3. Loss mitigation is inundated with tens of thousands of short sales, loan modifications, and forebearances requests. If they believe your offer is not high enough, they would rather it foreclose than spend alot of time on these files.
Some first lien lenders I negotiated with would not accept a Short Sale unless the LTV was 85 or 90 percent.
I have seen many articles on bigger pockets about Short Sale Riches, the McLaughlin and Jurewicz program, but what I haven seen, is any evidence that anyone has achieved anywhere near the level of success that is promoted on the Short Sales Riches website. I understand that it is a good guide to short sales, but if I simply want to understand short sales, I don need to spend Nike T Shirts Grey
If you want to know the basics of Short Sales it is not something you can learn over niight and the cost is somewhere between $1000 and $5000 from the packages I have seen being offered. There one guy to get into his mentoring program that charges $7000.
profits were usually around $40K to $70K and like one out of four above $100K after all this is Califonia where the average garage is $500K.
I live in Fremont, CA of the San Francisco Bay Area and yes I have worked Short Sales and Loan Modification since 2007.
repiping, rewiring, roofing, earthquaking, termite nightmare. If you can get 70% LTV from a lender in CA you are doing something incredibly right and you are in the right business.
$1,000 on a package to teach me the basics of short sales.
Do not send out Direct Mail to the homeowners in NOD it is a losing effort the only thing they want to do is "Stay in the home." and do a Loan Mod and never pay you because our government says they shouldn pay up front for a Loan Mod.
2. In Florida, your alllowed to file deficiency judgments against the borrower these bring in added dollars from bad debt collectors.
In the LA area, I have never heard of a bank taking less than 70 cents on the dollar for a foreclosed property. So if their claims are correct, it may be worth investing in.
And Second Liens were the worst they try to hold up the whole deal knowing they would get zero if the property goes to auction. Bank of America was the worst they wanted 5% of the BPO and most of the First Lien positions like Ocwen would only give $1,000 to the Second Lien position so we had to make up the difference from our HUD 1.
So, I would be interested in hearing from anyone who has taken this program and applied it and been able to make large amounts of money with it on a consistent basis.
Short Sale Riches Has anyone made money from this progr
If you want a proven system, then work with a negotiator that has a proven track record. While your negotiator is chasing down that loan modification rep, you can be out generating leads and marketing your properties. That, my friend, is the "secret" you will pay so dearly for if you purchase a "system".
The thing you want in today Short Sale market is "Wet Funds" and a Title Company that will do a double close for you. Now I did not say a simultaneous close, but I did say a double close. You also have to disclose to the end buyer that you are using their funds in a double close. Of course you need to know how the lender wants their Short Sale Package put together and some lenders like Bank Of America, Litton, Ocwen, IndyMac and a few others want you to use their forms.
I was a member of Short Sale Riches, but I never made any thing of it because I am now focusing on REOs. In California if you offer a Lending Instutution holding a mortgage on some poor working stiff citizen home a Short Sale you will be lucky to get 80 cents on the dollar unless the property is a real distressed piece of work. I not talking interior exterior paint, carpets and lawn. That is the common exchange between hgomeowners in CA. I talking a real investment in rehabbing foundation, walls, Nike Sweatpants Tapered
I have read through their program fairly thoroughly and do not see any special advice or what Guru like to proclaim as "insider" or secret information. I have done short sales in multiple states and the "secret" to short sales is their is none. It is about presenting a deal to the lender where they are Nike T-shirts going to net more selling to you than foreclosing. This presentation must include documentation which supports your valuations.
Speaking of BPOs you do one in preparing for your offer and in CA we use the Notice of Default Purchase Agreement to express that offer which will be 80% of your BPO and placed on the HUD 1 also. The bank will also do a BPO and you should find out when that is to be done in your early negotiations and be there the day the BPO person shows up to use your BPO to influence the bank BPO. Sometimes the person doing the bank BPO is just a guy sent out to get pictures that when you present them with the extra copy of your BPO. It makes it look like they took the extra step. You also make sure they take pictures that you point out as the ugly pimples on the home. Another hint in doing your BPO use sales relating to REOs, Foreclosures and not just ACTIVE, SOLD and PENDING from the MLS.
Real estate is about local markets. I negotiate for several investors and agents in many different markets. It is impossible to claim what works for an investor in West Palm Beach Florida will work another in Los Angeles.
So, taking your 70% REO number, you will need to ba able to profit on a 75% discount or higher.
The Gov is really looking out after us aren they. So if you are prepared to buy and hold for them then do a Lease with an Option to Buy in two to five years do not send out Direct Mail. The response is 10 out of 1000 mailings and only three result in business and it is a Loan Mod.
1. The lender does a net proceeds comparison for both the short sale and REO scenarios. If the area REO are getting 50 cents on the dollar, then your short sale will have to offer somewhere north of that.
I know McLaughlin and Jurewicz talk about making 6 figures a month and getting offers accepted for .40 and .50 on the dollar, but what I don understand, is whether this is due to some special knowledge they have, or the fact that their market, southern Florida is suffering from an extraordinarily high rate of foreclosures and banks will basically take any offer they can get.
Who to learn the best from is a Real Estate Agent doing Short Sales right now? Do they know what they are doing? Only the ones making big bucks doing it in your area. Real Estate Agents work hard for their money in today market and don even get full commissions out of a Short Sale usually 2% to 2.5%.
It is very rare that you will find deals for .40 to .50 cents on the dollar. Why?
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