Justin Lee Explains The Importance of Closing Short Sale Deals With Option Agreements
With the credit crunch, mortgage fraud, and tighter restrictions, closing short sales isn’t as easy as it used to be.
(EMAILWIRE.COM, October 15, 2008 ) Blaine, WA – The easiest method for closing short sale real estate transactions and getting them funded on time is the back-to-back closing method. The back-to-back method consists of two transactions: in the first, the homeowner sells to the investor; in the second, the investor sells to the retail buyer.
The easy, legal way for the real estate investor to perform this type of transaction is through the use of an option contract. The option contract gives the real estate investor a vested legal interest in the property through an Option Agreement. The option is subject to the approval of the short sale.
Once the short sale is approved, the pre-foreclosure investor must complete the second transaction. That transaction involves the investor selling the property to a retail buyer. The pre-foreclosure investor can legally sell the property because he has executed an Option Agreement. This Option Agreement, which should be recorded at the local county courthouse where the subject property is located, gives the investor the legal right to sell and market the property.
Before attempting to perform a back-to-back closing, the pre-foreclosure investor should make sure that they have all of the necessary forms and documentation to remain in compliance. Without the correct forms, addendums, and notarized signatures, the investor risks the transaction not closing on time or not at all.
Short sales do not have to be complex transactions if the investor arms himself with the proper tools and techniques. Using Option Agreements in Back-to-back closings are the simplest and easiest way to close short sale deals.
About The Short Sale Formula:
The Short Sale Formula provides a step-by-stop formula to show real estate investors how to put together a short sale packet, outsource short sale files, conduct back-to-back closings, and finance short sales once they are complete. The Short Sale Formula is owned and operated by SaveMeFromForeclosure.com, LLC.
The easy, legal way for the real estate investor to perform this type of transaction is through the use of an option contract. The option contract gives the real estate investor a vested legal interest in the property through an Option Agreement. The option is subject to the approval of the short sale.
Once the short sale is approved, the pre-foreclosure investor must complete the second transaction. That transaction involves the investor selling the property to a retail buyer. The pre-foreclosure investor can legally sell the property because he has executed an Option Agreement. This Option Agreement, which should be recorded at the local county courthouse where the subject property is located, gives the investor the legal right to sell and market the property.
Before attempting to perform a back-to-back closing, the pre-foreclosure investor should make sure that they have all of the necessary forms and documentation to remain in compliance. Without the correct forms, addendums, and notarized signatures, the investor risks the transaction not closing on time or not at all.
Short sales do not have to be complex transactions if the investor arms himself with the proper tools and techniques. Using Option Agreements in Back-to-back closings are the simplest and easiest way to close short sale deals.
About The Short Sale Formula:
The Short Sale Formula provides a step-by-stop formula to show real estate investors how to put together a short sale packet, outsource short sale files, conduct back-to-back closings, and finance short sales once they are complete. The Short Sale Formula is owned and operated by SaveMeFromForeclosure.com, LLC.
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