- by Matt Scott of www.DealmakersCafe.com

Another article that I found that is full of great info for those of you who work foreclosures.

When attempting to get a Short sale, a big frustration of real estate investors is getting the lender on the phone to negoatiate a short. Faxing them and leaving messages just doesn't seem to work sometimes. So step back for momemt. Think about this..who does the lender want to talk to you...

The seller! By now, the Seller may have been avoiding the calls from the collection department. Other times the seller may be on top of things which means they're updating the lender every couple of weeks which is even better.

Getting the Seller to bat for you on a Short Sale.

Rather than wasting time on deals that could be potential short sales, I get the Seller involved from the start. This will help in speeding up the process. If the Seller is motivated & credit conscious, they are usually motivated to deal with the lender on my behalf.

If the deal has the criteria mentioned in another article, I get the Seller to contact the lender.

Why?

Because the creditors are normally have to chase down the defaulted debtor to even speak with them. I get the Seller to call the lender & tell them they have a potential buyer for the property.

The lender is very interested in speaking with the Seller more than I, the investor. Any indication the lender can avoid foreclosure and receive satifaction for the note, believe me.. they're interested.

The lender may ask to get a copy of the contract when it's signed by the Buyer(you). The Seller will inform the lender the purchase price is less than the payoff amount and the current condition is less than perfect (if that's the case). The Seller could tell them it's a fair offer from their perspective which could influence the lender.

The lender is still on board at this point and wants to see a copy of the contract. Do not fax over a contract loaded with investor language and weasel clauses. Let the fax be from the Seller to the Lender.. not from you the investor.