Can Someone Explain A "workout"?
I keep reading in the area of foreclosures about either solving the motivated seller's problem by buying their house or doing a "workout" where the seller gets to keep their home and not have to move. Can someone, that has done "workouts" explain to me how this is done? How do you benefit by letting them keep their home? How do you help them keep their home? What foreclosure situations (high equity, low equity, no equity) do you target for a "workout"? Thanks in advance.
Well said.
To those of you emailing and asking for a copy of the manual...no dice. And it's not for sale either. I have hundreds of hours of research into this thing, and probably the same writing and editing. There's plenty of information freely available on the internet if you'll only learn to search for it and spend the time to read and evaluate it. I don't ask too many questions on these forums because I'm often able to answer my own questions spending a little time searching for one. You know that old proverb? Give a man a fish and he eats for a day; teach him to fish and he eats for a lifetime. So, to you who want the answers just handed to you I say, go fish.
Here's one tip...start at HUD. Once I finally got to HUD's website and starting digging deep, a lot of pieces came together. Eventually, I found out what crappy information most websites have. Most sites list four or five methods and think they've done their homework. I finally came up with over 20. I had to start my manual over from scratch after that.