sale package

After completing the short sale package, you simply submit it and wait. Depending on a number of factors, the lender may accept or reject your offer. 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.