Short Sales: Guaranteed! (not)
Sorry, but there are no miracle formulas, no magic words, and no guarantees when seeking to acquire distressed property via a preforeclosure short sale.
There are too many variables in each set of circumstances to assure success 100% of the time. But you can take steps to maximize the chance for success. How? By doing your homework, and by being honest with all parties.
Unless you take great care in your prequalification of the mortgagor, mortgagee, and the subject property and take additional care in the Short Sale Proposal that accompanies the Seller's application... you'll experience failure more often than not.
Shorts are not the indicated acquisition technique for the majority of preforeclosure opportunities. However, short sale acquisition is a useful tool to use when the technique is applicable.
By prequalifying the short sale candidate PRIOR to pursuing a short, you'll save yourself a lot of aggrevation... and not waste the distressed Homeowner's time on an ill-conceived attempt.
As an advocate for the financially challenged, I'll ask that you at least consider an exit/escape strategy for
the distressed homeowner... and not abandon them, like so many wannabee speculators do if/when the transaction begins to unravel.
Read, "How to Prequalify a Short Sale Candidate" and "Short Sales: Child's Play or Not"[ Edited by TheShortSalePro on Date 09/17/2003 ]
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