A short sale is an offer made to a lender on a property you want to purchase that is about to go on foreclosure, into an auction or even bankruptcy. The bank needs to approve the sale first because they will be losing some money so they will accept or decline your offer. In order to buy a house with a short sale you must act fast before any other offers coming in. This is because sometimes the bank takes long periods of time to evaluate your offer and then give you very little preparation time for paperwork.
It is important you check and review all records of where the property is located and current value of the property. Find out how many short payments you need to make to receive all the approvals from the bank. If the property you want is already in foreclosure than make sure you have the bank release you all documentation of the terms and conditions of the foreclosure to you as the potential buyer.
Always be on top for any updates by the bank since they can take time to respond. The seller must be in agreement with the offer made by you. Sometimes a seller forget to update the bank with new decisions on the property. Even though the bank might have everything ready for you the sale cannot be completed without the seller's approval.
Make sure you have all proper documentation ready for the final sitting with the bank and the seller. In case the property is needing repairs or the seller wants another loan approved you must know exactly what the seller intends to do since this will affect your offer. Last minute decisions are very common in short sales.
Have everything pre-approved to get the OK for evaluations, inspections and any other necessary task before signing the final papers. Sometimes lender will not hold an approval for a short sale for very long, so taking action quickly is crucial. Every short sale requires patience and fast thinking, if you are organized and stand by your offer you will have no problem.
It is important you check and review all records of where the property is located and current value of the property. Find out how many short payments you need to make to receive all the approvals from the bank. If the property you want is already in foreclosure than make sure you have the bank release you all documentation of the terms and conditions of the foreclosure to you as the potential buyer.
Always be on top for any updates by the bank since they can take time to respond. The seller must be in agreement with the offer made by you. Sometimes a seller forget to update the bank with new decisions on the property. Even though the bank might have everything ready for you the sale cannot be completed without the seller's approval.
Make sure you have all proper documentation ready for the final sitting with the bank and the seller. In case the property is needing repairs or the seller wants another loan approved you must know exactly what the seller intends to do since this will affect your offer. Last minute decisions are very common in short sales.
Have everything pre-approved to get the OK for evaluations, inspections and any other necessary task before signing the final papers. Sometimes lender will not hold an approval for a short sale for very long, so taking action quickly is crucial. Every short sale requires patience and fast thinking, if you are organized and stand by your offer you will have no problem.
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