Suggestions On Short Sales
Does anyone what suggestions on create weed thru Foreclosure listings to find the best ones for short sales?
Kim
Does anyone what suggestions on create weed thru Foreclosure listings to find the best ones for short sales?
Kim
Short sales work nicely with a second mortgage in place-- discounts are higher. If LTV is lower than mortgage total, then short sale is attractive to the lender. You just need to be careful that it meets your investment objectives.
And don't bother weeding through. Contact people first. Direct mail or phone calls. Qualify the deal after you make contact or you will just be spinning your wheels. What good is it to know the payoff, the amount of repairs and the comps in the neighborhood if the owner won't talk to you?
I have a list of just listed foreclosures. I am going to start contacting the property owners.
1. If they have 2 mortgages and are upside down in their property can I still help them by submitting an offer to the banks? Or is it impossible to do a short sale if they are upside down in their mortage compared to the FMV?
Thanks for your reply. Yes, I think I just realized that this weekend. I spent 2 hours on doing a CMA on a house and put together this great package and left it on the ladys door step and she did not call yet.
I am going to mail them in bundles now. That makes sense. You have to have them want your help or you cannot do a darn' thing!