HOW TO BID ON A DALLAS SHORT SALE PROPERTY…
Short sale properties can be a really good source of income for real estate investors, as well as a great deal for new home buyers.
It is always important to keep in mind that a short sale is one where the bank has already gone ahead and approved a loss on the loan that is currently in place. The bank is losing money, so they want to do what they can and unload. it quickly.
Most of the time the current owner has been having a tough time, or they would not be facing the loss of the property. Difficult times result in high stress and emotional duress.
Managing key relationships is always the best way to go about with any negotiation.
For the bank or lender, a short sale is an unemotional transaction ans is just simply business and baout the numbers. On the other hand the home owner may be letting go of a property with great emotional significance.
You will have to take a number of approaches with every party involved in a short sale transaction to get the best outcome.
Always remember that the numbers and data will be on your side. Make sure to look up accurate comps and study the market well, while seeking out justification for your offer prior to submitting a written bid.
Dealing with a short sale, you are going to need to get both an agreement from the owner and the bank(s) involved on the purchase price as well as the terms.
Obtaining written permission from the home owner to discuss terms with the bank can also be very helpful, but make sure to check with a good real estate attorney to make sure you have the right documents before asking the seller to sign anything that might possibly violate TX law.
Your relationship and communication skills are very important throughout the whole process. Most of the time the bank will require multiple days, even weeks, to respond to offers before proceding. In many cases they request additional BPOs (Broker Price Opinions) or modified appraisals, and can and will sometimes like to involve multiple negotiators.
So how to bid on a Dallas short sale property?
It can most definitely be very frustrating, so kake sure to prepare yourself and try to worry and stress.
Do your best to get fully approved for any loan you plan on taking long before you decide to make an offer. It is good to make sure your lender will be able to close right when they need to, because once the approval comes in for the short sale transaction to proceed you will need to be ready for escrow immediately.
We at Connor Buys Houses secure properties via short sale, and we work with lots of investors and buyers who are actively looking for great deals on properties in the Dallas Fort Worth area.
Call us at (469) 209-5350 or get in touch anytime to find out how we can help you!
Ask us anytime is you need help on how to bid on a Dallas Short Sale Property…