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Looking into a short sale? Here are some tips

You're interested in building a real estate portfolio, and you know you need to get homes that are a good price. Getting a short sale property can help you make sure the home is being sold at a fair market value.

When you make an offer on a short sale, you should consider matching the listed price, because it will help your chances of success. However, your offer should be what is considered to be a fair market value. Short sales don't always sell for the listed amount, so offer what you're comfortable with and see if the seller and bank will come back with an offer. A low-ball offer probably won't be accepted, so look at the different values of properties in the area before you make an offer.

When you're ready to submit the offer, include a purchase contract and earnest money deposit. If you are able to put forward a sizeable deposit, then the bank may take you more seriously. You should include your pre-approval letter in the offer as well as information on property values in the area that can back up your offer.

If your offer is rejected, it may simply be too low. Some other reasons would be if your offer package was incomplete or if the seller is no longer eligible to go through with the short sale. You may not be related to the seller, either, so if you are, this could lead to the offer being denied.

Our website has more information on real estate transactions and what you need to know before you buy a home.

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