Question:

How to obtain short sale realty?

Answer:

Even though the short sale realty procedure can be very straightforward, there is no guarantee the lender will finally agree to the short sale.

How To Obtain Short Sale Realty Basic Steps

  1. Obtain house value through comparative analysis, or paid house appraisal.
  2. Calculating your costs related with finding the property and running a title check. Include any real estate services you may be using in the short sale process.
  3. Determine how much is the combined loan balance of the owner. In some cases, the amount owed will be much greater than the current house value, due to mass depreciation. In that case, any junior liens are totally disregarded, or can be bought very cheaply.
  4. Calculate your short sale offer for the real estate.
  5. Contact the seller and the first lien holder and discuss whether they are willing to accept a short sale for the realty.
  6. Have patience for several months as lenders will need time to evaluate your bid.

If the lender agrees, good for you. You just obtained a nice short sale realty with a good discount.

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