I know everyone has heard all of this talk about investors making thousands and thousands of dollars on short sales.  Well I can stand here today and tell you, from my own experiences, that it’s true.  Just from the last 30 days, we have been able to amass over $10,000 in profits from two short sale deals. 

Marketing for short sale leads and negotiating short sales are beyond the scope of this post.  But I will give you a few resources that I’m sure you will find beneficial in your efforts to find leads and get them negotiated.  My preferred method of generating leads is marketing to homeowners who are 60 days late on their mortgage.  You can obtain this list from a reputable company named Yellow Letter.  They sell Pre-NOD leads to investors and can also mail out letters to these individuals for you for a fee.   

As for short sale negotiations, I would recommend using First Choice Loss Mitigation.  They negotiate short sales for buyers, sellers, Realtors, investors, attorneys, and lenders.  You can also partner Read the rest of this entry »

Short sales are one of the most recognizable terms in the real estate industry, more prevalent then it was just 3-4 years ago.  Yet a number of investors don’t have the patience and stamina it takes to purchase a short sale.  The average short sale takes approximately 3 months from beginning to end.  Investors with all cash are usually ready to move on a property immediately and when a better deal comes around, they jump on it and drop the short sale.  This is normal and why a number of pre-foreclosureproperties end up becoming REOs, Real Estate Owned properties or properties taken back by the lender.  In 2008, Fannie Mae found that for every one short sale that closed, eight homes went into foreclosure.  This speaks to the difficult nature of the Short Sale process and the backward nature of how lenders handle them.  But there is light on the other side, we just Read the rest of this entry »