Understanding Short Sales and How to Get Them

If REO is not your thing, there is a lucrative business that is only getting bigger, Short Sales.  

In conversations with Realtors that are successful doing nothing but short sales, many are finding their business to be growing in a market that many are struggling in.

A recent study conducted by all the major lenders has shown that on average the financial institution will net 80% of current BPO per property by short selling versus going through the costly foreclosure process. 

With lenders starting to understand that short selling a property means more revenue and less loss than allowing the property to foreclose,  this creates an abundance of opportunity for real estate professionals who prefer to market to homeowners rather than REO asset managers.

Typically it is easier to sell a short sale listing because the homeowner is still occupying the property, cares about the appearance and it shows better than a vacant REO listing.

Six months ago Realtors avoided getting into short sales because the lenders were not responding in a timely manner therefore, Realtors were loosing qualified buyers.  In recent months, lenders have been more proactive about approving the short sales and getting them closed.  For example, Wachovia upon receipt of a purchase contract and HUD you will typically get a response within 7 days.  They tend to be the leader in the industry when it comes to expediting the short sale process.

As a Realtor, you have spent your career building relationships and a reputation in your community to the homeowners.  You most likely never thought your real estate career would lead you to having to market yourself to financial institutions to keep your business thriving.   Becoming a short sale expert allows you to focus on those relationships and your reputation by keeping your clients out of foreclosure and helping them to avoid the credit impact of a foreclosure.

Having split tested 20 different direct mail pieces, we have narrowed it down to three that will get your phone to ring.  This means more leads and more listings for your business.

All of the information including the direct mail pieces that will get your phone to ring are included in the REO/Short Sale Guide.  

The "short sale" postcard resulted in 48 phone calls, 3 listings and 7 to 8 short pay refinances.  

Average List Price of $600,000 resulting in a gross commission of $45,000. (at 2.5%).

What are you waiting for?  Order the REO / Short Sale Guide today for $199!