Foreclosure Short Sales

Are you requesting foreclosure short sales as a part of your negotiations to acquire or sell real estate? This can be a very tricky, but rewarding strategy if applied properly.
Foreclosure short sales involve requesting that a lender accept a lower pay off than might currently be owed against the property. It may be beneficial to both the buyer and the seller of the property, but only under certain circumstances will the lender consider it to be in their best interest.

There is a procedure to initiate a foreclosure short sales transaction. Contact a Real Estate Lawyer to handle all foreclosure short sales issues on your behalf.

Prior to approving foreclosure short sales, the lender will request the following:

• Brokers Price Opinion (BPO): An independent review on the current market value of the real estate, based upon the present condition of the property.
• Formal Appraisal: Completed by a licensed professional approved by the lender. Adds further validation to the BPO.
• Hardship Letter: A written petition from the seller, stating the reasons why a foreclosure short sales in necessary to complete the sale.
• Financial Statements: Submitted by the seller, allowing the lender to evaluate the sellers ability to avoid the need for a short sale.
• Purchase Contract: The lender will have final approval over the purchase contract and the terms contained within.

If you are facing foreclosure a short sale may be the quickest way to sell your property. For real estate investors, a short sale helps to increase any potential profits which you would hope to realize. No matter what role you have be it buyer or seller, remember the lender has the final say. If for any reason that you may deviate from the accepted procedures, your request will be denied.

See Also:

• Stop Foreclosure
• Flipping Real Estate
• Mortgage Fraud
• Chapter 13 Bankruptcy

There is a procedure to initiate a foreclosure short sales transaction. Contact a Real Estate Lawyer to handle all foreclosure short sales issues on your behalf.

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