subject: Fort Lauderdale Foreclosures Buyers Guide To Short Sale [print this page] Step 1: Find the property Step 1: Find the property
The first step in buying Fort Lauderdale foreclosures in short sales is to find the properties. Dont limit yourself with one property. It will be tremendously helpful if you give yourself plenty of options. Go online and research on the citys directory of agents that handle short sales.
Step 2: Visit the property to meet the homeowner
Once you decided on a particular Fort Lauderdale foreclosure, its time to visit it and meet the homeowner. Remember, though, that this is a particularly hard time for the owners, which is why showing compassion and courtesy is important. Your best option is to send a letter or have your agent contact the homeowner to inform them of your coming. Once you meet each other, negotiate on the short sale. If the buyer agrees, have it in writing. Also, dont forget to inform the buyer to include an authorization to release information about his or her mortgage in the letter.
Step 3: Contact the right department
Next, call the lender and contact the short sale department. Its important to determine whether the lender agrees on the short sale. Furthermore, you must find out everything you can about the process: additional steps, requirements, payoff quote schedule, and more.
Step 4: Cooperate with the homeowner
There are several factors that the lender uses to decide whether to go in short sale or not. Nevertheless, its important to cooperate with the homeowner to increase the chances of the approval. Some of the things you must remind the homeowner with are the hardship letter, financial documents, medical bills, payroll records, credit report, tax returns from the last couple of years and the purchase contract.
Step 5: Work with the lender
Lastly, when you are on the process of purchasing the Fort Lauderdale foreclosure, dont forget to cooperate with the lender. Be prompt during your meetings. Always exude professionalism. Dont forget to be thorough. All the things associated with buying a traditional home is almost always the same with short sales; so remember to do your homework and dont miss out on important considerations.
