In today’s world, making investments in real estate has become a profitable business. With the growth of industrialization and increase in population, the need for bigger and better residential and commercial properties has grown significantly. The real estate industry has grown to become one of the biggest hubs for investors.
In addition, real estate investors are always looking for properties to make a profitable investment. Most of them buy these properties as valuable assets to secure their future. However, to ensure that investment into real estate offers great returns, one should have a good knowledge of the realty market. The best way to secure higher profits on realty investment is to look for the right opportunity for its resale. Here are some guidelines that investors should follow before they make a short sale offer:
• A common mistake that both novice and seasoned investors make is that they wait to check if the lenders would accept a short sale offer or not. When paying a visit to the short sale department for the first time, one should place order for the bundle right away, as any delay can cost them losing a great sale opportunity.
• Every short sale professional knows that one should provide the lender with detailed information in their short sale package. The more information they provide, the quicker the lender would be able to provide them an answer. The projected net sheet offered by the investor would be one of the initial things that lender would pay attention to in the package. They would start looking for recognizable Red flags.
• Once Investors have received their short sale parcel, they need to fill it up and return back to the lender as soon as they possibly can. They need to remember that they are working on a taut timeline, and the sooner they get the package in the lender’s hand, the sooner they can start reviewing their offer. As the lender starts reviewing the package, it is time to begin with the negotiating process, the way to earn the real money.
• Investors might have difficulty in making contact with their lender through phone. They should make sure to acquire the following information:
• Loss mitigation expert’s direct extension number
• Fax numbers (if one requires sending a cover sheet)
• Email address (more preferably their personal email address as backup)
• Mailing address (if sending ‘Thank You’ notes or any other important documents)
If the voicemails are not answered, then one can still be ready to maintain a communication with ease, and boost their chances of finding the right opportune.
• When making a short sale offer, as a thumb rule, one should go for 50 percent of the written amount on their first mortgage and 10 percent on the second. If one is lucky enough, then they can even secure a discount on their third mortgage. Even if the offers are too low, the investors should have no reason to worry about as the banks would suggest raising the offer.
Nothing could be worse than being excited about securing a huge discount that never occurs. The better one is equipped to manage simultaneous transactions, the sooner they will start carving their slice of the big profits that they made on short sales.
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