Short Sale Offer

Factors to consider prior to making an offer on a short sale

A Short sale is quite popular, especially when the buyer would like to purchase the property that is available at a lesser price than the market value. Generally, every individual will have a price range prior to purchasing a home and moreover, purchasing a home that is below the market value helps the buyers to save a lot of money on this expensive investment. There is a huge competition for this short sale offer in the real-estate market. It is a bit daunting to find short sale in this competitive market. Ideally, this short sale is a bit different to that of a foreclosure where the seller’s lenders will take away the title property and sell it directly to the buyers despite of price deficit. In this type of short sale, the buyer will get the property at a very affordable price and the price deficit is either taken care by the seller or the bank. However, if you are planning to purchase the short sale offer property, then here are a few factors you need to consider

Approved or unapproved: When you find the property in the property list at a responsible price, then you need to read the description to find whether or not it is a short sale. Most importantly, you should never neglect to check whether the property is approved or unapproved. Generally, the approved property means that the lender or bank has approved to sell the property at a favorable price and if the property is unapproved, then it is waste of spending your quality time in dealing with it.

Have patience: To get the property on the short sale, you need to be very patient. This process takes a lot of time to close, since there is a huge competition for this kind of sale. Most importantly, this offer has to be accepted and approved by the seller and lender to smoothen the further sales process. Though, this process is laborious, but with a little patience, you can end up getting a dream property at the best price.

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Sample Template Preview

short sale offer

Your Company Name
Company Address
City, state, Zip
Phone: (555) 555-5555     Fax: (444) 444-4444

Date:

To: Institution Name
Attn: Loss Mitigation Rep. Name
Phone: (agency Phone)
Fax: (agency Fax)

RE:  Short Sale Request
Acct.# xxxxxxxxxx
Property Address  123 Main St;

Dear Mr. / Ms

Pursuant to our previous conversation, we are requesting a short sale on the aforementioned property. Enclosed you will find the items in the Financial Package necessary fro approval:

(Insert Financial package requirement)

If you must order a BPO, Please do so. I’ve enclosed information that might be helpful with this situation. The shorts sale request reflects the fact that the following repairs are necessary to bring the property to market as evidenced by a a licsenced Broker and repair estaimates from liceenced and bonded contract in the state of texas

(Insert Repairs Needed)

Also the property is vacant and the doors have no locks. This represents a a liability issue for ________________ (bank Name), so with your permission we will secure the house to keep the neighborhood kids from getting back in.

Our funding source is Cash and private money and we can be set to fund this purchase by___________________(closing date). The seller is to receive no compensation from this sale.

We will pay all back taxes and fees associated with the purchase that will “NET” your institution $____________________(net to bank) as per the enclosed HUD.

Let me know how soon you can get this one approved. I am available to get the BPO agent conducting the interior inspection into the home. The inspecting Agent may contact me at ___________________ (your phone).

Regards,
(Your name)
(Phone and Fax)