All About A Mortgage Short Sale

Now is the time to learn how to do a mortgage short sale. Foreclosures are at an all time high and many people (maybe even you) need help to get out of a bad situation.

Negotiating a discount with a mortgage company is much easier than it seems. If you are patient and persistent it can actually be relatively easy.

If you are a realtor working with a client that has little or no equity you can create enough equity to get your commission paid and the house sold fast. If you are a real estate investor you can buy at huge discounts while your competitors walk right by these deals. Homeowners can prevent foreclosure and preserve their credit rating.

Mortgage holders that are at least a couple months behind are great candidates for a short sale. They know they are behind and have most likely exhausted other means to rectify the situation and are open to anything. Offering to negotiate a discount and get a quick sale is a great alternative and they know it.

First you must find a homeowner with little or no equity and offer your assistance.

Once agreed, you contact their mortgage company’s loss mitigation department and tell them what you want to do.

They will give you a list and you compile the all the requested documents and fax the “package” ASAP.

They will order a broker price opinion or appraisal and get a fair market value for the property.

You then must follow up and be persistent. They may give you the run around from time to time but their goal is the same as yours, to prevent a foreclosure. Banks lose money when they take a house back.

For a homeowner behind on payments, a mortgage short sale is a great alternative to losing their house. There are many guides and resources available that will walk you through the process.

Mortgage holders

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Wikipedia.com’s definition of a short sale
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