Shor Sale Agreement Timing????
Hello Sharon
Please clear up this confusion where you are searching for short sales. Is it best to get the owner under control with an agreement… 1) when you first talk (phone call or house visit) OR 2)After you talk to the bank to see if they are short sale inclined and WHY is #1 or #2 best?
You didn't ask me, but here is my $.02:
If you try to fit every opportunity you encounter to fit your technique, you'll experience failure more often than success. You have to read each individual situation and determine if there exisits an opportunity, and if so, what technique or strategy is best suited to accomplish your objective.
When you first approach a homeowner, you really have no idea what the homeowner's situation might be, what the homeowner wants, and if your speculation criteria is even feasible in this given situation. So, you listen. Then think about it. Then respond.
If the 'opportunity' survives an initial prequalification, and you gain the Seller's cooperation, enter into an agreement with the Homeowner, then proceed with your due diligence.
Once you have further prequalified how best to exploit that particular opportunity, proceed with that strategy/technique.
If one strategy isn't applicable, perhaps another one will.
You'll learn that there are about a gazillion wannabe speculators for every bonafide opportunity. Don't let your opportunity slip away because you can't get it to fit into a particular technique's cookie cutter approach. The more tools you know how to use... the more easily you'll convert opportunities into closed transactions.
If you only know how to use a belt sander, and you only take jobs where belt sanding is required, you'll starve. If you learn to use a hammer, a screwdriver, and a saw, you'll always be working.
The best way for us to pursue a short sale is to speak to the homeowner first (99% of the time, they've called me on the phone), after determining that there is no equity and discussing doing a short sale, I fax them the authorization to release and then they fax it back and I call their lender(s) and fax the auth to them. If the lender will entertain the short sale, then we set an appointment to meet the homeowners, at which time we complete a contract and other paperwork necessary for the short sale. This saves time for us and no one else is trying to beat me to a deal w/no equity. Thanks, Sharon
Sharon, I heard you make this suggestion at your last seminar and it's good I read it again because before...I would send postcards out, get the call, schedule a "meet 'n greet" time and then go over the auth. to release....VERY TIME CONSUMING!!
I will try the phone/fax method now!
Thanks!