Short Sale

Ok, if you could track with part I of the Short Sale Time Machine, lets kick it up a few notches. Lets get into the nitty gritty of how this works! Enter the time machine!

“Past me” ‘s job is to pipeline deals for future me to cash in on. In the process of time traveling (in real time, unfortunately), the market can do its thing and future me is OK either way. The idea is that short sales take TIME to complete. Depending on the bank, we could be talking 3 months, or 2 years. Obnoxious, right? Well, not too bad if we are consistently shoving deals in the pipeline, when they finally pop out the other side for cashing in on them, we might just make out like bandits! Here is how:

1. Getting the Deals!

This is probably the more difficult part, or not, depending on your market and your short sale situations. The idea is to get 2-7 of these under contract EVERY MONTH. In the natural course of things, some will fall through (negotiator at the bank is terrible, seller’s situation is rejected, etc), some the offer will just be too low, and the golden children will pop out and ready for you to close on at the price you need.

One note: Colorado has an earnest money deadline section of the contract, I always put SSA+2 days. Which means I don’t have to put earnest money down until 2 days after we have a short sale approval in hand. Great for me! Now, how do I stuff the pipeline?

A. Realtors – network with good agents, letting them double end the deal if …read more