Oct
29

Major Changes To Short Sales With Lenders. Things You Must Know!

Filed Under Real Estate Investing, foreclosure 

How To Prepare Short Sale Packages

Lenders are freaking out and stressing out with short sales because of the current market conditions. In fact, there has been a major paradigm shift and lenders are accepting ridiculously low short sale bids and not even balking at paying real estate commissions.

The key is short sale contracts/offers must be packaged and presented to the lender/investor/loss mitigator/decision maker in the right format with all of the right documents to streamline and speedline the process.

To accomplish this give lenders a short sale package that does their job for them and makes it easy to sign off on your package without having to do research (www.kickassrealestatesoftware.com prepares perfect packages in 5 minutes instead of 5 hours).   All you want the lender to do is review your short sale package, order the BPO, and declare the deal a go!

The next step is to find a professional title company or closing attorney that specializes in short sale closings because they are worth their weight in gold.

How Much To Offer On A Short Sale

Because nobody knows how much further prices are going to fall it makes sense to make VERY LOW short sale offers to the lenders and it is not uncommon for lenders to accept 30% of the defaulted loan balance.

Let’s be clear… this is an aggressive short sale offer and MOST will be turned down but when you get one super short sale offer accepted it makes up for all the declines. You’re looking for killer deals and doing just a few per year will make you a wealthy real estate investor.

Take Action. Right now there are PHENOMENAL DEALS available in short sales and REO’s. With the glut of inventory you can make offers so low you will feel ‘weird’ until you experience the joy of success.

Make it happen then tell me about your success.

Author: Gerald Romine

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