What makes a successful short sale? It’s simple, everybody has to believe that they are a winner.

• · The seller needs to know that they’ve gotten out of a bad situation with less credit damage and a new start.
• · The buyer wants to make a purchase of a property below the true market value, at least in the near future.
• · The lender must believe that the short sale will net them more money than a foreclosure action.

If we’re the buyer, then our interests are best served by a purchase at the lowest possible price that will be approved by the lender. The seller gets no cash, so we are just showing them a way out of a foreclosure action.

Here’s what you’re looking for as the buyer in a short sale transaction:

• · A homeowner upside-down in their loan. Their home is worth less than they owe on it in various mortgages.
• · Clear title and no prohibitive liens or claims against the property.
• · Enough time to complete the process before foreclosure action.
• · A willing seller with a desire to help in order to avoid foreclosure.
• · A current valuation that will allow you to buy the home at a bargain price, creating instant equity.
• · True hardship on the part of the seller to convince the lender of the necessity of a short sale.
• · If VA or FHA, the situation meets their criteria for short sale.

In short, you are looking for a homeowner owing more on their home than they can get in a sale, and a situation where the lender will approve a purchase price that meets your investment goals.

Tags: Short Sale NC, Short Sale Wilmington, Short Sales, Short Sales Leland NC, Wilmington NC Short Sales, Wilmingtonshortsales

This entry was posted on Tuesday, July 21st, 2009 at 4:27 pm and is filed under Short Sales. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.