What Is Your Top Question About Short Sale Real Estate Investing?
Mar 22nd, 2008 | By cboatright | Category: Short Sale Questions
Hi,
I have a quick question for you.
What is your TOP QUESTION about doing short sale real estate investing?
I am really interested in your response. I’m going share something with you. The last few weeks I have been totally inidated with emails, phone calls, forum requests, and even some one-on-one private short sale consulting. Although I’m extremely grateful and appreciative for this it has forced me to really consider what to focus on for you. So… I have decided after about 1,500 email requests, to put together something incredibly beneficial for all serious short sale real estate investors out there.
I’m in the final stages of completing a virtual short sale workplace that will be a paid and private monthly membership. This is going to cause a major stir in the real estate marketplace. The members for this will receive so much value it will almost be impossible not to visit the site at least twice a day. Yes! It is going to be that powerful and beneficial for the members. It will also have limited membership so look for details about this in your emails that I send you.
If you are not on my email communication list, it’s really easy to join. ——>
SEE THAT FREE SIGN-UP BOX ON THE RIGHT OF THIS PAGE? That is where you enter your name and email and you are on my list.
So… I don’t want to let the cat out of the bag quite yet, but just know if you are serious in your short sale real estate investing. You will certainly want to consider the private membership virtual short sale workplace. I know I’m going to receive a ton of e-mails asking me more about the benefits and features of this program. I appreciate those and just know that most of your questions will be answered in the following days to come. You will also have an opportunity to be put on a early bird notification list and sign-up an hour before anyone else.
I can tell you this. I created this private short sale membership with a single goal in mind. That is this. That after you finished reading about it and considered the incredibly affordable (affordable does not mean cheap and I know you know the difference) …investment and what immensly valuable features and benefits it offers to you. You would actually have the thought of “I would be CRAZY NOT to join”.
Please don’t forget this part:
What is your TOP QUESTION about doing short sale real estate investing?
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What expenses does the bank incur when foreclosing on a home and then listing it?
Realtors commission
closing costs
etc….
How do yo arrive at a starting offer price and maximum offer price for a short sale.
thanks you for your time i want to order your course. just don’t have the money at the time to do so i hope this wiil help me and thank you once again
from Emanuel
Where do you get the funds if you are required to show proof of funds.
Average cost of foreclosure is between 14K to 30K depending on the lender and requirements.
Proof of funds can be a letter from someone who says they will loan you the money. It could even be another company you own that will loan you the money. What is your exit strategy - as it will determine if you buy it yourself, assign the contract, or double/simo close to another buyer.
My top question woudl be: What is the number of successful shortsales vs unsuccessful shortsales? What was the typical reason or top 3 that caused them to fail?
Well Cory it’s been said that the reason there are so many diet books for sale is that most don’t work. They just don’t flat out work or the potential dieters find the diets impossible to follow.
With all the shortsale/pre-foreclosure/forescloure courses being peddled on the Internet, I believe the end result is about the same as diets.
Happy Easter
Charles
Cory, Question with Questions, (Be a good servent) Please answer all of the following with good honest and detailed answers.
Loan Work-out with Investors Guidelines
1) 4 Cases, Provide Examples in Detail the terms and conditions of the
Hardest Work-out / Forbearance Solution that was Approved.
2) 2 Cases, Provide Examples the terms and conditions and Details
of a true “Short Sale” that pushed the limits of %, & was Approved.
(A) Provide 2 Cast with a 1st Mgt. and / or 2nd Mgt. combined [ 1 or both sides
you worked on ] that A True “Short Sale”, was Approved.
3) In the 8 Cases above give: Start Time / Final End Date of Approval by the Bank.
Some [ good average time frame of completion 30 days, 6 mos, for a goal ]
4) Itemize 10 to 15 more or Less, as {many as possible that you know},
terms the Bank(s) will accept in a Work-out / forbearance on the
1st Mgt or 2nd Mgt., that YOU Know of, ( For the Homeowner ).
5) Can you list or provide as many Loan Work-out Investors Guidelines
From the Bank as possible, known to you? (THIS WOULD BE BIG)
ALSO I BOUGHT YOUR BOOK “BE A R.E. MILLIONAIRE” NOT Bad just “Fair” for me. If you could compile all the “Investers Guide Lines of all the Bank” of what they will and will not Approve and sell that, THAT WOULD BE “HUGE” this would be the hidden SECRETS of all the banks that all the people like me need to make all deals easyer.
THANK YOU, JOHN H.S……….Your Average Person / waiting to hear from you !!ForeClosureSaveYourHome@gmail.com {remember be a good servent}
Waiting for your answer (awaiting moderation what does that mean?) to stay in touch with me please send all e-mail at:
jsamson3@tampabay.rr.com
ForeClosureSaveYourHome@gmail.com
The most difficult is closing. It is very difficult to find a Good title company. Carissa Cawley had recommended Old School Title, but they don’t alway return calls.
What is the best technique for getting past an incompetent LM rep? Not returning calls and being unreasonable and stubborn about negotiating. Need to keep that person on my side, but it’s slowing some of my transactions down to a crawl.
Thanks much!
Lyn W.
Old School called me back the day after I left them a message, keep trying and email them. Also I don’t know if this is the number, 216-831-1177, you’ve tried, but see if it works for you.
Heres a situation that you might have heard before.
This was the cirumstance. Retail shortsale. FMV was $300k, offer was at $285k, Lender net was $ 264k.
How would you handle a LM negotiator your working with who flat out tells you “I dont care about any other comps or how it’s being marketed. All that matters to me is what’s on the bpo in front of me. So unless you can get me a higher offer. we’ll take the house.” This on an asset that has been listed for over 140 days, the price continually lowered 5% every 30 days until showings started around day 90, and the offer arrived around day 120. The showing records were also submitted as part of the package. The valuation was an interior but there were no mitigating factors that would make the asset distressed and the BPO came in nearly 10% ($325k) high by an agent still in bubble land.
I’ve also heard when working with EMC, “Dont you know who we are? We’re Bear Stearns, we don’t care. We’ll just take it back!” But I havent heard that lately….
How do you deal with a hard to deal with bank?
Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. In addition less expensive than a foreclosure. Working as a realtor in Toronto I’ve witnessed an important number of the short-sales. To respond one of the questions - we’ve observed more of the “successful” short-sales, but I can’t tell you the exact number, but I’m sure you’ll be able to find some interesting statistics.
Cory,
Look on this page by: John Samson, I have asked 5 question and here it is 5 days Later and “NO” ANSWER TO the Question “Posted on March 23rd 2008 @ 7:19 am. WHY??? NO Answers for me????????????
John,
John, I think you missed the point. Please read the instructions in the blog above. These questions are not to be answered here but to complie a list of the top questions to be answered in the future.
Suggest that you ask your questions on the forum for answers.
John S.
Please chill. As Bradley said, this is not a forum. Cory is asking for questions for something he’s doing in the future. Also, you might think about signing up for his training course. Ya kind of overdid it on your questions. I think Cory’s a generous guy, but there’s a limit to what he should be reasonably, respectfully and politely asked to answer.
John,
Your questions are very unreasonable. What an asshole! I wouldnt answer you either.
Mike
I think John Samson must be Loss Mitigator for a lender, chuckle