NEWBIES

General Real Estate Investing
1

Hi there, I have a few questions if anyone could take their time to help us out in answering them. We were looking at buying a home and came across a pre-forecloser. Someone that we know suggested that we talk to the owner and try to persuade a short sale.

Well… I have no idea what any of this means, and I wouldn’t even begin to have a clue as to what to do and what is needed to accomplish this.

Can anyone help? ??? :-\

2

A “short sale” means that the lender agrees to sell it to you for less than the current owner owes on the house. They will often do this to save the time and expense of going through the foreclusure process which can be a lengthy and expensive process start-to-finish. It involves a package of several items like:

  • offer letter
  • listing agreement.
  • purchase contract (between you and the homeowner for the offer amount).
  • low comparibles of like properties.
  • preapproval or proof of fund letter.
  • repair estimate of needed repairs (from a contractor if possible)

I would go to the top of the page and click on search feature (or http://www.reiclub.com/forums/index.php?board=;action=search) and search for “short sale” and read the previous posts on the topic.

Keith