Property Short Sale - 8 Steps to Do a brief Sale
1. Marketing - You need to find homeowners that are losing their house towards the bank or lender. You'll have to contact them to see if you can do a short sale on their own home.
2. Letters - Send homeowners letters asking them to do something by calling you for any solution. Make sure the letter is sincere and never pushy.
3. Calls - Homeowners will phone you to determine how you can enable them to get out of the foreclosure. Be very empathetic to their situation asking them questions regarding their situation and home. Then set an appointment using the homeowner to discuss further.
4. Meeting the Homeowner - Talk with the homeowner to fill out the short sale package for the bank. Additionally, you will want to consider the home taking photos from the areas that require repairs.
5. Calling the Bank - Send the bank the letter of authorization which will permit you to speak around the owners behalf. Ask the bank to do an interior BPO on the property. Ensure the bank would like to check out discounting the home.
6. BPO - A BPO agent will either do an internal or external inspection from the property. You need to get the bank to do an interior inspection along with you meeting the agent at the property.
7. Short Sale Package - Gather the documents needed for the package and fax it to the bank. Call losing mitigator to ensure all of the paperwork arrived.
8. Accept or Reject - The bank will appear at the offer and based on the BPO accept or reject the sale. If rejected then counter their offer with pictures along with a reason for your low cost. Continue this method before the bank accepts your offer or even the prices are excessive for you to purchase the property.
That is the basic 8 steps to do a brief sale. Most of the steps involve a lot more detail so be sure you seek information and you are familiar with the facts to barter using the lender.
