Short Sales made Easier

Short Sales are very difficult sales and are not for everyone.

Jerry Grosenick with Exit Realty XL

Germantown, Wisconsin

GUIDELINES FOR SHORT SALE BUYERS
　
　
* Not all buyers are good candidates for a short sale
* Must understand issues or buyers are wasting time
* Average time (Larger institutions: 90 - 120 days)
* No guarantee of lender approval
　
ONE THING THE LENDER LOOKS AT TO GAUGE,
IF THIS TRANSACTION HAS A:
"REASONABLE CHANCE OF CLOSING"
　
It is recommended that Buyer(s) follow these steps:
1) Home Inspection to be done 10 days after Seller's approval NOT Mortgage approval
2) Submit buyer(s) loan application to their bank after Seller's approval NOT Mortgage approval. Short time between lender approval & closing.
3) Buyer must get approved for an extra 1/2 point above current mortgage rates on their loan commitment with a DU case #, 20 days after Seller's acceptance.
4) Earnest Money needs to submited 3 days after Seller's acceptance.
5) Price must not be unreasonable.
6) In buyer(s) offer include: "No subsequent contracts may be submitted to the lender.
　
BUYER(S) ARE FREE TO SUBMIT ANY OFFER. THESE ARE GUIDLINES THAT WILL GUARANTEE A HIGHER CHANCE OF SUCCESS ON YOUR SHORT SALE OFFER.
THERE ARE NO GUARANTEES WITH A SHORT SALE.

Here is another interesting Short Sale article:
http://feedproxy.google.com/~r/inmannews/~3/cYU26TlF9NI/the-truth-about-short-sales