Just a few short sale tips

Here are just a few short sale tips to consider.

If you are just starting out as a real estate investor, it would be a good idea to meet with a real estate lawyer and accountant to be sure you understand the tax implications and other legal stuff with a short sale.

When talking with lenders you want to make sure you talk with the individual capable of making decisions. Avoid the short sale you are working on from ending up in the pile of folders to go through. Talk to the decision maker.

Prepare a Preliminary Net Sheet: This sheet is an estimated closing statement that shows sales price, what you are expected to receive and all the costs of the sale, unpaid loan balances, real estate commissions, late fees and outstanding payments due.

Some other items that are needed include: Hardship letter, Proof of Income and Assets, and copies of Bank statements.

These are some great short sale tips that will help make your “short sale” a successful. Keep at it, short sale real estate investing is a great way to go!