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Short Sales for the birds Find a house in the MLS that is listed as a short sale? Go to the next house. Why, because the advertised price is what a Realtor is hoping to get the bank to accept. You are at the mercy of three other sets of people to get your offer accepted. 1. The loss mitigation department at the bank. They are overwhelmed and don't typically look at short sales until a final judgment and sale at the courthouse steps have been arranged. 2. In many cases, the Private Mortgage company must also approve the sale. 3. Your mortgage company. They are scared to death of areas where there are lots of foreclosures going on and may not lend you the entire value of the house. What can you do. Find a house that an investor has already done the short sale and actually bought the house. Look for vacant houses. Banks aren't as likely to short sale an occupied home. Contributor's Note I am a real estate investor. Most realtors do not know how to make a short sale happen. It is extremely paperwork and follow up intensive.

External Links

http://www.comprocasas.com

Contributed by Todd Hutcheson on March 31, 2008, at 2:48 PM UTC.

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This intel was contributed by Todd Hutcheson

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