Offlineand we know sometimes they don't...
Have you considered buying the note from the bank? You have talk to someone in another dept who is not locked in on a certain price and you can get a better discount than you offered on the short sale. At a fraction of the paper work.
Now investors will come to you for the short sale and pay you off. Since you can buy the note (without your own cash)you can take the short sale from another investor and simply keep the spread from what you paid for the note and the short sale amount.
You could do a deed-in-lieu of foreclosure with the homeowner and get the deed and sell for discount or full value on the open market.
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Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
I have seen some previous posts on this subject and am interested. Its always good when you can get an edge on your competition. At what levels do the notes sell for....the payoff amount or what? I would like some additional infor, and do you use this strategy?
PS: I thought you got in bed around 2130 or so. Whats up with 0300?
Steve
We seldom get what we want, but we will always get what we expect.
0300????I still got another hour or so of shuteye. NOT me-must be a typo.
My friend uses this strategy and gets a better discount than the offer he put in on the REO and less paper work, but he has to go after it twice. I don't use this-I'm a work smarter instead of harder person(guess I'm getting too old. It still takes some time.
I go after fsbo,probate,divorce,pre foreclosures and distressed properties. My main focus is wholesale, I just take off the top and let everyone else do the dirty work-been there,done that and they can have it.
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Why are real estate agents against this stratagy and does it really take that long?Dont the banks want to get rid of the property fast so they dont take a bigger loss?
Bless me with the knowledge and experience of all the deans family