{"id":517,"date":"2022-01-11T11:28:43","date_gmt":"2022-01-11T16:28:43","guid":{"rendered":"https:\/\/handsomehomebuyer.com\/?p=517"},"modified":"2022-01-11T11:28:43","modified_gmt":"2022-01-11T16:28:43","slug":"how-to-buy-a-shortsale-cheap","status":"publish","type":"post","link":"https:\/\/ecommercewebhub.com\/dev\/Handsome-homebuyer\/how-to-buy-a-shortsale-cheap\/","title":{"rendered":"How to Buy a Shortsale, CHEAP"},"content":{"rendered":"<div>A short sale occurs when a bank allows a property to be sold for less than what is owed to the bank.\u00a0 Investors as well as end users have been purchasing\u00a0properties in this way for years.\u00a0 Typically, you see more short sales take place in states like New York and New Jersey where the foreclosure process takes many years.<\/p>\n<p><\/div>\n<div><\/div>\n<div>So how does a short sale work?\u00a0 A property that is &#8220;under water&#8221; (more is owed on the mortgage than the house is currently worth) is listed by a real estate agent on the market as a short sale.\u00a0 Buyers will submit offers the same way they would on a non short\u00a0sale.\u00a0 The highest offer will be brought to the bank for their review.\u00a0 At this point the bank sends either a BPO agent (broker price opinion) or an appraiser to evaluate the property on their behalf.\u00a0 Once the value comes back the bank can either accept the current offer or reject the offer due to a discrepancy\u00a0in the value.\u00a0 This is where the magic happens.<\/p>\n<p><\/div>\n<div><\/div>\n<div>Often banks don&#8217;t understand the true market value of a property because they don&#8217;t work in that market everyday.\u00a0 Furthermore, appraisers and BPO agents are market value experts, not construction cost estimators.\u00a0 It&#8217;s for these reasons that values and contract prices vary widely. So how can an investor get the bank to understand the true market\u00a0value of a property?\u00a0 Handsome&#8217;s value dispute method.<\/p>\n<p><\/div>\n<div><\/div>\n<div>Every good value dispute has three key components: An independent appraisal, detailed letter about the property\/neighborhood, and a construction estimate.\u00a0 Prior to the BPO have your own appraisal\u00a0done on the property.\u00a0 Make it fair.\u00a0 Don&#8217;t purposely skew it and come in low because the report will be dismissed.\u00a0 Second, have a licensed contractor generate an itemized written estimate of all repairs that need to be completed to bring the property up to standard.\u00a0 Make sure to suggest the appropriate level of repair.\u00a0 Don&#8217;t have your contractor\u00a0budget $30,000 for a Wolf stove in a $350,000 house.\u00a0 Lastly, put together a letter describing the property that is short and to the point.\u00a0 The letter should\u00a0discuss the reno, value, specifics on the house, area, school district, and more.\u00a0 The goal is to make it easy for the examiner to understand your\u00a0position\u00a0and perceived value of the property based on facts.\u00a0 These steps have worked for me and will work for you as well.<\/p>\n<p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A short sale occurs when a bank allows a property to be sold for less than what is owed to the bank.\u00a0 Investors as well as end users have been purchasing\u00a0properties in this way for years.\u00a0 Typically, you see more short sales take place in states like New York and New Jersey where the foreclosure [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - 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