How to do forclosure short sales?

How to do forclosure short sales step 5

Once you have determined how much the homeowner is up side down by in his or her mortgage, it is now time to contact the lender. To start off with, you may have to go through the customer service department. They will direct you to the right department at the bank that deals with short sales and foreclosures. You should talk to the supervisor or manager.

How to do forclosure short sales step 6

When contacting the lender of the property you are trying to short sale on, you want to ask the lender about the procedures of short sales. Some banks will work with real estate investors and be more flexible. Some banks are tougher to work with.

How to do forclosure short sales step 7

If your short sale is successful, the bank will accept a percentage of the retail value for the amount owed. Sometimes the bank may come after the homeowner for the difference. You should make sure that the homeowner knows in advance if the bank will come after them for the difference. It is their choice to still go ahead with the short sale at this point. When the short sale is complete, you can sell the property.

Note that the closing costs include:

• title and escrow fees (if the seller is responsible for any portion of them, which will depend on your county),
• attorney fees,
• a portion of unpaid property taxes,
• re-conveyance fees,
• notary fees,
• delivery fees,
• documentary fees and/or
• transfer fees.