Short Sales – A Step-by-Step Process
Currently, there are 50 sale contracts pending on Anna Maria Island. Of those, almost 50% (24 out of 50) are either short sales or bank-owned properties.
If you are either the buyer or seller in a short sale or a buyer in a bank-owned property, please allow Bark & Company, Inc. to provide you with professional guidance and the most up-to-date information available.
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By James Kimmons
About.com Guide
Real estate investors can frequently make very profitable purchases of real estate through a short sale. Many short sales do not get approved or fall through for a variety of reasons.
Learn here the step-by-step process to initiate a short sale, starting with the homeowner-borrower and moving through lender negotiations to the closing.
1. The Property Valuation Analysis for a Short Sale
Short sales will not work if there is sufficient equity in the home for the lender to sell it and at least break even in a foreclosure.
The homeowner must be “upside-down” in their loan. Learn how to determine if this is the case.estate investors can frequently make very profitable purchases of real estate through a short sale.
Many short sales do not get approved or fall through for a variety of reasons. Learn here the step-by-step process to initiate a short sale, starting with the homeowner-borrower and moving through lender negotiations to the closing.
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7 Steps for a Preapproved Mortgage
With most lending institutions exercising caution, it may be prudent to seek prior approval when considering a new mortgage.
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By Lisa Sherzer – MSN SmartMoney
During the height of the real estate boom, getting a mortgage was as easy as picking out a new coffee table for the living room. Now, homebuyers have to jump through rings of fire before they can sign on the dotted line.
Today, the first step in landing a home loan is obtaining a letter of preapproval. This means a mortgage lender has verified that you’re approved for a mortgage of a certain amount over a fixed time frame.
Having a letter of preapproval can remove a lot of obstacles to homebuying, but the process isn’t as simple as it used to be. Preparation and caution are advised.
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