Hey guys! I hope you had a great weekend and have been reviewing the great short sale tips I sent your way. Their key first steps to getting you started into a real money making world. I want to list the last 5 tips so your ready for most of the surprises that you’ll face when you start looking into short sales. Make sure you keep these in mind so you have a real advantage over others in the business.
6) Sellers with strong financials may not qualify for a short sale. Basically, if you’ve pinned your hopes on a real steal in a short sale, you need to know your seller. If he’s likely to qualify for a short sale, then cash in now. But always keep in mind he may not get approved by the lender.
7) “Approved” prices move the fastest. If you can find out from the lender whether the asking price has already been approved the whole process will move a lot quicker. Other buyers may want a piece of this so keep on the lookout and you’ll do fine.
8) Figure out if the lender wants a strong buyer or a strong offer. What this means is that what appeals to the bank most might not be obvious. Some will take a lower price for the short sale if the offer comes with a big down payment. Others just want the most they can get for it regardless of financing. So make a smart offer and gauge the lender right.
9) Repairs usually mean a credit, not a repair. Don’t expect the home to get fixed up under any circumstances. Just negotiate a credit on the sale and take care of the essentials later.
10) Once you’ve gotten approval there’s no time to waste. There’s no leniency on the part of the lender (who’s already taking a hit) so make sure you have your loan approved well in advance of the closing date. No sense letting all that hard work go to waste, right?
I hope you take this tips and really run with them. We’ve obviously just scratched the surface of the short sale world, but these tips will definitely put you ahead when it comes to negotiating and navigating the lender’s rules. I’ll be coming at you in the next few days with even more tips you can use, so stay tuned.