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4 Keys To Short Sale Success
Filed Under Real Estate Investing, foreclosure
A real estate investor buddy of mine is doing a short sale where Countrywide has a 30K second and the property is overfinanced. The offer to Countrywide was 3K which is a very generous offer for a junk second that will be wiped off at the upcoming foreclosure sale.
Their response is unbelievable. “Insufficient Offer.”
But it gets better. Countrywide said they would prefer to write off the entire amount than take 3K on a short sale!
It makes no sense and it is no wonder the financial institutions of America are begging for handouts.
My friend called me up and asked what I thought. My answer was as soon as they sait they wanted to write off the entir amount I would have said “DEAL! I’m amending my offer to nothing for you and will submit it right away.”
I’m not joking.
Aside from changing the offer to zero I would remain calm and follow up as the foreclosure date approaches because the closer to sale date the more willing the lenders.
Short sales continue to be VERY LUCRATIVE.
The 4 keys to short sale success:
- Followup.
- Be non chalauent with an almost “who cares” attitude.
- Be working several short sale deals at a time.
- Play the short sale game.
If you need more information on short sales check out a totally free resource at www.kickassshortsales.com.
Author: Gerald Romine
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Maybe it’s getting better to write off now instead of taking “something.”
Otherwise, there are more and more idiots truly working for these financial institutions then I ever thought possible.