| A bank short sale is a great way for investors to | | | | proceedings have been initiated, then a short sale is |
| buy property at a fraction of the market price; | | | | not possible. Bank short sales can only be completed |
| however there are several steps that should be | | | | during pre-foreclosure proceedings. You can also find |
| followed in order to guarantee a successful and | | | | out if the property in question has multiple loans |
| profitable transaction. These tips include using a real | | | | against it. Avoid properties with multiple mortgages |
| estate agent experienced in the short sale process, | | | | against it. |
| doing research on the short sale specifics, identifying | | | | A short sale is a quick process that must be |
| the correct owner of the property, file all associated | | | | completed before the property moves into |
| paperwork in a timely and efficient manner, and | | | | foreclosure. This means that time is usually of the |
| completing a thorough inspection of the property | | | | essence. Paperwork must be filed out in a timely |
| before finalizing or signing any papers. | | | | manner and documents must be completed according |
| Not all real estate agents are familiar with the short | | | | to strict deadlines. Make sure that you attain all the |
| sale process. Some professionals view the process as | | | | associated paperwork during your initial visit to the |
| a last ditch effort by banks or other lending | | | | bank or loaning office. Not attaining all of the |
| institutions to sell off debt accumulated through bad | | | | paperwork in the initial visit can lead to time |
| loans and therefore avoid such proceedings. | | | | consuming delays that may derail the short sale. Also |
| However, this could not be farther from the truth. | | | | make sure to ask the loan officer for a list of all |
| Many agents have discovered that a short sale is a | | | | required documentation needed for a successful |
| great way to acquire property at greatly reduced | | | | short sale. Missing only one piece of paper or one |
| prices and have begun to specialize in such dealings. | | | | simple omission of information can make a short sale |
| These are agents you want to seek out, both for | | | | unsuccessful. |
| their experience and their connections. They will be | | | | Finally, once all of the paperwork has been |
| able to guide you through the process step by step. | | | | completed, the proper documents filed, and the |
| Another important tip is to fully research the short | | | | research has been done, it is a good idea to have |
| sale specifics. The best way to find out information | | | | the property in question inspected by a licensed |
| on a particular property is to check the public records. | | | | home inspector. Many properties fall into disrepair |
| In this manner you can discover who is on the title | | | | when they fall back into the ownership of the bank. |
| for the property. You can also find out how much | | | | Therefore, it is wise to identify all the current issues |
| money is owed to the bank through the property. | | | | associated with the assumption of ownership. After |
| This will help you determine a proper asking price to | | | | all, a house isn’t worth much if it needs a |
| approach the mortgage holder with. The proper price | | | | completely new foundation. Still, it is certain anyone |
| should approximate the amount owed to the lending | | | | looking for investment properties; a bank short sale is |
| institution. You should also be able to discover if the | | | | usually always profitable. |
| property has been foreclosed upon. If these | | | | |