DC Fawcett real estate secret to short sales; for the uninitiated, short sale in real estate is nothing but advertising a house for less than the outstanding mortgage on it. There is often a misconception between short sale and foreclosure; lets figure it out now here. They are nothing but financial options available to the owners of the house who are distressed borrowers in the wake of their mortgage payments, have a home that is worth less than the outstanding balance on the mortgage. This being the case, the proprietor is forced to part with the real estate property in both cases, however, the timeline and other consequences are unalike in each circumstances. Now that you are aware of the difference between the two let’s get down to the brass tacks.DC Fawcett Reviews
Buying a short sale property:
In general, the process of short sales differ from state to state, however, the steps commonly include the following:
- Lenders review a Short sale package and it is submitted to the lender by the seller which includes details about financial statements, a letter describing the seller’s lack of money along with any other copies of financial records if any.
- The second step is short sale offer: Upon accepting the offer, the listing agent sends certain documents for approval of short sale and it includes the listing agreement, the purchase offer, preapproval letter from the buyer and a photocopy of the earnest money check, along with the seller’s short sale package.
- Finally the bank’s processing procedure:In this case, the banks will evaluate the proposal and either approves or denies the short sale depending on their own decisive factors and this process can take several weeks to months. Compared to any other regular real estate transactions, short sale dealing is time-consuming.
The best place to start your search for properties offered as short sales is through real estate agents or connoisseurs who are specialized in this particular field. DC Fawcett, the King of luxury Home Short Sale Investing has tons of listings of foreclosure auctions, bank-owned properties, government repossessed homes, and tax-defaulted properties. Having said that, if you are getting the listings elsewhere it is good to be aware of the contingent short sale, which would mean the home, is not for sale but only a back-up offer is considered.
Systematizing the process of short sale can be an intimidating mission for the property holder. A qualified short sale representative can lead you through the path and help make the deal go smoothly than expected. Do not wait for the foreclosure or mortgage date to draw near. Ask DC Fawcett for help on anything related to short sales or how to prepare a short sale package, no matter the requirement he has you covered.
Hope this piece of writing has awoken your interest in short sale investing, if you are looking to learn more about making money through short sale & foreclosure investing, stay connected to Dc Fawcett virtual real estate investing club that equips you with useful real estate information.
These are some general real estate terms as reviewed by DC Fawcett which will be very useful for real estate investors.You need to keep in mind that recession gas not taken place due to the event which no one has expected.