The term "short term sale" is often misleading as it may take up to one year to complete, unless there is an agent who knows what they are doing from start to finish . The key to buying short sales is to buy at the right time.
Many agents have signed contracts on the assumption that banks will actively enter into contracts at the beginning of the default period and treat the contract promptly. This is very rare and most banks will not take care of offers until they approach the foreclosure point. Here are some tips for successful short-term sales.
First of all, it is a matter of the contract that the real estate agent is permitted by the seller. Mortgage account. This can be done easily by submitting the "application for approval" to the contract and making it an addendum to the contract. Then, if the seller accepts the contract, unless a consent form is attached to the return document, you will not be bound by it.
What this does is that your real estate agent calls the lender and checks the progress of the contract. This will cause the listing agent to submit multiple contracts, or to suppress any possible deception that the listing agent may do. Many listing agents will "double end" their listings by letting investors' friends submit purchase contracts. Also, even if the bank watches only one contract at a time, yours is certainly displayed second.
Excellent tactics to adopt when purchasing short sales is to not purchase. In other words, wait for the house to pass through the foreclosure process, then start trading directly with the bank's REO branch and purchase the house before assigning it to one of the REO agents. You can save a lot of money buying your house this way.
The first is to eliminate the second mortgage on real estate, such as foreclosure procedures, such as tax mortgages, mechanical conflicts, HOA mortgages, and other mortgages that can be placed in real estate It will be possible. The foreclosure procedure only collects as much money as the original mortgage principle and fee, and most foreclosed properties are purchased by the lender as what is called a spare bid. This is the purchase price equivalent to the first statutory lien and removes all remaining statutory liens. This is because it is not prudent for the preliminary holder to pay any statutory lien.
When treating a bank like this, the fee of the listed agent can also be withdrawn from the price. Because the REO department does not assign listings to REO agencies, you can simply point out that you have not paid. This saves time and money. Since banks only want to sell or sell their real estate, these simple strategies can be used to help purchase short-term sale and purchase shareholders' equity.
EmoticonEmoticon