No I am willing to put $4k down on the $20 k price.
My problem is a recent divorce lowered my fico to around 500.
with 20% down should I have any problems with a hard money lender. does anyone know one?
You might find a copy of Short Sale Manifesto by Josh Cantwell. It goes over the whole process of short sales, and is a good introduction. It is only about 50 pages long. You will still need to get info & background on some of the details, but it is a great starting point.
If your mentor is too busy, find another investor who buys in your area and work with them to either help you buy from the bank or have them buy from you. It will help if they have worked short sales before.
Steve,
Another option is (if your phone really is ringing off the hook) find those who ARE doing short sales and work out a referral fee. So for instance ask someone for a $1000 for every referral you bring to them that closes. Build up some $$$ and then maybe you can pay for a course or a guru if you want.
There are some good books out there too that do lay out step by step what you need to do to complete a short.
Maybe you can post exactly what your problem is and if some of us have encountered it we could possible give you our $.02 cents. I have short sales experiences. I did not pay for a coach or a mentor. I was nervous did not know which way to go, but I think experience is the best teacher and there is no way you are going to learn anything without going through it. If your phone is ringing of the hook with sellers then it seems your issue is to find some buyers interested in helping you close the deals.
You might try lining up a good hard money lender before you start bidding short sales. Once you know that you can close on a dime it will make you much more confident in dealing with both the realtor and the bank.
Hey there,
You arent too far off. you ve got the phone ringing. thats the hardest thing to get, so nows for the easy part.
Get people in front of you. After getting authorization call the banks to find out what they require to do a short sale (take good notes).
Once you have spoken to a few banks compile a list of things that they all require.
Short Sales cant be taught in a book because each bank has different criteria and their criteria changes monthly... You will need to ask each bank before each short sale what they need... EVERY TIME.
Now you know what they need... start submitting offers...
Dont complicate things... Everything in life is simple!
? What? What do you mean by this post? Why wouldnt he just flip it or wholesale it out with transactional funding? Lol seems like in my limited experience realtors are about the only ones you can count on not to make money because majority of them dont know how to do a short sale and thus it falls through.
Quote:
On 2009-08-07 22:43, rglover548 wrote:
its almost impossible to make money unless you are a realtor. Sorry, but if you cant submit a short offer to the lender, you cant get paid.
You can try and lock novice sellers up while you find a buyer, but ultimately, there is no place on the HUD statement for you.
However, If you are a cash buyer, then there is some money to be made.
Hi Steve: Search online for foreclosure university, and purchase their short sale program. It is not overwhelming, and right to the point. In fact, they will even take your phone calls.
I paid about $60 for the course and their forms. I have studied quite a few short sale courses and found their course to be very easy to understand and NOT overwhelming with 200+ pages to study like some of the other courses. Also they have ALL kinds of educational information on their website, PLUS you also get other courses with the short sales course. You will be quite pleased. Take care and Good luck...[ Edited by dianehilliard on Date 03/20/2010 ]
Are you saying you would finance it 100% with a HML? I think you will have difficulties without some of your money in the deal.
No I am willing to put $4k down on the $20 k price.
My problem is a recent divorce lowered my fico to around 500.
with 20% down should I have any problems with a hard money lender. does anyone know one?
its almost impossible to make money unless you are a realtor. Sorry, but if you cant submit a short offer to the lender, you cant get paid.
You can try and lock novice sellers up while you find a buyer, but ultimately, there is no place on the HUD statement for you.
However, If you are a cash buyer, then there is some money to be made.
Steve,
You might find a copy of Short Sale Manifesto by Josh Cantwell. It goes over the whole process of short sales, and is a good introduction. It is only about 50 pages long. You will still need to get info & background on some of the details, but it is a great starting point.
If your mentor is too busy, find another investor who buys in your area and work with them to either help you buy from the bank or have them buy from you. It will help if they have worked short sales before.
Best regards,
Steven Currie
Steve,
Another option is (if your phone really is ringing off the hook) find those who ARE doing short sales and work out a referral fee. So for instance ask someone for a $1000 for every referral you bring to them that closes. Build up some $$$ and then maybe you can pay for a course or a guru if you want.
There are some good books out there too that do lay out step by step what you need to do to complete a short.
Maybe you can post exactly what your problem is and if some of us have encountered it we could possible give you our $.02 cents. I have short sales experiences. I did not pay for a coach or a mentor. I was nervous did not know which way to go, but I think experience is the best teacher and there is no way you are going to learn anything without going through it. If your phone is ringing of the hook with sellers then it seems your issue is to find some buyers interested in helping you close the deals.
You might try lining up a good hard money lender before you start bidding short sales. Once you know that you can close on a dime it will make you much more confident in dealing with both the realtor and the bank.
Hey there,
You arent too far off. you ve got the phone ringing. thats the hardest thing to get, so nows for the easy part.
Get people in front of you. After getting authorization call the banks to find out what they require to do a short sale (take good notes).
Once you have spoken to a few banks compile a list of things that they all require.
Short Sales cant be taught in a book because each bank has different criteria and their criteria changes monthly... You will need to ask each bank before each short sale what they need... EVERY TIME.
Now you know what they need... start submitting offers...
Dont complicate things... Everything in life is simple!
? What? What do you mean by this post? Why wouldnt he just flip it or wholesale it out with transactional funding? Lol seems like in my limited experience realtors are about the only ones you can count on not to make money because majority of them dont know how to do a short sale and thus it falls through.
Quote:
On 2009-08-07 22:43, rglover548 wrote:
its almost impossible to make money unless you are a realtor. Sorry, but if you cant submit a short offer to the lender, you cant get paid.
You can try and lock novice sellers up while you find a buyer, but ultimately, there is no place on the HUD statement for you.
However, If you are a cash buyer, then there is some money to be made.
Why not team with someone you trust who negotiates Short Sales and then share the profits 50/50?
[ Edited by TheShortSalePro on Date 02/01/2010 ]
Hi Steve: Search online for foreclosure university, and purchase their short sale program. It is not overwhelming, and right to the point. In fact, they will even take your phone calls.
I paid about $60 for the course and their forms. I have studied quite a few short sale courses and found their course to be very easy to understand and NOT overwhelming with 200+ pages to study like some of the other courses. Also they have ALL kinds of educational information on their website, PLUS you also get other courses with the short sales course. You will be quite pleased. Take care and Good luck...[ Edited by dianehilliard on Date 03/20/2010 ]