Real Estate Short Sale - 8 Steps to complete a Short Sale
1. Marketing - You have to find homeowners that are losing their home to the bank or lender. You'll have to contact these to try to do a short sale on their home.
2. Letters - Send homeowners letters asking them to do something by calling you for any solution. Ensure the letter is sincere and not pushy.
3. Calls - Homeowners will phone you to determine the best way to help them get free from the foreclosure. Be very empathetic for their situation asking them questions about their situation and home. Then set a scheduled appointment with the homeowner to discuss further.
4. Meeting the Homeowner - Talk with the homeowner to fill out the short sale package for that bank. You will also wish to look at the home taking photos from the areas that require repairs.
5. Calling the Bank - Send the bank the letter of authorization that will permit you to speak on the owners behalf. Ask the bank to complete an internal BPO on the property. Make sure the bank is willing to check out discounting the home.
6. BPO - A BPO agent will either do an internal or external inspection of the property. You have to obtain the bank to complete an internal inspection with you meeting the agent in the property.
7. Short Sale Package - Gather the documents needed for the package and fax it to the bank. Call the loss mitigator to make sure all of the paperwork arrived.
8. Accept or Reject - The bank will look at your offer and based on the BPO accept or reject the offer. If rejected then counter their offer with pictures along with a reason behind your low cost. Continue this process before the bank accepts your offer or even the prices are too high for you to purchase the property.
That is the basic 8 steps to complete a brief sale. Many of the steps involve a lot more detail so be sure you do your research and you understand the details to negotiate using the lender.
