Real Estate Short Sales - Taking The First Step

So what is the first step in the short sale real estate process? First off, before setting up a meeting with the homeowners be sure that they are both going to be available to speak with you. Without both owners being present you risk wasting your time because you will need to return to the home to speak with the second owner prior to moving forward with the sale. If the homeowners are married get both signatures on all documents, even if they say that only one of them is on the loan. If they are divorced get both signatures unless one of the owners can provide a copy of the quit claim deed that the other owner has signed.

I recommend getting the deed before your proceed any further in pursuing a short sale. Why? People who are losing their home to foreclosure tend to have a high level of denial. Because of this in many cases you end up spinning your wheels because the sellers will stop returning calls, and stop cooperating with you in pursuing the short sale. Getting the deed signed over to you will help ensure that your efforts have the chance of leading to a profitable end, rather than wasting your time working for free with uncooperative homeowners. The last thing you want to do is end up spinning your wheels with homeowners who will not cooperate with you. As hard as it is to believe, even though you are helping homeowners to save their credit, many will work against you.

Eric Medemar is a real estate consultant from Grand Rapids, MI. Be sure to check out his FREE real estate investing guide as well as his Highly acclaimed real estate investing course where he will show you his easy to understand methods for wholesaling real estate without cash or credit.