Property Short Sale - 8 Steps to complete a Short Sale
1. Marketing - You need to find homeowners that are losing their home to the bank or lender. You'll have to contact these to see if you can perform a short sale on their own home.
2. Letters - Send homeowners letters asking these to take action by calling you for a solution. Ensure the letter is sincere and not pushy.
3. Calls - Homeowners will phone you to determine how you can enable them to get free from the foreclosure. Be very empathetic to their situation asking them questions regarding their situation and home. Then set an appointment with the homeowner to go over further.
4. Meeting the Homeowner - Meet with the homeowner to complete the short sale package for that bank. You will also want to consider the home taking pictures of the areas that need 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 around the property. Make sure the bank would like to look at discounting the property.
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 at the property.
7. Short Sale Package - Gather the documents required for the package and fax it to the bank. Call losing mitigator to make sure all of the paperwork arrived.
8. Accept or Reject - The bank will look at your offer and in line with the BPO accept or reject the sale. If rejected then counter their offer with pictures along with a reason for your low price. Continue this process until the bank accepts your offer or the prices are too high for you to buy the property.
That's the basic 8 steps to complete a short sale. Many of the steps involve much more detail so be sure you do your research and that you understand the facts to negotiate using the lender.
