How to Bid On a Short Sale Property San Antonio – We Buy ALL Houses San Antonio

Short sale properties can be a great source of income for investors and a great deal for home buyers.

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 San Antonio

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 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 to sign anything that might violate Texas 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 secure properties via short sale, and we work with many investors and buyers who are looking for great deals on properties in the San Antonio area.

Give us a call (210) 300-3307 or get in touch anytime to find out how we can help you!

lizperez

My name is Elizabeth Perez. The business owner of We Buy ALL Houses San Antonio. I am a cash home buyer in San Antonio, TX. We buy houses, lots, land, vacant land, duplexes, triplexes, apartment buildings, commercial property, and can show you how to stop foreclosure in San Antonio and much, much more. I am happily married and a mother of four and enjoy working for myself and having time for my family. A couple of things I love and enjoy doing are going to the beach, fishing, camping, and good old barbecuing. I enjoy learning and teaching myself new financial opportunities online and am the creator of my own wealth. Having faith and thinking positively has taken me further than I ever imagined. I am the author of my own destiny.

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