Four Steps to Buying Short Sales in Charlotte
There remain opportunities to profit by purchasing short sales in Charlotte NC but, you need to know how to proceed in order to achieve success. Here are four steps to follow to increase your chances of success when buying short sales:
Step 1: Hire a short sales expert
Hire a real estate agent who has experience helping people buy short sales. You need someone who can not only locate short sales in Charlotte for you but, help you through the complicated process. Although the short sale process has become less complicated over the last few years, it can still be a slow and frustrating process.
Step 2: Have your finances in order
If you’re buying with cash, fabulous! Otherwise, visit a lender and take the steps necessary to finance a short sale. Many short sale banks want to close within 30 days of short sale approval so, being prepared BEFORE you present your Offer to the seller is imperative. Confirm with your lender up front, that they can guarantee a 30-day closing. If they cannot, you may want to consider finding a lender who CAN. There are plenty of well-qualified lenders who can and will get the job done for you.
Step 3: Move quickly
When you find a short sale you want, move quickly. With any luck, you’ll be the first to submit a market value Offer. Lenders look for Offers that are reasonable and equal to market value and they will ascertain that the sales price is market value by confirming with a BPO (Broker Pricing Opinion) or a full appraisal. You will also want to make your offer even more attractive by eliminating as many contingencies as possible.
Step 4: Negotiations begin with the bank
Banks don’t enjoy taking a loss but, short sales remain a necessary evil for lenders. Be firm, polite and patient. Don’t ever be forceful or rude. Lenders are busy and overworked, and they want to see you as somebody who is minimizing the damage and the hassle of the bad debt.
If you’re interested in buying short sales in Charlotte, give me a call today at (704) 491-3310 or email me at Debe@DebeMaxwell.com.