Want to make money in Short Sales?

Here are the top 7 mistakes keeping you from your Short Sale fortune.

In the past year we have become very familiar with the short sale process. When we speak to many of you who are having problems getting your short sales approved, we come across the same issues constantly.

If you want to be successful at short sales, avoid these 7 common mistakes:

1. Not being organized. Short Sales require lots of paperwork and follow up. If you don’t have a system in place to be efficient then you are losing a lot of time.

2. Not Submitting a complete package. Have you ever faxed a package to a lender only to call back in 48 hours to find out that they have not received your package? 9 times out of 10 your package was incomplete, so they won’t even have it in the system.

3. Missing the BPO. Meet the agent at the property to build rapport. Offer to make his/her job easier by providing a list of repairs and comparable properties. You’d be surprised how often the agent will thank you.

4. PRICE. This is a big one. Most investor’s attempting short sales think that they can get every property for pennies on the dollar. Although this may be true for abandoned properties, most of the newer properties will only be discounted 20-30% of retail value.

5. Not being fully committed. In our experience we have found that you need approximately 30 deals in the pipeline to be able to close 1 short sale transaction per month. If you’re not able to handle this kind of volume, partner with someone that can.

6. Not Using a Realtor. Typically banks are more receptive to Realtors presenting short sale offers therefore the process can move along a lot quicker.

7. Not having a Buyer. Don’t take on a short sale unless you have a clearly defined exit strategy. Since most properties will only qualify for a small discount, the only way to sell them is retail. This is where a good realtor can make the difference in your success rate.

Avoiding these 7 mistakes will help you to be more successful when working on short sales.

Now that you know what to, the next step is Getting paid. Learn the 5 Proven techniques to Get Paid on ALL your Short Sales.

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