Short Sale Questions for Video Q & A
Oct 12th, 2007 | By cboatright | Category: Short Sale QuestionsWhat questions do you have about some of your short sale challenges?
Would you mind listing them so I can answer them in the next session?
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Are you struggling figuring out what to offer on your short sale?
Check out this link:
http://www.shortsalefundamentals.com/blog/2007/09/25/how-to-determine-your-short-sale-offer/#comment-13
Do you have more questions about short sales? Post them for me.
Here are my questions: I have not begun doing short sales myself, but instead have been giving my leads to a local couple who works them. I am trying to figure out the best way to work them with the least amount of disruption to my family, since I am at home with small children. I think of getting the leads, then outsourcing the negotiating parts, and then wholesaling the houses. What do you think is the best way to do this with the least amount of time/effort? I started to seriously consider short sales because almost all my leads are for short sales. Thanks.
When transferring a property into a trust, does it matter if a warranty deed is used or should we use the Quitclaim deed?
I am trying to figure out the best way to do the short sale with the least amount of disruption to my family, since I am at home with small children. I think of getting the leads, then outsourcing the negotiating parts, and then wholesaling the houses. What do you think is the best way to do this with the least amount of time/effort?
How would you handle the following scenario:
First Mortgage- Wells Fargo- $187 K
Second Mortgage-Bank Of America- $100K
ARV-$260
Repairs needed - $20K
How would you begin this short sale?
Thanks A lot
Mitch
I would find out what type of loan you were dealing with…FHA, VA, CONV, FRMC, FNMA, PRIVATE etc..
Then I would talk to the second first because they have big chunk of money at risk. Then I would use my numbers listed in this article and determine if this is a PRETTY, UGLY, or SCARY HOUSE. Based on what you wrote it would be between PRETTY AND UGLY.
http://www.shortsalefundamentals.com/blog/2007/09/25/how-to-determine-your-short-sale-offer/
You might expect the BPO to come in around 10-20% less than FMV or ARV. If the TRUE (based on my article) ARV is $260K … a good way to start would be:
$260K ARV x 10% = $234,000. or x 20% = $208K +/- 5% for each
You might consider offering the 2ND 10K-20K. That is 10-20%.
The 2ND is your money maker on this one.
Jo and Dehong,
A local investors we know has a similar time issue, so he passes the shortsale leads to us to handle. We have worked out a deal, joint venture, where we all win in the process. He’s good at getting leads with different marketing techniques and does not want to handle the shortsale process. We then farm out the short sales to an experienced shortsale master! So you may ask, “Why doesn’t he go directly to the short sale master?” Synergy. I have been promoting synergy and it appears to move us all forward much faster. We have our key strengths to promote a moving vehicle for success. We worked out our strategies and business model which should allow more growth than possible before. Our real estate toolbag is much more complete so fewer deals get thrown away. Find a good team and keep it working!
Great information!