What is Good deal
I am a beginner in this area. When you get the foreclosure list then I nomarly check thier liens or any other document from the record oofice. However, the liens exceed the equity in that house I Konw some people use short sale strategy. But I want to know from pros that how do you select and eleminate which house is even worth to contact the owner or inspect the house?
Hi Junhong,
You are doing the right thing by checking the information against the property. The goods news is that if the loans exceed the equity, then it may be a good candidate for a short sale. In these instances I would call and follow up with all of the NOD's. Some will call you back, some wont. But the only ones that you want to work with are the motivated ones.
Have them sign an authorization to release form and call their lender to inquire the lenders position and if they would consider a short sale. If so proceed, if not, go on to the next one.
Just know that the short sale business is a numbers game, the more candidates that you contact, the more dollars that you can make. Best of Success!
BAMZ