Short Sale Question
I have attempted a few short sales, and have never received any concessions from the banks.
I would like some input on how one does one properly. When is the best time to act? I would assume before the foreclosure has happened. (In MN the homeowner has a 6 month right of redemption.)
When I have done it in the past, I have contacted the bank and they have done an appraisal. The appraisal has come in roughly what is owed. I then have told the bank what repairs need to be done, but they stick to their appraisal. I tell them that they would get CASH, but they still say no.
Do you have any recommendations on any courses that I could buy on the subject?
Thank you very much. I truly enjoy your website.
Derek 
On this site you can buy Dwan and Sharon's Short Sale Secrets, an awesome course!!!
Bill
Webuyproperties,
Control the BPO (Brokers Price Opinion)from the bank or an appriaser. Become the contact person so that you have to meet the Broker at the door who is doing the BPO. Get low comps on the property. Meet them at the door and say hey I had my appraiser friend pull these for you, if they would help. Based on that your offer should be stuctured with what you expect for it to come in. Short sales are not hard...just a process.
Good answer, JR.
We meet the appraiser at the subject property. We give the appraiser our complete short sale package which includes our cover letter, some really low comps, some bad pictures, a net sheet, a long list of repairs, a really sad hardship letter, and my detailed cover letter explaining why I can't possible pay full price. I back-up the package with sd much proof of the hardship as I can get my hands on.
While I have the appraiser at the property, I lay the biggest guilt trip I can by sharing ALL the gory details of the foreclosure with him or her. The appraiser can make or break your deal. This is your one shot, so go for it.
The incentive for the bank is to get the bad debt off its books.
We offer several short sale boot camps this year. It's two days of non-stop action. We're on the calendar on this site. Check us out.
Dwan
Hi Dwan And Sharon I have read and listened to your courses one of which I loved which was short sale secrets. My question to you is I have been asked to do short sales for others and I am charging for it. Do you have a form or agreement to receive a fee for others for what you short? Thanks in advance! You guys are great!
I have been turned down as well, where the BPO has been too high, and the bank will not budge. I have also been in a good position. I think it is all a numbers game try and try again.