I have heard lots of people talk about the problems of getting short sales approved. We all understand the banks position - they made a bad loan (often), followed by a market decline, and they want to minimize their losses. Let's look at the two most common reasons your short sale did not get approved:
1. The package was incomplete. The lender will tell you exactly what they need and you need to provide everything they ask for, or you will end up jockeying papers forever - or until they get a clean offer.
2. Your offer wasn't any good. The bank isn't looking to do charity work here. They want the highest offer from a reasonable buyer. Ideally, they want cash so looking to investors is a great idea (if you need one in the Phoenix area call me). If you are submitting an offer and it is subject to the sale of an existing home... well... ah.. you shouldn't be doing short sales.
Let's look at how you can get better at the short sale game:
1. Partner with an agent who has done them.
2. Find investors to partner with (I was serious about buying short sales in the Phoenix area)
3. Take a course in short sales. The truth is a few years ago, you didn't have to know what a short sale was (and likely didn't) and you could have made a killing. Today, it's a different story. Agenta and investors are making huge profits in the short sale market - you just got to know how to do it.
My real estate investment group here in Arizonao offers A to Z training in real estate and we have produced some of our areas most profitable and successful investors. We have affiliates in most states, so if you are serious about your real estate career and want to take the next step in your professional development contact me at 800-453-9290 or anthony(@)atozlender.com
Wisihng you success!
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