As the seller of a property that you have purchased, or even refinanced in the last few years, you may not have very much equity in the house. Many investors will not want to even look at your house let alone make an offer because if there isnt enough equity for them to make a marginal profit then it just wont work for them. Well no need to throw in the red flag because there are many investors out there who specialize in doing short sales. How does this work? Well if you are behind on payments and a foreclosure is right around the corner you may be able to show how a hardship has caused you to get behind on your payments. You would simply fill out a purchase agreement with your investor, a deed to be placed in escrow, and many other documents including a power of attorney. This will give the investor full control to get the short sale handled. Next, the investor will present a solid case to the lender who is holding the mortgage. The investor will explain that that you (the seller) can not make the payments any longer and would like to give full control of the property to the investor. He will explain that the loan on the property must be reduced significantly for the investor to purchase the property. Are you with me so far? Okay, good. You must understand that these types of sales are not a fast sale. That is not at all why they are called short sales. Infact a short sale can take several months of waiting around and negotiating back and forth between the lender and the investor. If for any reason your lender refuses a short sale you still may be able to avoid foreclosure. Your investor is experienced in this arena and will explain to you other steps you can take. Good luck! If you need help selling your house Joe Loiacano and the Landmark Investment Group are here to assist you. To sell your house and for a free consultation visit http://www.Soldin2Days.com. Copyright 2005 Landmark Investment Group. All rights reserved. |
