Secrets Of Making Big Money With Short Sales
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Finance > Real Estate
Oct 11, 2007
crackmarketing
Secrets Of Making Big Money With Short Sales
Every other person who has been profiting from short sales also faces rejection at some point or the other. Just like every number game, generating big money through short sales is a tedious task to accomplish. In reality, very few investors actually know how to negotiate short sales successfully. Many are under the impression that all they would have to do is submit the offer, sit back, and wait for the bank to respond. If things go fine, they might be lucky enough to get the offer. However, to make it easier to negotiate the short sales you ought to have a plan wherein you persuade lenders to agree to your offer. Given below are some precautionary measures you should take while negotiating with the lenders: Determine if you have an opportunity for short sale Almost all investors believe that several homeowners that face foreclosure are good candidates for short sales. Many investors make the mistake of trying to fit round pegs in square holes. Sad but true, every deal is not a good short sale opportunity. You should always have the knowledge to tell a good deal from a bad one. Always make sure to analyze the deal and formulate an effective plan of action if you really want to master in the art of bagging short sales. Be persistent Never take no for an answer, it will not be the definitive factor to the negotiations. Try to find out the reason for the rejection. Was the offer too low? Will you be able to discuss the matter with someone? How exactly does a lender define the bottom dollar? You will always face many such questions whenever refused, so consider the clauses and terms put forth by the lender. For instance, two properties in foreclosure of a certain person bought as rental homes were located on the same street and funded by one lender. While one of the two properties had a mortgage balance of $160,000, the other had a balance mortgage of $166,000 and was presently on rent for $1,100 per month. Both the properties had less equity; however, the neighborhood real estate business was very active since the past few months. After assessing both the potential deals, the person decided to try short selling. He got in touch with the bank and initiated the process. He put forth an offer of $99,800 on the first and $98,900 on the second, but to no avail. After numerous discussions and some more documents to validate the offer, the person was able to get both properties at $70,000 below the market value. He successfully rehabbed one property for $4,500 and put it up for sale in the market. The second property occupied by a tenant derived a mortgage of $500 per month, making $800 in monthly positive cash flow. This would not have been possible if he had retreated after the initial rejection. He successfully got hold of two great properties with plenty of equity and a continuous cash flow. Besides, the homeowners averted foreclosure, and eventually bank was satisfied with the deal. So remember, always be prepared, and take charge of the short sale offer. Always make the most of the opportunities you have to make money.
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