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Real Estate Short Sales (Pre-foreclosure) |
The sale of a property in which the proceeds of the sale fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and write off the remainder of what is owed on the mortgage if the owner is unable to make the mortgage payments. By accepting a short sale, the bank can avoid a lengthy and costly foreclosure, having to take possession of the property, and the owner is able to pay off the loan for less than what is owed.
Real Estate Short Sale Overview
Short sales are when a seller is behind in payments and instead of going through with a foreclosure, the lender accepts a lesser amount for the home. This allows the seller to avoid a completed foreclosure, the bank to cut their losses quickly, and the investor to buy a property for less than retail.
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Pros of Real Estate Short Sale:
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- Flood of investors and gurus entering this market
- High organization skills and patience required
- Long time (2-10 months) between start and finish of each deal
- Dealing with the banks and their loss mitigators can be painful
- Changes with bank procedures can directly affect your business
Marketing Advice of Real Estate Short Sale:
- A Lis Pendens list is the list when the lender starts the foreclosure process and first becomes public. It is the most targeted list, but also the most competitive. Find out what others are using by asking a seller in default to hold on to all marketing material, analyze it, and make yours better.
- Bandit signs pull well, but you will get lots of calls from people who don't qualify, and probably a police officer or random upset neighbor now and then.
- Use sequential mailings for your direct mail marketing. Hit 'em up multiple times in an automated fashion.
- Door knocking can be effective but very time intensive.
Short Sale Real Estate Books
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Making Big Money Investing In Foreclosures Without Cash or Credit, 2nd Ed.
Making Big Money Investing in Foreclosures without Cash or Credit, 2nd Edition provides the Astonishing Truth about Foreclosures. This book Shows You How to Get Rich in the Hottest Real Estate market on earth. Each page provides You the hidden Foreclosure Investing Secrets and Strategies of the Rich. |
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The Pre-Foreclosure Property Investor's Kit
The Pre-Foreclosure Property Investors Kit offers step-by-step instruction and no-nonsense advice on how to find great deals, estimate fair market value, negotiate with sellers, sell your property on your own, and win big in real estate. Youll learn how to get the best deals on foreclosure properties before they go to auction and utilize simple ready-made worksheets, checklists, forms, and agreements that make getting started easy. Even people of modest means can get into pre-foreclosure investing-all it takes is a little hard work, persistence, and the tools youll find in this handy guide. |
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Making Hard Cash in a Soft Real Estate Market
Investors can still make great money in real estate even if the market is in a downturn. When the market is soft, they just need new rules and strategies for profiting. There are values hiding in every market, and this guide makes finding those values easy. Readers will learn how to find the next high-growth emerging markets, buy new construction at big discounts, find private financing when bank lending is tight, and find hidden gems with enormous profit potential. |
Short Sale Real Estate Videos
Short Sale Real Estate Resources
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Search free foreclosure listings in your town and across the country. This is the world's largest and most up to date database of real estate foreclosure listings and it is absolutely free for you to take a first look for yourself. |
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For the very best deals in: Boston, Dallas, Chicago, Houston, Los Angeles, Washington DC, or New York City. |
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Attorney Jonathan Dever provides the very best legal services for real estate investors anywhere in the country. |
