Short Sales: Are short sales still worth the wait in 2013?
Short Sales: Are short sales still worth the wait in 2013? It is no secret that Short Sales are harder to get approved today, than they were in the past. Short sales are taking longer to get approved in 2013. That being said, they have been the answer to many underwater homeowners prayers. That isn’t going to change in 2013: short sales will still provide great returns to real estate investors.
As an investor, you can see the benefit of acquiring properties at a deeply discounted prices. As a homeowner, you see the benefits of a short sale (avoiding a very negative mark on your credit.)
We all know the disadvantages and difficulties of processing a short sale: the length of time processing a short sale, the frustration of dealing with the lender and negotiating the deal. Short sales in 2013 are still strong and definitely worth the investors time and effort, you just have to take a different approach, have the right attitude, and keep a step ahead of the bank and loss mitigator.
These are my recommendations for dealing with a short sale in 2013:
- Establish a good alliance with the homeowner. The homeowner can make or break the whole process.
- Give the homeowner an incentive to help throughout the transaction.
- Know how to deal with the bank . Ask the bank to help you, help them. They don’t want the property to end up in foreclosure.
- Provide the right paperwork and know what to do when dealing with a discrepancy in price, between what you offer and what the lender wants.
- Don’t be afraid to hire a Short Sale Negotiator, on behalf of the homeowner. Very few real estate investors have a 93% success rate getting Short Sales approved. The Short Sale negotiators I recommend to our coaching students do! Please email firstname.lastname@example.org to request a referral to a Short Sale Negotiator, who meets your needs!
Remember real estate investing is a numbers game: some short sales will not go through, despite your best efforts. The bank may be unwilling to compromise on the price, the homeowner may decide not to sign at closing, the bank may proceed with a foreclosure auction, etc. However there are options as an investor – you can still rescue a short sale at foreclosure auction without any of your money or credit, by using our private funding available to our coaching students.
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