Stanhope Investments LLC

These days, all the market is a flutter with Short Sales advice. What you need to know is that a Short Sale is when a lender (aka a bank) agrees to accept less than what is owed on a property. They’ll agree to this if the loan is in danger of going through a foreclosure process. Historically banks take forever to do this, but with todays market and listening to the gurus you’d think they close a deal every week. I’ve been told you can expect a bank to accept up to 50-60 cents on the dollar vs market value depending on how well you make your case and how much is owed on the property. I’ve not successfully done a deal like that so I can’t speak from experience. Check out this video from www.realestateinvestors.com
I’m interested in knowing:

• Do you think a video format is more or less convenient than having it all written out?
• What are the benefits? Downsides?

Take notes and compare against what I came up with.

Don’t cheat, watch and take notes and then compare. Tell me if I missed anything important. See if you missed anything.

How do you Make Money?

• Sellers script, find out are they selling? or refi/keeping
• Ask what is owed, how much is it worth
• siteXdata, local mls = comps
• if they can’t refi – tell em why – tell em others arent being straight
• Scrubbing a list – are they cashflow negative? One option is filing for bankruptcy if they qualify
• loan modification/forebearance/suggest a realtor with a kickback
• Do A LOT of volume
• have a list of bankruptcy attorneys (good to have on your team)

Action Items / Tips for newbies

• Use Multiple “Time Triggers” to follow up on leads
• Plan what to do when you reach a set back / failure.
• Education is KEY
• Find a Mentor
• Build a team of extroverted sales people and introverted detail analysers
• Get to know every angle of the business before you outsource the parts you don’t like
• Prediction : Shortsales will be more likely to happen but only with professionals.
• Profit per deal $25k – $27k if they take over the property / $4-$5k if they do the bank negotiation

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