How To Get the Bank to Help You with a Short Sale

Will all banks accept your short sale offers?

SWSWSW – NEXT!

Some Will, Some Won’t, So What, – NEXT!

That is the battle cry when you are making your money in short sales.

Some banks will like your offers and accept them.

Some banks will not care for your offers and reject them.

Don’t take it personally, it’s just business.  Get your next offer ready and move on.

Just understand that if you do your homework right, more banks will accept your offers than not, so be ready to play the numbers game and make money along the way.

Here are some things to do to help tip the odds in your favor:

1)  Get a signed purchase agreement with the homeowner.

2) Make sure the homeowner signs an agreement giving the bank permission to talk with

you about their loan and house.

3)  Do your homework at the bank to find how who is the right one to talk to about a

short sale.  HINT:  In most cases it will not be the loan person.

4)  Check to see if the timing is right to try a short sale.

TIP:  If the bank has just recently begun the foreclosure process, it’s not yet a good

time to begin talking with the bank.  Likewise, if it is just a few days until the

sheriff’s sale, it is probably too late.  Getting a short sale offer accepted does

take some time.

5)  Make sure you know the physical condition of the property.  The more work it needs the better your odds the bank will take a discount. Banks hate foreclosing on badly distressed properties the property back.

That’s my short list for today.  Stop over at www.ShortSaleQueen.com and help yourself to plenty more valuable tips to help you with your short sale investing career.

Happy to help,

Deb