Fort Lauderdale Foreclosures Buyer’s Guide to Short Sale

San Diego Foreclosures For Sale

One of the best ways to buy Fort Lauderdale foreclosures is through short sale. Compared to actual foreclosures, short sales carry lighter penalties for the homeowner in terms of credit rating. However, the process cannot just begin at a whim; the lender must approve of the short sale. And like buying properties within the three stages of foreclosures (pre-foreclosures, auctions, Real Estate Owned), it pays to plan a strategy and follow the necessary steps.Step 1: Find the property The first step in buying Fort Lauderdale foreclosures in short sales is to find the properties. Don’t limit yourself with one property. It will be tremendously helpful if you give yourself plenty of options. Go online and research on the city’s directory of agents that handle short sales. Step 2: Visit the property to meet the homeowner Once you decided on a particular Fort Lauderdale foreclosure, it’s time to visit it and meet the homeowner. Remember, though, that this is a particularly hard time for the owners, which is why showing compassion and courtesy is important. Your best option is to send a letter or have your agent contact the homeowner to inform them of your coming. Once you meet each other, negotiate on the short sale. If the buyer agrees, have it in writing. Also, don’t forget to inform the buyer to include an authorization to release information about his or her mortgage in the letter. Step 3: Contact the right department Next, call the lender and contact the short sale department. It’s important to determine whether the lender agrees on the short sale. Furthermore, you must find out everything you can about the process: additional steps, requirements, payoff quote schedule, and more. Step 4: Cooperate with the homeowner There are several factors that the lender uses to decide whether to go in short sale or not. Nevertheless, it’s important to cooperate with the homeowner to increase the chances of the approval. Some of the things you must remind the homeowner with are the hardship letter, financial documents, medical bills, payroll records, credit report, tax returns from the last couple of years and the purchase contract. Step 5: Work with the lender Lastly, when you are on the process of purchasing the Fort Lauderdale foreclosure, don’t forget to cooperate with the lender. Be prompt during your meetings. Always exude professionalism. Don’t forget to be thorough. All the things associated with buying a traditional home is almost always the same with short sales; so remember to do your homework and don’t miss out on important considerations. Mark Michael Ferrer Fort Lauderdale Foreclosures