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Buying short sales is definitely an extremely profitable way to purchase a single property or invest in multiple properties. A brief sale is a real estate transaction where the seller has stopped making payments on the mortgage and contains little, or no equity left in the property. The bank trying desperately to not have to foreclose (costing them thousands in legal fee’s and time) allows many times for the seller to market the property for less then the amount owed and forgive the difference.
In the bank’s mind either way they have a problem if the borrower cannot make the payments: either they spend legal fees, time, and take the chance that the property will be in sub-par condition because of the fact that most times people are foreclosed upon the homes aren’t properly maintained. Then they have to get the property back in shape hire and pay a real estate agent to sell the house for the most they are able to get in a REO situation. OR the bank can allow the existing seller to sell for around the market will allow and just pay all costs associated with the sale (that they would have to pay anyway) and get a check for what the house netted after the sale, a much faster and several times a lot more profitable situation for the lender and better situation for the seller looking at the chance to be foreclosed upon.
To find short sales your very best bet would be to hire the services of an agent that specializes in them or at least has a excellent grasp of how they work. An agent that is very experienced inside them will be the optimum resource to locate, negotiate, and assist you in the purchase of the property. Banks by their nature have become difficult to deal with and take an extremely very long time to make decisions about what price they will let their homes sell for. The loss mitigation department of the bank that is servicing the loan would be the department handling all of the banks deals with regards to short sales, and that department of the bank is in charge of getting the best terms for the bank and getting as much from the assets they are responsible for. Many times losing mitigators can make bonuses for maximizing the total amount they get for the properties they are currently taking offers on. A sharp agent will be your best asset in defending why, and what terms you as a buyer will accept from the bank handling the sale.
The short sale process is quite detailed and every bank does things differently which means this should be looked at as a guide but for probably the most part here is the basic routine that occurs when investing in a short sale. First an offer is submitted to owner (which is still in control of the property) and they need to sign off on the offer first. As a buyer you will need a iron tight loan approval or many times the bank will not even look at the offer for fear that you as a buyer are not even qualified. After you submit the offer, seller signs off onto it your offer with loan approval will be submitted to the bank. It will take typically 3-6 weeks for the bank to react to the offer. What they do throughout that time is order an appraisal of the property to establish what the fair market value of the house is in it’s current state, and marketplace.
quần short put your offer in line a loss mitigators desk these mitigators handle all of the offers and review them for the lender and since they handle sales for all over the country they’re typically very supported and take a long time to respond. After they do respond they will most likely counter the offer submitted because they want to get the buyer to offer the most money for the lender as possible. Here’s where a experienced and competent real estate agent will help you to deal with the bank and negotiate terms in your favor not the bank’s.
When each of the terms have been decided to and the offer now becomes a contract escrow timelines start. (escrow is opened at the time of the initial offer that’s accepted by seller but hasn’t yet been submitted to bank.) Most buyer’s will request a home and termite inspection and these are conducted just as a regular deal is, the hang-up often is that any issues (and you will have issues) which are found with the home will not be able to be fixed in most circumstances since the seller has no money to do repairs. Buyer’s who buy short sales should place offers low enough that when small issues are located during inspections they’re OK with proceeding to close, if large major issues are present in the home it is most likely best to get back to the bank and have for repairs or simply cancel your contract and find another property. After inspections are complete the short sale follows the same closing activities as a normal sale does.