To the new real estate investor it can be a little confusing when trying to figure out all the reasons a bank would have to approve a short sale. As you assemble short sale packages on behalf of your distressed homeowner, keep the following reasons in mind:
The mortgage is behind in payments or already [...]
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The most important question you need to answer about every investment property you evaluate is: How much should I offer? Every real estate investor knows that profit is made when you purchase, not when you sell. If you want to be a serious player in [...]
When you’re first getting started in the Short Sale business you’ll need to start telling EVERYBODY about what you do. Let everyone know that you’re the short sale expert, the local go-to guy or gal. You’d be amazed at the number of people who know someone who needs your help and expertise. Listed below are [...]
Initial Calls to Loss Mitigation
You’ll initially call the customer service number provided on the homeowners payment stub. If this number is unavailable, you may need to Google the mortgage company’s phone number. The objective of the first call is to obtain a fax number where you can send the “Authorization to Release Information”.
YOU: (Dial [...]
Hardship Letter – This is a letter composed by the homeowner that explains to the mortgage company the circumstances that have led to the missed mortgage payments. The homeowner needs to make it clear that there is no hope of curing the default and a short sale is the only option. It is best if [...]
The Basics – Short Sale Forms
What is a short sale? It is a transaction where a mortgage company agrees to accept a payoff on a property that is less than the actual amount owed.
What are the typical short sale forms included in a short sale package?
Authorization to Release Information – This document is signed by [...]
Have you heard about the strategy called ‘everybody wins’? This strategy is used by many businesspersons who are into buying foreclosures. It involves the investor, the lender, and the homeowner.
Homeowners who can’t pay their mortgage on time or probably missed to pay several mortgages will later on have their homes foreclosed. If this occurs, [...]
