DC Fowler
-
Short Selling Second Mortgages
Many of the properties that you come across will have two mortgages with two separate banks. If you are just getting started, I strongly recommend that you target properties with single mortgages. Negotiating one mortgage is always easier because a second mortgage means that you are now responsible for negotiating two short sales instead of one. However, if finding homeowners who only have a single mortgage is not a realistic option, you must be prepared to successfully discount two properties.The first thing you will need to know is that in the event of a foreclosure, the bank who holds the…
-
Short Sale Exit Strategies: Exit Before You Enter
I know what you are thinking… “The title of this article does not make sense. How can you leave a place before you ever even arrive?” Please allow me to take the next few moments to discuss how exiting before entering is not only possible but should be considered as the single most important aspect of a short sale transaction.The motivation to write this article came from the countless amount of feedback that we have received from our students regarding Short Sale Exit Strategies. I will soon make available more detailed information on specific exit strategies. These will be methods…
-
Real Estate Agents: How to Get Short Sale Listings (Part 1)
This Article is Meant to Serve Two Purposes:Purpose #1 – To develop a roadmap; where real estate agents and realtors will learn how to earn profits from listing short sales. I will show you how to literally have investors lining up at your doorstep giving you their listings. Not once but twice! That’s right; can you imagine getting paid commission twice on the same property, within the same year? Listing agents will benefit the most from this information which is evident by the articles’ title.Purpose #2 – To give the short sale investor an idea of the level of competency,…
-
Making a Short Sale Counteroffer
Although some of your initial offers will be accepted, you must also be prepared if the lender rejects your offer. Just because your first offer is denied does not mean that the deal is dead. This is now the perfect opportunity to learn precisely what you have to do in order to close the short sale.The first thing you will want to do before making another offer is find out from the lender exactly why the first offer was rejected. Here are several key factors that may result in your offer being rejected.They will not net the required amount needed…
-
Let’s Get Started – Your First Phone Call From The Homeowner
Now that you have a general understanding of a short sale and you are fully operational it’s time to secure your first deal. Assuming you have either done some form of advertising, made direct contact through a foreclosure listing, or by word of mouth, you are now ready to get started. If your phone does not ring immediately don’t panic. Sometimes homeowners will hold on to your number until they feel like there is nothing that they can do on their own. When it finally does ring you will respond along these lines: “Good Morning, Real Estate, how can I…
-
Investors Vs. Realtors – An Unnecessary Short Sale Battle
Just the other day I was speaking with a good friend of mine who is a very successful real estate agent in southern California. Surprisingly, we hardly ever talk much about real estate these days and when we do it’s not much more than “how’s business?” “Good, Great…” etc.At one point all we talked about was real estate but I kind of pulled back because he always seemed to have an excuse why he wasn’t taking advantage of the short sale opportunities in his area. It burned me up on the inside knowing that my friend was leaving so much…
-
How to Negotiate a Successful Short Sale
Anyone who has ever profited from doing a short sale has also without a doubt had one or two rejected at some point. Guess what? It is just the nature of the beast. As with all types of sales you’re playing a numbers game.There are very few investors who truly know how to successfully negotiate a Short Sale. We find that most investors have the perception that all that is necessary is to submit an offer and wait for the bank to give you an answer. If all goes well the offer will be accepted but in many cases it’s…
-
How to Influence the BPO
Ok, so you’ve received the short sale requirements from the lender and you’ve made friends with the loss mitigation’s rep that’s assigned to your potential deal. Next, you are now ready for the lender to order a BPO on the property. Notice that I emphasize “you”, this is because I don’t want you to miss out on a key opportunity to influence the overall outcome of your short sale.Although many investors are aware of the benefits of influencing the BPO, few know exactly how it’s done. The BPO is the single most influential component that the lender considers when deciding…
-
Building and Developing Your Buyers List
Before you begin prospecting for profitable short sale opportunities you must build and develop your buyers list. If you’ve studied my course then you have enough knowledge to locate and close as many short sales as you are willing to work for, but the most important piece of the puzzle is having buyers on hand waiting to buy your short sale deals.When people hear the word “list”, one of the first things that come to mind is that hundreds of investors with deep pockets are needed to make a buyers list. Although having a large active list would be ideal,…
-
10 Frequently Asked Short Sale Questions
Here are 10 frequently asked short sale questions that are very helpful especially if you are just getting started or considering short sales as a means to acquiring pre-foreclosures.1. What happens to the seller’s credit rating when they allow an investor to short sell their property?What typically happens is the loan will show up as “paid” on their credit report; however there will be a notation that says “settled for less than originally owed” or something along these lines. It is more favorable for a homeowner to short sell than to have a foreclosure on their credit report.2. Where do…
