Short sale properties can be a great source of revenue for investors and also a great deal for buyers.
It’s important to bear in mind that a short sale is one where the bank has approved a reduction on a loan. They’re losing money, so they want to unload it.
Generally, the current owner is in a rough state, or would not be facing the loss of their property. Difficult times imply enormous amounts of stress and emotional turmoil.
How to Bid On a Short Sale Property San Antonio
Managing relationships is obviously the key to any discussion.
For the lender, a short sale is an unemotional transaction. An owner could be letting go of a property with great emotional significance.
You’ll have to take unique approaches with every party to a short sale transaction to find the very best result.
Information is on your side. Look up comps to acquire a precise picture of the current market, and search out justifications for your offer prior to submitting a written bid.
In a short sale, you have to get agreement from the operator and the lender(s) involved on the purchase price and the conditions.
Getting written permission from the owner to go over terms with the bank can be really useful, but check with a good attorney to ensure you have the right documents before you ask the seller to sign anything that might violate Texas law.
Your relationship skills are important in this process. The lender will often require days, even weeks, to respond to offers and proceed forward. Often they ask additional BPOs (Broker Price Opinions) or modify evaluations, and they sometimes like to involve different negotiators.
It can be intensely frustrating, so prepare yourself and don’t stress.
Get fully approved for any loan you intend to take long before you make a deal. Ensure that your lender can close at the drop of a hat because once the acceptance comes for your short sale transaction you need to be ready for escrow.
We secure properties through short sales, and we work with lots of buyers and investors who are searching for great deals on properties in the San Antonio area.
Call us (210) 807-6567 or get in touch with us anytime to see how we can help you!