Getting Started
I am interested in getting started with short sales. The problem I am having is that there are companies that will train you for a price
(sometimes as high as $25,000..with money back guarantee). They make it sound easy and predictable. Then there are people like Alexis McGee that say not to waste your time on short sales because the banks are now your competitors and that the profit potential is not there anymore.
The truth sounds as though it is somewhere in between.
I need advice from people that are actively in the biz.
1) Pls comment on the above.
2) How much time does it take from finding a prospect to close?
3) Is finding a prospect harder than convincing the bank to discount
a note?
4) The most difficult aspect of short sales?
5) Info I have says that one has to spend between 5-10 hrs per week???
6) Also that discounting the second is the best
strategy. However, I also see that discounting the first is possible.
Are homes with seconds difficult to find?
7) The best way to learn??
I realize I am asking for a lot of info but this site seems to be one that can give reliable objective perspectives.
Thank you for your help.
Some banks will not do anything, no matter what do you write to them.
Ask the seller about the bank, and if you experienced difficulty with the bank before, just say NEXT.
Use your time effectively.
There is an art to set your offer price, and also an art to convince the BPO. Whatever the BPO says, it sets up the negotiation.
[addsig]
Quote:
On 2007-02-20 07:27, tom7w wrote:
Some banks will not do anything, no matter what do you write to them. Ask the seller about the bank, and if you experienced difficulty with the bank before, just say NEXT.
Bear in mind "banks" service many different mortgage loans owned by many different mortgage investors... each with its own workout criteria. While one loan may not include a short sale option, another may... even though both are serviced by the same "bank".
If you are in fact dealing with a "bank" and a limited number of loans it owns and services, and not a mortgage loan servicing company... then you might expect a general servicing policy to include all loans it services.
if the mortgagor is uncooperative... you can try to buy the mortgage, and continue the foreclosure