How Do You Negotiate A Short Sale?
The U.S. housing bubble, coupled with the mortgage crisis, and subsequent recession have left many homeowners in dire straits. Homes purchased a few years ago might now be worth half of what was paid for them, depending upon the area where they are located. Negotiating a short sale can help you get the home you want at a reasonable price.Let Them Know You are SeriousWhen making a purchase offer on a short sale, put down a substantial amount of money, rather than an arbitrary sum like $1,000. FHA loan’s minimum down payment amount is 3.5% of the price, and depositing that amount will speak volumes about intentions. Agreeing to deposit that same in trust until short sale approval will prove to the bank your full commitment to the transaction. Obtaining a strong pre-approval letter from a lender tells the seller that this transaction is a done deal once the short sale is approved.Know What to OfferSome listing agents deliberately price short sale listings much lower than market value to a
