Short Sale Tips


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If you are interested in buying a short sale the best way, or stop a foreclosure by Selling with a Short Sale, please visit my website at: We offer solutions that help the Buyer, Seller, and Real Estate Agent.

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Short Sale Tips

  1. 1. ==== ====To learn how to guarantee a "Short Sale", check this out! ====In todays tough economic times, there are many ways to lose a home. But signing awayownership of your home can be embarrassing and destroy your credit.For those who can no longer pay their mortgage payments, there are alternatives to foreclosureand bankruptcy. One of those alternatives is "short sale."A "short sale" is a sale can happen when the outstanding loan against a property is more than themarket value of the property itself. The bank will agree to take an amount under the amount owedfor payoff. And a short sale can only take place if the buyer, seller, and bank all agree to the terms.If you are a real estate investor looking to help a homeowner with a short sale, the best tip, I cangive you is to remember you are working with a homeowner is losing their house. Treat the personwith respect and keep your word. Work your hardest to get your homeowner the best dealpossible.Below you will find several more short sale tips for selling and buying1. Value of the property: Have a real estate agent perform a Comparative Market Analysis (CMA).2.Figure out the costs associated with the property. A few to consider include calculate advertisingcosts, any broker fees/commissions you may occur, closing costs, and dont forget any lawyerfees.3.Total Loan Value so you know how much is owed4.Consider hiring a lawyer: Legal advice is always good. Find a Buyer5.Involve Lenders: Let them know you are interested in doing a "short sale". Sometimes you willneed to call several lenders who will jump on this dealTips for BuyingThe tips for buying are very similar to buying1. You will want to contact both a Real Estate Lawyer and an Accountant for advice and taxramifications.2.Contact lenders: You want to make sure you talk with the individual capable of makingdecisions.3.Submit Letter of Authorization: You will receive better cooperation if you write a letter givingpermission for the lender to talk with specific parties about your situation.4.Preliminary Net Sheet: This sheet is an estimated closing statement that shows sales price, whatyou are expected to receive and all the costs of the sale, unpaid loan balances, real estatecommissions, late fees and outstanding payments due.
  2. 2. 5.You will also want to include the following: Hardship letter, Proof of Income and Assets, andcopies of Bank statements.These are some great short sale tips that will help make you be successful. Dont getoverwhelmed, with great advice and these tips you will be able to have a successful deal.Please come visit me for moreGet more Short Sale Tips. Thank you, Deb McMillan, Short SaleQueenArticle Source: ====To learn how to guarantee a "Short Sale", check this out! ====