How To Purchase A Property While Still In The Pre-Foreclosure Process Through A Short Sale

April 12, 2010 - PRLog -- A short sale is basically when a lender is accepting a cut-rate price to liberate an existing mortgage on their books. This can work if the seller owns more on the home than it is actually worth or if the home is going into default. This doesn’t mean that home is actually in default as this is pre-foreclosure. The fact of the matter is that a lot of short sales never even happen. This is because the lender hasn’t actually approved the home yet.

Aurora Lillo Editor of the "Best Free Foreclosure Listings" website -- http://www.BestFreeForeclosureListings.com -- pointed out;


“…Short sales get people very interested very quickly. Even people that have the money to buy the home right on the spot might have to wait anywhere from two to six months before they are approved to buy the home. Very few short sales will actually go through within thirty days. If you see a home for a price that you just can’t believe, go with your gut. Most of the short sale homes are prices so low that the lender will never go for it…”

A great way to sift through short sales that will never make it is to get a real estate agent that specializes in short sales. These agents will be able to do the research on the homes that you’re interested in and see how much is owed and how many other loans are attached to the property. Some lenders are very hard to deal with. Your agent will be able to tell you what property will be easy to secure in as little amount of time as possible.
There are a few things that a seller must provide in order to make a real estate agent interested in their property.
These could be bank statements, payroll stubs, financial statements, tax returns, and a seller’s hardship letter.

“…Buying a home through a short sale could be a great way to get a discounted price on a great home. However, many short sales never go through because of lender approval. If you see home that you really like, you could make an offer on it very easily with an experienced real estate agent. These agents will specialize in the short sale process and be able to give you everything you need to know about what the likelihood is that you can buy the home…” added A. Lillo.

Further information and resources to get free home foreclosure listings by visiting http://www.BestFreeForeclosureListings.com