Short Sale Tip # 4: Property Improvement & Repair Estimate Report
February 22, 2008
Short Sale Tip # 4: Property Improvement & Repair Estimate Report
When things go bad…they usually go real bad. If a homeowner has not paid his mortgage in many months, it is likely that the house has been neglected.
If funds were not on hand to pay the mortgage, then it is probably safe to say that they have not been able to perform proper maintenance and repair and the property may not in the best of shape. Especially if it is vacant or has been vacant for some period of time.
It is most probable that the mortgage lender does not know this. Unless the lender is local, it is quite hard for them to have an accurate assessment of the property from their desks in California, New York, Chicago, Texas or some other distant location.
With the advent of automated valuation models (AVM’s), many banks are using the former appraisal together with an AVM to perform a “desktop valuation” of the property.
The number they have in mind can be tens of thousands of dollars higher than it’s true value.
We’ll talk about the BPO and comparables later, but before either of them can be properly completed, you are going to have to justify your estimation of value and substantiate your offer in order for the bank to look at your deal.
Having an extensive repair and improvement report performed by a local and licensed general contractor will significantly enhance your repair report.
You are going to want to take extensive pictures of both the interior and exterior to add substance to your corresponding repair estimate.
At our seminar, we show you how a Property Improvement & Repair Report is to be written and what information must be contained in the report.
We will also show you how to direct your contractor to fill it out the actual form we utilize on our own short sale deals that goes into great detail and really makes the mortgage lender take notice when it is submitted as a part of the overall short sale package.
Click Here For A Free Downloadable Copy In Our Free Forms & Documents Section
At our seminar, we show you how a hardship letter is to be written and what information must be contained in the letter when it is submitted as a part of the overall short sale package.
If you are ready to take the next step in your real estate career and want to learn how to profit from foreclosures, make sure you enroll in one of our upcoming Pre-Foreclosure / Short Sale Seminar Workshops.
You will learn how the foreclosure process works and how you can profit from this growing market. Instead of thinking that the market has turned against you, get educated and learn how to take advantage of this unbelievable opportunity for the educated real estate industry professional.
Ultimate Pre-Foreclosure & Short Sale Seminar Dates (more to be added)Ultimate Pre-Foreclosure & Short Sale Seminars (online version) : Learn the “Art of The Short Sale” from the quiet comfort of your own home or office. (coming soon)
See our video below to see what some of our past attendees had to say about the Ultimate Pre-Foreclosure & Short Sale Seminar!
This seminar presentation is unlike any other short sale seminar on the market. Many of our attendees have taken the class 3 and 4 times or more!
90% of our seminars sell out in advance.
If you feel that you can become a short sale expert by taking a rip-off imitation seminar or a free board seminar, then you are really missing the boat on short sale opportunities!
For more information on the 2008 Ultimate Pre-Foreclosure & Short Sale Seminar Series, please call us at 954-566-0923.
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