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Ever since the since the real estate market turned soft, I have had many of my clients ask me about entering the short sales market. No doubt, it's tempting. Short sales have grown faster than a puppy in a dog food factory. And they continue to swell. I know many Realtors who have...
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Whether or not you have ever completed a short sale, you are painfully aware that it is a different kind of transaction. First question: “Have you thoroughly INTERVIEWED your “Expectant” short sale buyer” to be sure they suit the role of such a buyer? If not, better back up. Living...
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I hear agents at my training and seminars sessions all the time telling me that they get so close to a short sale approval and suddenly it is declined, because the seller got a no doc loan and they have no idea why. Well let me tell you why:A no documentation loan is one of many red flags a...
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I am mentoring, training and teaching agents on a regular basis how to perform short sales correctly and almost always agents I have talked to never perform one of the most important steps before even starting a short sale... Sending the client to a qualified CPA/accountant who is versed on short...
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I'd like to share a few recent experiences I have had with both my fellow agents and consumers who have been involved in short sales.I have come across more than a few companies that claim to be “experts” in short sale negotiations, only to find that not only is the information...
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In the course of my speaking to and networking with short sale practitioners in numerous markets across the nation I regularly encounter those who have a completely false impression with respect to who owes which duties to whom in the course of a short sale transaction. More specifically, many...
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Modern homebuyers will inevitably come across one or more properties currently classified as a short sale. A short sale is an attempt by the current owner to sell a home in lieu of the bank taking it back through foreclosure proceedings, thus partially salvaging their credit rating and lifting...
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There is a lot of misinformation regarding how long it takes (on average) to negotiate a short sale with a lender. As a full-time real estate investor who negotiates directly with lenders to buy the houses of people who find themselves in the process of being foreclosed upon, I know exactly...
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We all know a short sale is when a homeowner and the bank that holds their note agree to sell for a price that's less than the amount of that note. It's sort of a win win, in that the seller walks away without having to fund the deficiency, and the bank doesn't have to worry...
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The telephone rings. A possible listing. Everyone knows that the listing side of the transaction is the “easy” side, you simply list, fill out a few forms, place on the internet and MLS system, instruct the homeowner to keep it clean, then go on your merry way. A qualified...
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