How do i learn about real estate “short sales” without spending money to learn?
Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 10-07-2010-05-2008
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Question by Nuclear M: How do i learn about real estate “short sales” without spending money to learn?
I would like to know how to get involved with real estate “short sales”…I love customer service, but I want out of retail and the R.E.S.S. breed of service can save a lot of people a lot of money, as apposed to convincing them to spend more money as you so often find yourself doing in the retail environment. However, I don’t have money to spend on seminars, boot-camps and other such conveniences or money traps (should that be the case). I would really appreciate anyone who would be willing to take their time to teach me at no cost up front…and i have no problem arranging appropriate kickbacks for the kindness once I get going. Thank you in advance for your time.
Best answer:
Answer by operababe_61
Are you talking about representing sellers in a short sale? If so, you have to become a licensed real estate agent first.
If you’re talking about buying properties that are being sold as a short sale in order to buy them cheap and flip them, there are a million books at the library. I read one called Millionaire Real Estate Mentor (or something close to that) that was pretty informative.
Give your answer to this question below!
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Before you go spending your time and money, let me fill you in on what a “short sale” is, and what it is not.
A short sale is not… “Hey look! I was able to buy this house for less than what it’s worth!”
A short sale is…….”Hey look! My lender let me sell my house for what it’s worth, even though that didn’t pay for the mortgage that was owed! Wow, that was a lot better than the foreclosure that was about to happen.”
Hope this clears things up.
Read this book:
ISBN-10: 0471760846
and visit: http://www.reiclub.com
Regards
You will likely come across dozens of properties in foreclosure with little or no equity, that is, the seller owes at close to or more than the property is worth. In these situations, lenders are sometimes willing to accept less than the full amount due, commonly referred to a “short pay” or “short sale.”
Negotiating a short sale with the lender is a difficult process, generally because it is a daunting task finding a bank officer who has the authority to accept a discount. You will have to call around to locate the lender’s “Loss Mitigation Department.” More than likely, each lender you deal with will have a separate name for this department, so be patient when calling. Much like getting your phone bill corrected, you can expect the process to involve a lot of waiting on hold and being bounced around an intricate maze of automated voice mail systems. Once you get in touch with the right person, then the negotiating begins.
Now mind you if you are doing this for yourself (you as the investor), you do not need a license. But if you are trying to do it for others, you will need a license. Also consider investing with other real estate ventures as defined in the book below.