Making Short Sales the Tim Mai Way »
Posted By realestateshortsales 1 year, 4 months ago in Business & FinanceIn order to know if a property qualifies, you'll need to gain knowledge. First, know the lender's loss mitigation policy. What's their record on dealing with short sales? If it's seldom or never, a short sale is not worth your time. Second, know the number of liens recorded against the property title and the total amount of money in those liens. Third, know the borrower's present financial condition. Fourth, know the type of loan that's in default and its current status. Fifth, know both the property's as-is market value and its as-repaired value. Sixth, and finally, be aware of the state of the local economy and the current real estate market conditions. Analyze all this information to determine if a short sale is worth pursuing.
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