Let's do some Real Estate math...
Nearly 1 in 4 (approx. 10.7 million) households have negative equity (A.K.A they're underwater)
- Wall Street Journal
"We typically expect a 10 to 15 percent decrease of loss severity with a short sale"
- Dave Sunlin, Senior VP, Foreclosure and Real Estate Management, Bank of America.
(Translation: the bank loses less with a Short Sale than a Foreclosure)
U.S. Treasure Department guidelines effective April, 2010:
requires lenders to consider borrowers for a short sale on their primary residence 30 days after missing two consecutive payments on a modified loan OR after the borrower requests a short sale
Short Sale Bonanza
It's true - since the peak in July, 2006, values nationwide have retreated more than 30%. In some of the hardest hit areas - well over 50%.
Lenders lend money. Servicers collect money. They both own pieces of paper - legal documents. Amidst their cubicle farms and data centers they never made space for landlords, property managers and property sales agents - a full scale REO department - to manage defaulted-on collateral.
The Carrot and The Stick
When the mortgage payments stopped, lenders foreclosed. (They're not exactly out-of-the-box thinkers.) That hasn't worked out so well for them. Starting last year, they started going "Short Sale" route more frequently... Short Sales nearly tripled year-over-year in the first half of 2009.
Fact is - as BofA has acknowledged - they lose less when they opt for a Short Sale instead of foreclosure.
Profit is always a good incentive for a banker.
As of April, 2010, they'll also be "incentivised" by the Treasury Department. They're now REQUIRED to consider the Short Sale option for certain defaulting borrowers.
Just because it's obvious...
No one is denying the big problem with under-water mortgages and defaulting borrowers. And the Short Sale solution is often the best option. So you'd think lenders would make it easy.
But that's the good news...
You see, lenders make it so obtuse, byzantine and slow for the average home owner and Realtor, that few are successful. Just ask any Realtor who has tried to do a few Short Sales. It's like being water boarded to them.
There's Profit In The Solution To A BIG Painful Problem...
HUGE Profit In Fact
Here's the deal...
I have 3 interviews with seasoned pro's in the Short Sale niche. They each have their business running like a smooth, perfectly oiled machine. And what's so sweet (and surprising) is they don't personally deal with those bureaucratic lenders.
And, as they will show you, it can all be done with:
No Personal Risk
Pull up an ear, access life changing know-how...
There's Profit In The Solution To A BIG Painful Problem...
HUGE Profit In Fact
Short Sale Pro #1: Investor, Author, Coach
Josh Cantwell is a Real Estate Investor, author and coach. He transitioned out of the corporate world into the Real Estate Investing world and strategically chose Short Sales as his niche back in 2003. He's in the Cleveland area which was quicker than the rest of the nation to spiral into defaults.
He saw the writing on the wall and chose the Short Sale niche as a great way to profit from the change in market conditions. Josh has done over 500 Short Sale transactions.
Josh coaches you on...
- Your one and only main responsibility is...
- 4 ways to find deals and why this way is the best
- Track this
- Bet you never used direct mail like this
- Here are the 4 objections a home owner will have AND exactly how to overcome them
- This is the most critical part of the process
- How to tie up the property
- Here's what the lender is thinking
- Here's how to out-think the lender and get the best deal
- The disclosure you need for a same day close A-to-B, B-to-C
- Why you shouldn't sell to FHA buyers
- 3 types of neighborhoods and which are the best buyers for each
- Key players your need on your team
||"I found them excellent. I have done approximately 50 short sales, albeit, 5 years ago, and I have to admit, I learned some fantastic new techniques and new knowledge. I have learned that a lot has changed in a short period of time. Listening to new techniques from different perspectives is priceless. I would recommend these to anyone and everyone."
||"I really liked how these interviews are very detailed. I hear about short
sales all the time and how real estate agents don't like to work with them,
and these interviews explain why as well as providing a solution for the
agents' problems creating a win-win situation. I highly recommend these
interviews and if you are or know an agent that absolutely hates or avoids
short sales, have him/her listen with you. Hopefully they can be your "rock
West Covina, CA
||"I began working in the real estate industry in 2008 soon after I
was laid off from my job as a cabinetmaker. I studied to become
a licensed real estate agent and quickly went to work for an
agency in New York City - just as the housing subprime crisis
began to take hold in the northeast. The market for real estate
declined and listings and sales virtually dried up, so for about
18 months there was virtually NO money to be made, except for a
nominal rental market that helped pay the rent and nothing more.
It was in the second half of 2009 when I began to look into the
little known (in NYC) shortsale market. I was introduced to
several investors that were negotiating shortsales and I quickly
saw the potential to make money in this area. With some help
from these gentlemen I worked my way through my first shortsale
in about 8 months - not exactly a moneymaking machine !
Then I came across REIClub and their new short sales interview
Believing that there is money to be made in short sales,
especially since the real estate market seems to have stalled, I
ordered the REIClub interview series on short sales, consisting
of 3 CDs with short sale professionals Nathan Jurewicz, Cory
Boatright and Josh Cantwell. I knew there had to be a better way
to navigate through the short sale process, and I hoped this
series would guide me to it.
My hopes became reality when I received an approval on my next
short sale offer within 4 weeks - thanks to the advice that
helped me streamline the entire short sale process and take me
straight to the negotiators able to make a quick decision on the
deal. I am also very close to completing 2 more deals, and
because of this success I have several other property owners
reaching out TO ME! I have recently begun my own company
designed to negotiate short sales for homeowners, using the
advice from the REIClub short sales interview series.
Thanks to REIClub and the interview series it seems I will
finally benefit from the current real estate downturn, while also
helping struggling homeowners get out from under the weight of a
terrible situation without the stigma of having been foreclosed
Short Sale Pro #2: Part-Timer
Nathan Jurewicz had a J-O-B and didn't offer much resistance when his friend dragged him to a Real Estate seminar. He was hooked. He started rehabbing in the Tampa area when the market was on the incline and put on the brakes when the market started stalling. He changed gears to Short Sales.
He closes 5-10 transactions a month - working part-time - "without talking to a buyer, seller, or banker or looking at a house". Oh yea, he's still in his 20's.
- How to do the whole transaction for $10
- Know these numbers before submitting an offer
- Use these 4 documents and you'll be totally protected and on the up-and-up
- Wait until this happens before you make an offer
- Why you should focus on one geographical area
- What critical players you need on your team and where to easily find them
- Put this phrase in the MLS listing to bring in the buyers
- Why we won't touch this kind of property
- Kind of homeowners we run away from
- How we train Realtors to work with us AND how to close home owners
- Do NOT name your company anything like this, name it this way
||"Here's a newer investor (Nathan Jurewicz) sharing his system without pushing his "product"... Keep finding these kind of investors who'll share... Love that you transcribed it, too. Interviewer could be a little more organized to help focus the speaker. However, my questions were answered so the interviewer did a good job."
||"The interviews with short sale experts Josh Cantwell, Nathan Jurewicz and Cory Boatright were very helpful in getting a handle on the subject. As always, the dual format of audio CDs that I listen to in the car, along with accurate written transcripts and the one page interview nuggets make the information maximally accessible. The information is applicable to both those who want to set up a full time short sale business as well as those who only occasionally acquire a short sale deal. I plan on referring to the interviews regularly as I increase the proportion of my real estate investing that comes from short sales. Particularly useful is the the approach to take with realtors, the approach they should take with sellers, how the process works and the expectations of how much you can expect to make on a deal."
Wesley R. Brown, MD
||"Timing! I was about to start working on short sales in the MLS with my Buyer's Agent, when the Short Sale Interviews appeared. I knew so little before that I couldn't even have asked enough questions to get all the information in them. There was a wonderful amount of important and easy to understand detail as well as three different overviews that were helpful.
I was able to send some of the procedure information to my agent, who is new to this also so we can work together efficiently.
Also, it was a real confidence builder for me now that I know the nitty-gritty. I hope this will give me an edge when dealing with the banks."
Short Sale Pro #3: From Entrepreneur U
Cory Boatright left High School for an entrepreneur education. After a few successes he set his sites on "making it" in Real Estate. He started Bird-dogging it, moved on to assigning, then wholesaling and ultimately really dug in with Short Sales.
He's a speaker, author, trainer, radio show host and consultant. He and his wife own a national loss mitigation company.
Cory schools you on:
- Read this book. Then read it again
- Why you want to work at splitting your profits to grow them
- This is what you tell Realtors to get them on your team
- This is how you get home owners to commit to you
- The script you train your Realtors to use with home owners
- How to find the key players for your team
- What Cory does for half day every week
- The person with the most influence over the deal
- Get your leads from the two places
- You want to target these kind of properties (and there are lots of them)
- Why you shouldn't negotiate with the bank
||"My name is Jessica Ehmke and I live in Milwaukee, WI.
I found all of the dvd's to be very informative. They are very thorough
about going through the short sale process in a very detailed, easy to
follow method. In today's market where there are record numbers of houses
going into foreclosure every day, all of this info on here is priceless. To
be able to navigate a sale before it actually goes into foreclosure will not
only net me more profit in most instances, but I will get the satisfaction
of being able to help homeowners keep a foreclosure off of their record.
It seemed unbelievable to me that the banks would be willing to take such a
huge loss on a property, but hearing their stories makes me see that it does
happen every day. Finding out that they started in this business not
knowing anything about the short sale process, and have since turned into
experts in that field gives motivates me to get started focusing more on
I like the fact that all of these guys are just normal people who have found
their niche in the real estate world, and are taking the time out of their
busy schedule to help educate others so we can find success also.
Thank you for selling a quality product at a very reasonable price!"
West Allis, WI
||"I was amazed at the information contained within these three interviews. These guys lay out the basic overview of the short sale process and introduce you to how to start up your own real estate business. They describe the teams they have put together and what to look for when you put your own team together. Overall, a very educational package."
||"I'm new to investing so all the info on short sales in the REIClub interview series was very eye-opening and informative. I believe it will give me a great starting point to work from and I already have a potential lead on a short sale. Thanks much for the great info."
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