Short Sale Question...lost!
why should the seller who is approached by me about short selling their property go with my offer to short sale their property please specify all the various benefits to the seller
does the seller receive any kind of money if so from who and how should i calculate how much should the seller receive what is the formula to follow here
First - one of main prerequisites of a short sale is that the homeowner has no/very little equity (this takes away one of their bargaining chips;"Why should I..." mentality). Second - MOTIVATED they must be (4+ months behind on mortgage, it's about to be taken away from them and sold at auction, they need help quick); desperate or close to it. They don't want a foreclosure on their credit report. Better to sell it while they can and maybe walk away with $500 than with $0.
I HIGHLY recommend you look at Dwan Bent-Twyford & Sharon Restrepo course "SHORT SALE SECRETS". There's a lot of factor with Short Sales, but they can be incredibly profitable... it takes away the need for a down payment if you do it right and you may (or not) have time to get conventional lending - if that's what you want. Presenting a short sale to a bank is like an attorney presenting a case to a judge; in the end the judge needs to have pity on the client and even like the attorney and his/her closing arguements. Good Luck!