Salt Lake City Real Estate Tips, Market Updates and

Local Happenings

By Real Estate Expert KathyOHomes

Many smart investors make substantial profit through ‘short sales.’ With the waning of the real estate market, many sellers, in the look out to avoid foreclosure, take recourse to this and impress upon the banks to sanction it. The lender or the banks go for the short sales at a low price in order to stave of the attorney fess, real estate commission and at times, the cost of eviction. Sometimes, there might be some litigation problem leading to court case, damage to the property that needs immediate repair, solvency issues of the home owner. So, the property is sold at huge discount, often it is much less than the loan amount and many investors grab such opportunity.

After getting it at a discount price from the bank, they make huge profit by selling the property afterwards.

 While this may look simple and straight-forward, the whole process of affecting a short sale is often arduous and time-consuming. This of course is, understandable. Why should the lender or bank approve such sales? There lies the capability of the real estate investors – to negotiate a short sale.

 One has to be patience to achieve success in negotiating a short sale as, at present, a lot of short sales are going on due to the debilitating market condition and the staffs at the banks and other credit institutions are hard-pressed to handle them and things are falling through the cracks.

 First of all you have to find out the home owner who is interested for a short sale and get the paper works ready. Then you have to approach the concerned department of the bank that deals with such cases. Different banks give it different names like loss mitigation department, loan modification department, foreclosures department, short sale department etc.

 A proper and effective negotiation with the bank personnel is of vital importance. They would of course, be interested to know about the current value of the property. Generally, the bank hires a real estate agent to provide them that information. You may to try to impress upon them by quoting an accurate price based on the locality and condition of the property. You may also pass some hints about its demerits and the reasons why it shouldn’t fetch a high price. The bank would also analyze  the solvency status of the borrower. You may in collaboration with the borrower present the bank as to why he wouldn’t be able to pay the remaining mortgage payments.

Affecting a short sale might be excruciatingly cumbersome at times, but if you persevere, you may in fact, end up with a lucrative purchase. Just prepare for a very long negotiation process, often months.

There is a lot of free information available to you about buying, selling or investing in Greater Salt Lake City/Park City real estate. For complete information about the Greater Salt Lake City/Park City real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything [Profile.market] real estate. So please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

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