FREE Short Sale Stuff

Which Lenders are the Fastest for Short Sales?

Sunday, April 29th, 2012 | Bank owned, Foreclosures, Pre-foreclosure, Real Estate Investing, Short Sales | No Comments

RealtyTrac recently put together a list outlining which lenders/servicers move through the short sale process the fastest and the cheapest. The frontrunners? Freddie Mac, Fannie Mae and FHA have the shortest timelines with 193 days, followed by Ally Financial at 321 days and PNC Financial at 353 days.

The short sale timeline being used as a measure starts as soon as the property begins the foreclosure process to the date it is sold as a pre-foreclosure. The new guidelines instituted by the GSEs, which call for a decision within 30 days, will surely change the game. BOA followed quickly by implementing a 20-day short sale decision timeline. As far as pricing goes, the GSEs again lead the way, selling homes for the least amount, averaging just over $128,000.

Read the complete article here.

Tags: bank, Foreclosure, FREE Short Sale Stuff, housing crisis, mortgage, Real Estate Investing

52 Different Ways to Make Money in Today’s Real Estate Market

Friday, March 18th, 2011 | Bank owned, Commercial Real Estate Investing, Foreclosures, Real Estate Investing, Real estate short sales, Short Sales, Wholesale properties | 5 Comments

Everyone knows that real estate has made more millionaires than any other industry, and that it has a low barrier to entry for a new investor. You don’t need a degree or any experience to begin. You just need a strong work ethic and a desire to learn.

And that’s where we at SREC come in. We’ve been at this for some time, nearly 7 years, and we remember what it was like to start a new business that we knew little about. It was a tough start. With so much conflicting information, the real estate landscape is littered with courses and gurus that promise untold riches if you follow their system.

What we learned is that the only real short cut is education and action — both the kind you get from being on the streets buying property, and the kind you get from working with other investors who have achieved the success that you want to experience.

What we hope to do here is give you a snapshot look at the strategies we have used to make money, no matter what the situation. I hope you see the tremendous opportunity for serious wealth accumulation, and the fun you can have by using so many different exit strategies.

Consider this a grab-bag look at all the different ways to make money with real estate, depending on the situation – there’s actually more than 52 ways included here. This is where it gets fun.

Sheriff’s Auction (1) – This is the method banks use to take back properties in default from those homeowners who have failed to make their mortgage payments. With some research, effort and some luck, you can pick up a good property here. Once you have made your bid, put your money down, and seen the house — what’s next? Well, it depends on what you want to do. What repairs need to be made? What is the neighborhood like? Is there demand for housing? Is there employment? In answering the above questions, you can decide to do any of the following: wholesale the house to an investor or end buyer who wants it (2); rehab the house and sell (3), or keep it as a rental (4).

Free & Clear List – This is a list for purchase that provides the names of those individuals in your market that own their properties outright. In other words, they have equity because they have owned their houses for a number of years, and have kept current with their payments. Once you have one of these houses under contract, you have a multitude of ways to make money. For instance, you can wholesale the house to an investor who will make repairs (5), or you can rehab the house and sell it yourself (6). You might decide make the repairs and rent the house (7), adding to your rental portfolio. Here’s another strategy, but it’s somewhat advanced: You can buy the house using owner financing and then sell as a lease option (8). You can also set up what’s called an equity split (9) by making an agreement with the seller on the front end that, for a discount on the house once it is rehabbed and sold, you’ll give him or her a percentage of the profit.

Out-of-State Owner – This is very simply a list of out-of-state owners. These people may be landlords who have property out-of-state (consider all the Californians that were buying cheap residential property in the Midwest during the housing boom). They might also be individuals looking to get rid of that vacation home as a way to cut back on expenses. These individuals can be extremely motivated to sell fast once they grow tired of the care, maintenance, and general expense associated with their property. There are two strategies to use, depending on whether the property has equity or is in default. If the house has equity, you can treat the transaction just as you would any other house with equity — wholesale (10), rehab and sell (11); rehab and rent (12); or buy using owner financing and sell as a lease option (13). If the house doesn’t have equity, then you’ll need to short sale (14) it, wholesale (15) it, rehab and sell (16) it, or keep it as a rental (17). One other option is that you could simply send the lead to another investor (18), who can pursue any of the above strategies.
Fire-Damaged Houses – These are people looking to sell a home that has been damaged by fire. As a general rule, if you decide to take on one of these, then you need to have a crack team of contractors to back you up. Depending on the damage, it may be cheaper to knock the house down and rebuild than to make the repairs (19). That being said, for some investors, fire-damaged houses are cash cows. They like the fact that if they can get to the seller before the insurance money arrives, the seller can be instructed to pay down the mortgage, which creates equity and room for a discounted offer to be accepted. Essentially, in the above scenario, the investor can buy cheap, rehab and sell (20), rehab and rent (21), or simply wholesale (22) to someone else looking for a project.

Probate – This is the legal process of determining the validity of a will, paying off the debts of the estate and determining who is to receive the remainder of the estate. What this means for you as an investor is that, when targeting probate houses, you’re looking for houses that have been inherited. Such houses go to family members who don’t want them and are looking to sell, fast. They are a great way to find motivated sellers. Unfortunately, depending on the specific situations (such as if a will is involved), the house can be tied up in probate for several months and the waiting will seem to drag on forever. So what are your exit strategies here? Well, if the house has equity, you can wholesale (23), retail (24), or buy, fix and rent (25). Likewise, if it doesn’t have equity, you’ll need to go through the process of a short sale (26), and then wholesale (27); retail (28); or buy, fix, and rent (29). Or you can just act as a bird dog (30) and send the lead to another investor for a fee.
Divorce List – People looking to get rid of a house due to a divorce can be motivated sellers. Your primary strategy when working with a property in this situation is going to be a short sale. There just aren’t too many houses that aren’t upside down these days. Besides, since financial stress is the leading cause of divorce, chances are slim that you’re going to find a house in a divorce case that has equity. That means a short sale. Once completed, you can use the strategies mentioned above to turn your hard work into pocket money.
NOD List – The Notice of Default list includes all the names of those people in your market who are 90 days late in paying their mortgage. At this point, the lender has filed a notice of default and has begun the foreclosure process. But as a way to find motivated sellers, it can’t be beat. They may not want to sell when you first contact them, but just keep coming back (ask for permission first) and at some point, most wake up and see that losing the house is a certainty, and that they need to consider the next step. You won’t find too many houses on this list that have equity. Thus, your primary exit strategy will be to do a short sale (31). From there, you can wholesale (32), rehab and retail (33), rehab and rent (34), or whatever is appropriate here.
Code Violations – Many cities and towns across the U.S. have empowered their building departments to inspect houses in their municipalities to make sure that they are being maintained. The inspector will assign a violation that the homeowner has to address by making the necessary repair in a specific amount of time. A house that is on this list often suggests financial distress, which usually means motivated sellers. Exit strategies for houses in this group are wide open. While most won’t have equity, you may come across a few that do. The strategy you choose depends on what you find. Wholesale them (35); buy, fix, and sell them (36); or keep them for your rental portfolio (37). For those without equity, pursue a short sale (38).

Driving for Dollars (39)– When you’re driving around town, keep your eyes out for distressed properties. Indicators of distressed properties often include things like peeling paint, shoddy roofs, tall grass, mail at the doorstep, etc. With a little effort — either by knocking on the door to see if anyone is home, or by checking with the neighbors to see if anything is known about the house — you can get enough information to track down the owners to see if they are willing to sell. What you do for a money-making exit strategy depends on if the property has equity. If it does, by now you should know what to do: wholesale (40); buy, fix, and sell (41); or keep it as a rental (42). If there isn’t any equity, then your strategy is…? You guessed it — short sale (43).

Tax Liens – Property owners who do not pay their property taxes often will be subject to a tax lien. Usually, the two go hand in hand, but what you need to know is that property taxes take precedence over mortgages, which means that the city can sell the house for cheap. The reason they sell cheap is that they are just looking for enough money to cover the taxes, which should be a smaller amount than what’s owed on the mortgage. These leads can be a great opportunity for you, but you’ll also face some competition from other investors in your market. Since many of these houses won’t have equity, you’ll need to pursue a short sale (44) with the foreclosing lender in order to do anything with it.
Bird-Dogging – This is simply the practice of providing secured leads to other real estate investors for a fee. You’re doing the leg-work. You can either sell your lists to local investors (45) for $1000 (making sure to update them monthly for continuity), or take the time to qualify the lead, set the appointment, etc., and deliver a done-for-you lead service for investors (46) willing to pay your price. As you acquire these opportunities to buy houses, you should use some of them to help you build your network of buyers — other investors, rehabbers, landlords — in your area.
Buy the house outright as a traditional sale, take ownership of it and then resell it.
Assignment (47) – An assignment is a good option when you have a house under contract, but for whatever reason you decide that you’d rather not buy it. Since every lead is money, you don’t want to just walk away. If you don’t want to make the buy, then another investor in your market probably will, if the contract price is low enough. This is called wholesaling. The process involves the use of an assignment form, which gives the new investor the right to buy the house for a fee that goes to you in return for you giving them your contract and pre-negotiated price.
Back-to-Back Closing (48) – This will be an important strategy when you need to sell fast, and you don’t want to hold onto the property for more than a few days. In a back-to-back transaction, the investor (B) buys the property from the bank/seller (A) and then immediately sells to the end-buyer (C).
FSBO – For Sale By Owner (49) – You own a property, and are looking for a buyer to sell directly to.

Green Light Selling System – When you use this strategy, you are using a combination of yard signs, staging, and the Internet to generate interested buyers. There is a three-phase approach we use to getting massive amounts of traffic (potential buyers) to the house.
Wholesaling (50) – This is when you sell a property quickly to a buyer who will close quickly and accept the property in its as-is? condition — even if it needs work. Another way to think of it is being a middle man. Wholesalers buy low and sell fast with little to no work done on the property.

REOs –These are properties that have gone through the foreclosure process and have been taken back by the bank. They are usually listed with a specific real estate agent in your area (or several) who is then responsible for selling the property.
Short Sale – A short sale will occur when the bank agrees to take less than what is owed on the home’s mortgage. In essence, they are shorting? the loan. This gives real estate investors a wonderful opportunity to buy property for less than they otherwise could.
Rehab (Fix and Flip) – This is when you buy, hold, rehab and sell a property (or fix and flip). The common approach for establishing what to offer the Seller is to take the After Repaired Value (ARV) of the house, multiply times 65% then subtract repairs.

Note Buying (51) – When you buy a note, you become the bank. It is a promise to pay. It must have a beginning date, an ending date, and a place to pay; it must state who to pay and under what terms. In real estate, you need to remember that a note is secured by a mortgage. Without a mortgage, a note is only secured by a person’s promise to pay. When you buy a note, the persons involved are normally the seller of the property (the homeowner), the seller of the note (the bank), and you as the investor looking to buy the note.
Long Term Rental (52) – You may choose to make money by purchasing a property and then renting it, thereby acting as a landlord. This can be a profitable investment, particularly if you find tenants who will pay their rent towards the eventual purchase of the property (lease to own).

There are a lot of details surrounding each method listed in the article above – but of course there’s not time to get into that here. For more specifics, be sure to download the FREE full report.

Our goal is to give you ways to achieve complete and total financial freedom – be your own boss and control your financial future. We do this through a wide range of products and mentoring programs that can be tailored to meet your specific needs.

To learn how you can take advantage of the current housing market and put money in your pocket NOW, click here and fill in the short form and you’ll get access to tons of free training materials about how you can get an Instant Cash Infusion, including documents, audios and videos. You don’t want to miss this!

Tags: forclosures, FREE Short Sale Stuff, investing, Real Estate Investing, Short Sale, tips

IMPORTANT: Investors Coalition Election Analysis and Legislative Briefing

Wednesday, November 3rd, 2010 | Foreclosures, Pre-foreclosure, Real Estate Investing, Real estate short sales, Short Sales, Wholesale properties | No Comments

Good Morning, A couple of months ago we shared some very important information with you about GSE Reform and the potential impact on all real estate investors. Jeff Watson let you know that he is working with a lobbyist to get our voice heard in Washington D.C.

Well, our efforts are paying off and now that the elections are over, change is imminent. In fact, they already have a meeting scheduled for Nov. 9th at 2:00 p.m. with the Congressional staff that are drafting the Fannie/Freddie reform bill. At this meeting they will present the white paper they created. Jeff is hosting a follow-up webinar with his direct contact in Washington D.C. to share the latest progress with you.

Drop whatever you’re doing and mark your calendars for a super important webinar tomorrow night, Nov. 4th, 2010 at 8pm Eastern.

Click here to reserve your spot.

Jeff is going to share the latest information and analysis on the recent 2010 election AND a briefing on the latest lobbying efforts of the Investors Coalition. This is information critical to your business that you cannot get anywhere else.

Topics will include:

• Impact of 2010 Elections on Real Estate Investors

• Update on Short Sale Flipping Issues at Freddie Mac

• Update on GSE Reform, SAFE Act, and Lender Issues

• Discussion of NEW Investor Coalition White Paper – Our Briefing Presented to Congress Proposing Various Legislative and Regulatory Changes to Make It Easier to Buy and Sell Homes

• How You Can Support This Effort

Spaces will fill up very quickly, so make sure you register for the webinar now!

See you on the webinar,

Josh Cantwell and Jeff Watson

P.S. A special thank you to everyone who supported the GSE Reform efforts through their very generous donations, shown below. Your efforts ARE making a difference, and the voice of real estate investors will be heard!

Moe - Lomita, California

Francine - Bowie, Maryland

Miles - West Hills, California

Godric - South Richmond Hill, New York

Bob - Fort Lauderdale, Florida

Raymond - Mitchellville, Maryland

Roger - Castle Rock, Colorado

David - Charleston, South Carolina

Yvonne - Rockwall, Texas

Sharon - Columbiana, Alabama

Larry - Cape Girardeau, Missouri

Chelle - Phoenix, Arizona

Samuel - National City, California

Doug - Plantation, Florida

Lawrence - Fairfax, Virginia

Bruce - St George, Utah

Paula - Edmonds, Washington

Keenan - Orlando, Florida

Hilda - Long Beach, California

Tim - Ft. Lauderdale, Florida

Steve - Lawrenceville, Georgia

Ron - Louisville, Kentucky

Timothy - Naples, Florida

John - McAllen, Texas

Mark - Naples, Florida

Pamela - Roscoe, Illinois

Maria - Tucson, Arizona

Susan - Los Angeles, California

Manny - Miami, Florida

Daniel - Charlotte, North Carolina

Shaina - Winter Park, Florida

Julio - Fullerton, California

Carol - Glendale, California

Jeff - Jacksonville, Florida

David - Elmhurst, Illinois

Richard - Livingston, Louisiana

Tony - Festus, Missouri

Fabiano – Austin, Texas

Steven - Columbiaville, Michigan

Darlene - Sterling Hts, Michigan

Michael - Chicago, Illinois

Michael - Uxbridge, Massachusetts

Karen - Lancaster, Massachusetts

Tags: fannie mae, Freddie Mac, FREE Short Sale Stuff, Josh Cantwell, Real Estate Investing, Strategic Real Estate Coach

Final Replay Of Watson’s Historic GSE Reform Update

Sunday, September 12th, 2010 | Foreclosures, Pre-foreclosure, Real Estate Investing, Real estate short sales | No Comments

Good Morning,

I’m looking forward to a nice Sunday relaxing with my family, and maybe catching a football game, too! I wanted to make sure you knew about tonight’s special replay of Jeff Watson’s historic GSE reform update webinar. It starts at 8:30pm Eastern, 5:30 Pacific.

Click here to register.

Thursday’s webinar was full to capacity – in fact we had to open up extra spaces to accommodate everyone! So don’t wait to the last minute to register, do it now.

What they have to share directly impacts you as a real estate investor and as a homeowner, as a result of closed-door meetings happening in Washington D.C. The decisions will directly impact how we buy and sell real estate – it will change forever.

Jeff and John are on the inside and are active advocates for the rights of real estate investors. Get on this call to hear their incredible insights.

Again, this is your last chance. The call is tonight at 8:30pm Eastern, 5:30pm Pacific.

Have a great Sunday,

Josh

Tags: fannie mae, Foreclosure, Freddie Mac, FREE Short Sale Stuff, real estate, Real Estate Investing, Short Sale

Learn from a Jedi Master Short Sale Negotiator

Monday, August 30th, 2010 | Foreclosures, Pre-foreclosure, Real estate short sales, Short Sales | 1 Comment

Happy Monday! Can you believe it’s almost September? Well, I have a great way to kick off a new month. Check this out.

How would you like to listen in as the nation’s top short sale negotiator spills the beans on negotiating your way to FASTER and EASIER approvals?

Join me this Thursday, Sept. 2 at 8:30 pm Eastern as I talk with my good friend Dean Edelson. Dean is truly a Jedi Master when it comes to short sale negotiations. Over the last five years Dean has recorded ALL of his loss mitigation calls. That’s over 1600 calls!

Click here to Register for this Sept. 2 webinar now.

Dean is going to reveal some of his best kept secrets to help you…

*Get your deals approved faster.

*Blast through lender objections.

*Create bigger profits.

*Deal confidently with difficult mitigators.

*Negotiate like a Jedi Master.

You don’t want to miss this call. Having this information is something that will definitely set you apart from the pack, and improve your results tremendously.

See you on the call!

Josh

P.S. Why miss the chance to tap into your inner Jedi?

Tags: Foreclosure, FREE Short Sale Stuff, investing, Real Estate Investing, Short Sales

Legally swipe your competition’s private lenders (video for ya)

Sunday, August 29th, 2010 | Foreclosures, Pre-foreclosure, Real Estate Investing, Real estate short sales, Short Sales | No Comments

Have you ever seen a real estate investor in
your town closing a bunch of deals…

… and you’re sitting there wondering how they’re
funding their deals?

Well, this video that I found last week
shows you how you can literally (and legally)
*spy* on your competitors to see who their private
lenders are (and hard money lenders too!)… and
he shows you how you can swipe those lenders so
they can become your own.

Check out the video… its 23 minutes… and I think
you’ll enjoy it a ton
https://m1mm.infusionsoft.com/go/pmod/Josh/ <<<

Oh, also…

… the video shows you how this also
works for finding ANY person who lends private
money in your local market pretty darn easily
(this source he shows in the video is free in most counties too

There’s actually an example of a real world
private lender he found doing what the video talks
about that just lent $300k to another investor
a month ago.

This can change the game for some investors who
are needing more private lenders to help you close
your deals.

Check out the video and let me know what you think <<

See ya over there

Josh

PS – I think they may be taking the video down soon…
not sure when… but it’ll definitely be soon. So, head
on over and check ‘er out now while its up for ya.

Tags: Foreclosure, FREE Short Sale Stuff, private lending, real estate, Real Estate Investing

DOLT sent a JOLT!

Thursday, May 1st, 2008 | Real Estate Investing, Short Sales | 1 Comment

By Jeff Watson:

Death of the Land Trust (D.O.L.T.) sent a jolt through the industry.

On April 10, 2008 Josh Cantwell and I did an industry
changing call where we talked about the Death of the
Land Trust in short sales.

Comments and posts in the SREC blog are only the tip
of the iceberg. Real estate forums throughout the
nation have been buzzing with this subject. In fact,
other real estate gurus have been doing conference calls
and other events discussing the Death of the Land Trust
in short sales and we have been flooded with questions
regarding the option contract.

Josh and I have decided that we will do a second call
focusing on Death of the Land Trust and explaining the
option contract. We will be getting into some of the
precise characteristics of the option contract such as
how it works, why it works, and what it does.

Registration for Tuesday’s Death of the Land Trust
webinar will be posted here on Monday, so make
sure to come back and register.

Tags: FREE Short Sale Stuff, Josh Cantwell, Real Estate Investing, Short Sales, Strategic Real Estate Coach

SENIOR LEVEL BANK LOSS MITIGATOR WITH US TONIGHT – ONE TIME ONLY

Monday, April 14th, 2008 | Real Estate Investing, Short Sales | 25 Comments

By Josh Cantwell:

Tonight at 8pm EST I will be doing our third teleclass
training call. We will be joined by a senior management
level loss mitigator from a major national mortgage company.
I will be interviewing him for almost 90 minutes. He’ll be
on the call to talk specifically about a few topics:

1) The current state of the mortgage market and loss
mitigation departments
2) Why lenders love taking losses on pre-foreclosures
thru short sales
3) What to put in your short sale package to get it
negotiated quicker than all the other offers and at
bigger discounts
4) Why the BPO appointment is the most important 10
minutes of every short sale
5) How to overcome your fear of lender negotiation
6) Why getting the short sale approvals can be as easy
as sending in a fax

Make sure you register for this call. I had to beg and
plead with this guy to get him on the call and he may not
be available again for months. If you have questions for
him make sure you write those under this post and if I can
squeeze them in I’ll have those questions answered.

Seats fill up fast!
Reserve your Webinar seat now at:
https://www1.gotomeeting.com/register/697790183

THE WORLD SHORT SALE MAIN EVENT HAS BEEN ANNOUNCED!

Our Launch day is WEDNESDAY APRIL 16th AT NOON.

Make sure you go to www.worldshortsalemainevent.com
now and register for your Front of the Line Pass. I can’t tell you what we are going to be announcing
exactly – I don’t want to spoil the surprise – but
I can tell you that it will blow you away.

We have a few big JV’s who are mailing to their list
this Wednesday at noon and the program will probably
sell out that day.

Those who are registered for the Front of the Line Pass
will get a secret link that will allow you to read all about
the World Short Sale Main Event and Register a FULL
HOUR BEFORE the general public. Those who are pre-registered
will be able to see what we are unveiling at 11 am while
everyone else waits until noon. Make sure you have Front
of the Line access.

Sales are limited so make sure you pre-register at
www.worldshortsalemainevent.com.

Lastly, we posted the Death of the Land Trust call from
last Thursday. Make sure you go back and re-watch it.
The one point that Watson and I were trying to make on
that call was this:

Even if you are closing short sales with land trusts with
no problem, you need to rethink your plan.
Title underwriters hate land trusts in short sales. The
title underwriter is not aware of the assignment.
What about the good funds laws?
What about the trustee’s fiduciary duty to the seller?

Confusion.

The market is changing. Be ready.
Think ahead of the pack. Don’t follow the herd.

Go back and re-watch the video. Take notes and plan accordingly.

Tags: FREE Short Sale Stuff, Josh Cantwell, Real Estate Investing, Short Sales, Strategic Real Estate Coach, Success

Industry Changing Call

Friday, April 11th, 2008 | Real Estate Investing, Short Sales, Uncategorized | 7 Comments

By Josh Cantwell:

WOW! That’s about all I can say. Last night I
interviewed Jeff Watson regarding his newest
and most controversial report, The “DEATH OF
THE LAND TRUST”. Jeff’s report brought out
many issues with land trusts and short sales
that needed to be addressed.

If you were not available for the webinar, it
is posted below. Make sure you watch it right
away as it will open your eyes to a new and better
way of closing short sales – thru an option contract.

Let me also tell you about the rest of the schedule
for next week. Monday I will be doing a call
with Jerami King. Jerami has a background as an
experienced loss mitigation supervisor for a very
large national mortgage company and will shed some
light on the state of the loss mitigation market.
He will dispel your fears of negotiating with lenders
and asking for big discounts.

That call will be Monday at 8pm EST. Keep an eye on your
inbox for the invite.

Lastly, “THE WORLD SHORT SALE MAIN EVENT” has
been announced.
We are going to be doing the biggest, best, most
cutting edge short sale event to ever hit the real
estate investing industry. The event will be at the
end of May.

Check out
www.worldshortsalemainevent.com
to get a FRONT OF THE LINE PASS before the launch.
The launch is scheduled for April 16th at noon.
With your Front of the Line Pass, you will be invited
to see what we are releasing and Register A FULL HOUR
before the general public.

Go to www.worldshortsalemainevent.com to register.

Tags: FREE Short Sale Stuff, Josh Cantwell, Real Estate Investing, Short Sales, Strategic Real Estate Coach, Success

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