Building Your Short Sale Package


For a lot of investors, building a short sale package is an easy procedure. When you have settled upon a acquisition price, you should design your package so that the loss alleviation officer at the bank fully understands the trade off between accepting and rejecting your short sale purchase offer. Since the ultimate goal is to get the bank to accept your offer, you should be in contact with the lender well before you begin assembling your short sale package.

To get started developing your short sale package, determine which lender owns the note. For the reason that of the way mortgage notes have been handled over the last few years, finding the actual note holder may be more of a challenge. Regardless, in order for the deal to go through, you will need to be in contact with the owner of the mortgage.

Contact the loss mitigation department of the lender who holds the note and discuss your plans with the officer. Determine what information the bank will need in order to make a decision on the short sale package.

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The next step is simply to submit your short sale package to the lender and wait. Depending on a number of factors, the lender may accept or reject your offer. However, if you have done your due diligence, and the home is in pre foreclosure, the chances of the bank accepting your short sale offer are relatively high.

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