How To Ensure Your Short Sale Gets Accepted

So many people are getting excited about the opportunity of investing in short sales

, that they forget that a short sale is not something that the bank is obligated do. Consider it a luxury and in fact, you might as well consider it a miracle if you get one approved quickly.

Even though there is a lot of money to be lost if a home goes all the way through the foreclosure process, banks still seem to drag their feet until the last minute. The best thing you can do for yourself is to learn as much about what the lenders are looking for so that you can be prepared.

The first thing that you want to realize is that the homeowner must have suffered a true hardship in order to justify the sale. The home owner also has to be "upside down" with their mortgage in order for the short sale to even be considered by the lender.

The bank requires that a "package" be completed so they can make an assessment as to whether or not to approve the request. The bank will also ask a real estate agent to do a Broker Price Opinion (BPO) on the value of the house. The BPO will tell the lender what the home is currently worth based on its current condition, the neighborhood, and the market. This is simply to make sure that the offer they have from the new buyer is on target and that it was not put together with fraud in mind.

With this type of investing, you must find a buyer and find one fast. Foreclosure in some states could be just right around the corner. You have to make sure that you are moving super quick with every step you take because the lenders are known for being slow on their end. If you can speed things up at all, you greatly increase your chances of closing on a deal before time is up. This is why automating the process from beginning to end is necessary. Specialized software exist that actually will ensure your offer is submitted properly and to also help you market the house and get it sold fast!

Some things to remember that if you are not using automation, you are going to be at the mercy of the bank. Like mentioned before, banks do not have to give you approval. Therefore, if you want to have a shot at being approved for a short sale, it would be in your best interest to make sure that you are professional and exacting every step of the way.

So now that you are a little more versed on what the process is about and what you can expect, get involved and take action! It's very easy to find homeowner "candidates" to profit from. The sooner you get started with automating the short sale process, the sooner you will be able to compete and dominate your real estate market for huge profits.

by: Duncan Wierman

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