Short sale properties can be a great source of income for investors and a great deal for homebuyers in Omaha and Council Bluffs.
It’s important to keep in mind that a short sale is one where the bank has approved a loss on a current loan. They’re losing money, so they want to unload.
Generally, the current owner is in a rough time, or wouldn’t be facing the loss of the property. Difficult times mean tremendous amounts of stress and emotional turmoil.
How To Bid On A Short Sale Property Omaha And Council Bluffs
Managing Relationships Is Always The Key To Any Negotiation.
For the bank, a short sale is an unemotional transaction. An owner may be letting go of a property with great emotional significance.
You’ll have to take different approaches with every party to a short sale transaction to get the best result.
Data is on your side. Look up comps to get an accurate picture of the market, and seek out justifications for your offer prior to submitting a written bid.
In a short sale, you have to get an agreement from the owner and the bank(s) involved on the purchase price and the terms.
Getting written permission from the owner to discuss terms with the bank can be really helpful, but check with a good lawyer to make sure you have the right documents before you ask the seller who wants to sell her house fast in Omaha and Council Bluffs to sign anything that might violate Omaha and Council Bluffs law.
Your relationship skills are super important during this process. The bank will often require days, even weeks, to respond to offers and move forward. Often they request additional BPOs (Broker Price Opinions) or modify appraisals, and they sometimes like to involve different negotiators.
It Can Be Intensely Frustrating, So Prepare Yourself And Don’t Stress.
Get fully approved for any loan you plan to take long before you make an offer. Make sure your lender can close at the drop of a hat because once the approval comes for the short sale transaction you need to be ready for escrow.
We buy houses in Omaha and Council Bluffs and we secure properties via short sales, and we work with many investors and direct cash home buyers in Omaha and Council Bluffs who are looking for great deals on properties in the Omaha and Council Bluffs area. Give our direct cash home buyer in Council Bluffs and Omaha from Harter Investments at 402-939-6556 or get in touch anytime to find out how we can help you!
