I am a licensed RE Agent her in Atlanta Georgia. Does anyone know how I can get into the "short-sale" game? Ive put together short sale deals on my own years ago as an investor, but I need to know how to keep a flow of potential short-sale deals coming in for me to put together and then sale. I want to try and become a short-sale expert. Do I start hounding banks? Do I market for them? Are there any brokers out there who need help with their short sale leads? Just trying to figure it out. Thanks!
I would start contacting banks directly and see where that leads you. I spoke with a guy the other day and he said that's how he buys millions in REO property
Marketing to banks is useless for short sales. You have to market to the homeowners in or near foreclosure. All brokers have people that do short sales, so they won't be referring them out to other brokers.
I just started with one ... let people know I could do them. Partner with the best title companies, attorneys, who all understand the process. Knock on doors. Get the lists of pre-forclosures. And make sure you really, seriously, understand the process. In and out ... and then make calls, knock on doors, post it on facebook. Call local attorneys offices. Call your accountant. Call your pastor. They are out there ... gotta hustle. And, most of all, make sure you understand the process. These folks are stuck in a bad situation, and they need someone who understands, is sympathetic, and guide them along, and actually get the deal done.
@Nathan Brooks @Wayne Brooks @Anil Samuel
Ok I see. I bumped into an agent who said that her broker works with banks and gets tons of potential short sales and gives them to her agents. I was wondering how the process of building a relationship with a bank would go. But I also see that maybe just as wholesalers market to motivated sellers, maybe I can put together a campaign for potential short sale candidates as well.
FYI short sales are almost gone. I invest in two areas that use to be totally short sale/foreclosures and now they are 5% of the game. In my experience as much as I hate to say it since they were my favorite investment types, this niche is almost gone!
Thanks! What cities were/are you investing in using the short sale strategy?
Charleston South Carolina and Hanford/lemoore California
Hello Rashad, I am in the atlanta market and can help you with finding short sales. I have ran into a great bit of them. More so people who are In a hurry to sale there property before it goes into foreclosure. We should connect or you can even email me at [email protected]
Short sales and foreclosures are over, there are no longer the rich pickings there were in them for several reasons. The main one being that the banks are not carrying anything like the stock they were three years ago and they (the banks) have become so skilled at selling distressed SFRs, they're getting almost retail price and often higher them.
Looks like you'd be coming in at the wrong end of the market and you need to find a more lucrative product stream, IMO.
Good luck with it!
Hi @Rashad S.
You posted this a year ago but I wanted to see how things are going. Did you end up getting more into the short sale market? I look forward to hearing back from you!
An agent should get on zillow and find houses that just received their notice of default. Get in touch with those people before they are foreclosed on. It's a tricky situation but there are people out there who want to short sale their house.
Matt, how do you find people on zillow who just received their default notice??
In my area, short sales are not over. There are still lots of sellers that are looking for help and banks that would rather sell short than foreclose.
Even though they are not as hot as a few years ago, short sales always exist. Just be ready to add a new acquisition strategy once you hit critical mass.
I am in the suburbs of Chicago. Here are the stats in my county over the last 15 years:
I've found two off market properties where the sellers owe more than what I would want to pay for a flip or rental. What can I do? One is two months late and ready to turn over the keys and the other is current but is also ready to hand in the keys.
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