Real Estate Investing: Buying a Short Sale Steps 6 through 10


If you haven’t read “Cape Coral Real Estate Investing:  Buying a Short Sale Steps 1 through 5,” start there.  This blog post provides steps 5 through 9 of the short sale process.
6.  Visit the Cape Coral real estate on your short list.  You’ve already searched for short sales, researched them and narrowed your list to a few short sales that meet your criteria and have the best chance of making it to closing.  Now it’s time to personally visit the few on your short list.  Your primary purpose in visiting the property is to get an estimate as to how much it’s going to cost you to repair the home.  As a real estate investor, you want a property that needs some work so that the average home buyer won’t want it, and you can get it at a lower-than-average price.   But, you also want a property that is in good enough condition that the cost of the property plus repairs still gives you a good return on your investment.
7. Get a home inspection.  Since short sales are typically sold “as is,” it’s crucial that you have a licensed home inspector evaluate the condition of the short sale that you’ve decided is the one you want to buy.  An inspection will find problems you might not have been able to see in your initial visit to the home.  It will also give you a more precise idea of how much it’s going to cost you to repair and renovate the property.
8. Make an offer.  Now that you’ve found the short sale you want to buy, you’re ready to prepare an offer.  Have your Cape Coral real estate agent prepare all the documentation and submit the offer to the seller’s agent.  The seller’s agent will submit the documentation to the lender.  Hopefully, you’ve chosen a short sale with only one lender, but if there is more than one lender, remember that all lenders have to agree on the terms of the sale.
9. Make a counter offer or walk away.  After getting your offer, the lender has his real estate agent evaluate the offer.  More than likely the lender will make a counteroffer.  That’s the time for you to do a final evaluation.  Double check your numbers using the higher purchase price and ask yourself, “Is this property really going to give me the profit I want?”  If the answer to this question is no, or if you’ve already reached the maximum you’re willing to pay for the property, it’s time to walk away.
10. Finalize the deal.  After you, the seller and the lender have all reached an agreement, get everything in writing and officially record it.  Go to closing, and the property is now yours.  Congratulations!
If you’re a Cape Coral real estate investor looking for a well-priced property to invest in, I can help.  Give me a call today at 239-699-0142 or email me at Liloc@att.net for more information.

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About Lilo Realtor

With over a decade of industry experience, Lilo Clacher is proud to represent Cape Coral/Lee County FL . With a degree and previous career in interior design, Lilo understands the importance of the entire package her clients are receiving. Lilo has a passion for real estate and a passion for taking care of her clients. She understands that for many they are making the biggest investment of their lives, and therefore she endeavors to make their experience in buying or selling as easy and comfortable as possible. With an impressive repeat and referral rate of 90 percent, it is clear that her clients appreciate the dedication she puts in to every real estate transaction. In addition to being fluent in German and Swedish, Lilo has received numerous awards for excellence in real estate. She received the 2000,2001 and 2002 Excellence Award for being a multi-million dollar producer, as well as the 2003 and 2004 Platinum Award, Diamond Award 2005, 2006. Multi million Dollar producer in 2007, 2008, 2009 She also received the Designation e-PRO Endorsed by the National Association of REALTORS®, for being an internet savvy realtor, for knowing how to work with the 87% of clients, starting seeking Real Estate per Internet. Lilo received the Designation for Short Sales, Foreclosures and Home modefication loans, helping homeowners to keep there home. In her free time, Lilo enjoys boating, diving, Horsebacriding, Gardening and catching up on her reading.
This entry was posted in Cape Coral, Cape Coral homes for sale, FL real estate, Foreclosures, Fort Myers Fl Homes, Investors, Real Estate, Short Sales, Uncategorized. Bookmark the permalink.

One Response to Real Estate Investing: Buying a Short Sale Steps 6 through 10

  1. Pingback: Real Estate Investing: Buying a Short Sale Steps 6 through 10 … :: Phoenix AZ Real Estate Investing

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