Tap into the distressed sales market

July 7, 2010 at 11:15 am Leave a comment

We’ve talked earlier about distressed sales and the advantages for buyers and sellers in this market. Now we will talk about the opportunities on this growing real estate market.

First of all, you need to find the property. The real estate agent will help you with this, but you have to meet with the home owner and reach an agreement. Once they have agreed, you will sign an authorization for release.

Next, you or the realtor have to contact the lender and find out if they will agree to a distressed sale and any other useful information.

Work with the homeowner to get required documents to the lender. This may include: a hardship letter (which explains the seller’s financial difficulties in writing), payroll stubs, copies of medical bills, checking account statements, financial statements, two years of tax returns, credit report, a signed purchase contract.

Be organized and professional when working with the lender. As you negotiate on price and terms, use this information to help make your decision: foreclosing loan balance, the estimated market value of the property,etc.

Source: http://www.frontdoor.com

We offer you an example of a short sale opportunity in Spain, Costa del Sol:

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Entry filed under: Distressed sales, Everyday things, Real estate, Video. Tags: , , , , , , , , , , , , .

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