This is a short post, but hey ... everyone get busy at times.
Four common Short Sale Mistakes:
- Sending in a low-ball offer that you know the lender will not accept.
- Not being thoroughly familiar with the short sale process itself. Lenders are busy and they don’t have the time to explain the process. Show them you know what you are doing.
- Not knowing what is actually owed on the property. You will have to work harder to make this deal work if there are several loans. Always know the financials of the property before submitting an offer.
- Forgetting that real estate is a cycle – its always gone through boom and bust cycles and always will. In other words, be persistent and thorough with your loan mitigator, but do not be pushy or try to convince him/her that your situation is an emergency and demands their immediate attention (at the cost of their other files). Be polite and friendly, yet firm, and you will get better results.
We'll talk more about BPO's in the next post.
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