Pre-listed Short Sale Help

Hi All.
I am a newbiew at pre-listing short sales. I have a client who needs to unload her home because of distress. She owes more than it is worth. It is an obvious short sale. The house, as is, is worth less than 60% of what she owes on it.

Can anyone help me with the process of how to buy the house from her, and then get it discounted from the bank so that I can re-sell it for profit?

(I am a newbie real estate agent, although I know how to do short sales, i have done a few, - so i know that process...)

I just don't understand how to legally purchase the house form her, then 'assign' it or 'flip' it to an end buyer (investor/flipper).

I have read ebooks and attended webinars, with the likes of Preston Ely, Nathan Jurewicz...but they dont show you the step by step, .....etc.

i would greatly appreciate your help.

thanks

Alex
[EMAIL REMOVED] (if you can send me an email i would be most appreciative)

Edited: 11/04/2009 at 11:18AM by Moderator : email in signature, please

Nick J.

SFR Investor · Scottsdale, Arizona

3,008 posts
21 awards
66 influence

Nov 04 '09, 01:59 AM

Alex, you'll have to do it as an investor, not an agent.

If you've done them before as an agent, then put yourself in the buyers shoes, meaning, gather all the paperwork you know you need to gather, submit an offer and then have a agent friend of yours list it for you to line up an end buyer.

Once you've got the end buyer in place, meaning you've got the A-B and the B-C lined up, hook up with a transactional lender, go to close with a title company experienced in double closings and do the dirty deed.

If you're were interested in doing a JV on the deal with an experienced short sale investor, I might know someone who can make the deal happen and you'll get the experience of successfully going through the process

Sharon Rozario

· East Brunswick, New Jersey

5 posts
50 influence

Nov 04 '09, 07:20 AM

Alex - It would be best to outsource your short sales. Saves you valuable time to cultivate more leads, help more home-owners, help your exposure and close more deals. I have found that professional short sale experts have a very high success rate compared to investors like us.

Sharon Rozario

· East Brunswick, New Jersey

5 posts
50 influence

Nov 04 '09, 07:20 AM

James Vasquez

1 post
50 influence

Nov 04 '09, 07:21 AM

Motiv8td,

I was about to post a similar question as Alex's until I ran across his posting. My partner and I would love to utilize the short sell strategy that you talk about in your forum postings, but after scowering the internet for weeks, we've yet to find any in depth information that teaches us this strategy step by step.

Can I ask where you learned how to utilize this strategy when you first started and where you would send a newbie short sale investor to find a step-by-step approach?

Lyonel Katz

5 posts
50 influence

Nov 04 '09, 09:46 AM

Originally posted by Sharon Rozario

Alex - It would be best to outsource your short sales. Saves you valuable time to cultivate more leads, help more home-owners, help your exposure and close more deals. I have found that professional short sale experts have a very high success rate compared to investors like us.

If you outsource your short sales just make sure its with the right company. Some charge upfront and that can be a red flag. I know of a company that only charges upon completion and that is the way to go. A company that charges upon completion is performanced based and is sure to fight to get the short sale approved.

Good Luck!

Edward Alvarez

Rehabber · Los Angeles, California

87 posts
1 award
50 influence

Nov 04 '09, 11:12 AM

Originally posted by Lyonel Katz

Originally posted by Sharon Rozario
Alex - It would be best to outsource your short sales. Saves you valuable time to cultivate more leads, help more home-owners, help your exposure and close more deals. I have found that professional short sale experts have a very high success rate compared to investors like us.

If you outsource your short sales just make sure its with the right company. Some charge upfront and that can be a red flag. I know of a company that only charges upon completion and that is the way to go. A company that charges upon completion is performanced based and is sure to fight to get the short sale approved.

Good Luck!

Hey Lyonel,

Would you mind sharing any resources you have that don't charge an up front fee? Thanks in advance

Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado

Moderator Pro

12,319 posts
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Nov 04 '09, 11:21 AM

If you have a recommendation for company that you've used successfully, but that is in no way associated with, feel free to post. Do not post "recommendations" of any company that you have any financial interest in or affiliation with.

Jon Holdman, Flying Phoenix LLC

Alex Sanders

Real Estate Consultant · San Antonio, Texas

7 posts
50 influence

Nov 04 '09, 11:57 AM

I want to thank you all for your kind advice. I definitely am interested to continue to learn from some of you.

thanks
Alex

Alex Sanders

Real Estate Consultant · San Antonio, Texas

7 posts
50 influence

Nov 04 '09, 12:04 PM

by the way, does anyone know who the moderator for this forum is?

would appreciate a link or way to contact them.

thanks
Alex