search foreclosure information

New to Avoid-Foreclosure-Services? Here you'll find a free answers to foreclosure questions and how to stop foreclosure!

help prevent foreclosure Simply quote your foreclosure refinance and receive a free advice from foreclosure specialists. You have nothing to loose. Compare ways to stop foreclosure safely and securely.

Relevant searches
What other people who read this article are searching for:


  • Bank Short Sale
  • Short Sale
  • Short Sale Of House
  • Bank Short Sales
  • Short Sale And Bankruptcy
  • Short Sale Foreclosure
  •  

    Short Sale Goldmine - Step-By-Step Process
    by William Gross


    You have just found a short sale goldmine. In this article, I have described the step-by-step process that many professional real estate investors have paid at least $5,000 for. Use this information to make tens of thousands of dollars today.

    With the recent explosion of foreclosures, many banks are hurting financially and do not want to foreclose on another property. A short sale is simply when the bank agrees to sell a house for less than what is owed. To find good short sale candidates, you need to subscribe to a list that provides Notice of Defaults. This list indicates which homeowners have defaulted on their loans and will probably be heading into foreclosure soon.

    Step-by-Step Process

    Step 1 - Get the sales comps to determine value and if this house is worth your time.

    Step 2 - Get the deed. Use a Warranty Deed and transfer it to your Trust. If the owner does not give you the deed, tell him goodbye and go to the next deal. When you approach the bank, the first question they will ask is if you have the deed.

    Step 3 - Call the Loss Mitigation department at the bank and request their short sale package. Make sure you talk to a live human being or use the contact name and fax number from the voicemail machine. Fax your cover sheet to the bank respectfully requesting a short sale package and reference their Notice of Default they sent to the seller. Make sure you tell them you are holding the deed in escrow, give the loan number and the Authorization to Release Form signed by the seller.

    Step 4 - Get a signed sells contract with the price on it (make sure you are not the buyer). The buyer will be your Land Trust (e.g. 123 Main Street Land Trust). You should present yourself as the intermediator between the seller and the buyer. If you present yourself as the buyer, it is much harder to get the bank to work with you.

    Step 5 - Do a title search to make sure you have a clean title.

    Step 6 - Hardship letter from the homeowner that mentions the word bankruptcy.

    Step 7 - Get a HUD-1 (settlement statement showing that seller is not making a profit and also indicates exactly how much the bank will net after closing costs, taxes, etc. are paid).

    Step 8 - Financial Statement signed by seller showing they do not have any assets. This may include W-2 and any debts.

    Step 9 - Repair spreadsheet showing all repairs that need to be done. Get a bid from a contractor showing estimated list and cost of repairs. Use retail repair prices the normal homeowner would pay for these items.

    Step 10 - Include a note indicating the date the seller bought the house.

    Step 11 - Include pictures of the house if it is in bad condition.

    Step 12 - Express mail your short sale package to the bank.

    Step 13 - Know your exit strategy. Are you going to retail or wholesale the house?

    It normally takes 7-10 business days to get a response back from the bank after you send them the short sale package.

    If the seller balks at you making a profit, tell them the bank has not accepted your offer yet. Furthermore, you have to make a profit or there is no reason to get involved. They will have a foreclosure on their credit for many years if nothing changes. You are there to help.

    Houses with second mortgages on them are really good candidates because many times you can go the second lien holder and get a deep discount. If the house goes to foreclosure, the second lien holder will get completely wiped out and receive zero dollars for his/her lien.

    Filing bankruptcy only temporarily pauses the foreclosure process, but does not stop it. However, the bankruptcy gives you a little more time to work the short sale angle.

    You have been given a blueprint to succeed in the short sale business. The wise investor will make hundreds of thousands of dollars in the next few years. What you see today will not be here five to ten years down the road. How much of the pie are you going to take?

    William Gross started his real estate investing career in Los Angeles in 1995. He is very successful at flipping houses for profit and is still very active. For helpful tips and information on real estate investing, visit http://www.thepowerfulinvestor.com

    More info on your stop foreclosure information search:

    Get Free Foreclosure Advice and Free Refinance Quotes
    Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...


    Real Estate Investor Training - Short Sales
    Because of current economic conditions in the housing market there is a great deal of investor interest in the technique of purchasing investment property with Short Sales. So--what is a Short Sale? A Real Estate Short Sale happens when a seller's bank allows a property to be sold for, and accepts ... more...

    Investing In Short Sales
    Anyone actively investing in foreclosed and distressed properties has no doubt come across one major problem. Finding deals with equity! Trust us, this is a nationwide problem. There are so many foreclosures out there; unfortunately most of the homeowners owe what their property is worth. We find ... more...

    Stop Foreclosure - Are Short Sales the Way to Go?
    If you are facing foreclosure, then you have seen the ads for short sales. Real estate agents all over the country are jumping on the short sale bandwagon. However, most are not experienced in short sales and their advice on complicated legal and tax issues can be dangerous for you. What is a short ... more...

    Short Sales Can Be Magical
    Many investors have heard of a short sale in reference to stocks but few people know anything about real estate short sales. If you are a homeowner who is facing foreclosure or a real estate investor looking to add a new tool to the old toolbox, you need to learn more about real estate short sales. ... more...


    More on bank short sale...

     

    avoid foreclosure services
    Home
    search foreclosure info answers
    Search
    about  us
    About
    privacy policy
    Privacy
    terms of service
    Terms
    contact us
    Contact
    information for doeclosure specialists
    Agents
    Foreclosure Refinance: Stop Foreclosure Refinance , FHA Foreclosure Refinance, VA Foreclosure,
    Ways to Stop Foreclosure: How to avoid losing your home, Foreclosure Help Loans, We pay cash for houses, Foreclosure Mitigation, stop foreclosure in Alabama, stop foreclosure in Alaska, stop foreclosure in Arizona, stop foreclosure in Arkansas, stop foreclosure in California, stop foreclosure in South Carolina, stop foreclosure in North Carolina, stop foreclosure in Colorado, stop foreclosure in Connecticut, stop foreclosure in Dakota, stop foreclosure in DC, stop foreclosure in Delaware, stop foreclosure in Florida, stop foreclosure in Georgia, stop foreclosure in New Hampshire, stop foreclosure in Hawaii, stop foreclosure in Idaho, stop foreclosure in Illinois, stop foreclosure in Indiana, stop foreclosure in Iowa, stop foreclosure in New Jersey, stop foreclosure in Kansas, stop foreclosure in Kentucky, stop foreclosure in Louisiana, stop foreclosure in Maine, stop foreclosure in Maryland, stop foreclosure in Massachusetts, stop foreclosure in New Mexico, stop foreclosure in Michigan, stop foreclosure in Minnesota, stop foreclosure in Mississippi, stop foreclosure in Missouri, stop foreclosure in Montana, stop foreclosure in Nebraska, stop foreclosure in Nevada, stop foreclosure in New York, stop foreclosure in Ohio, stop foreclosure in Oklahoma, stop foreclosure in Oregon, stop foreclosure in Pennsylvania, stop foreclosure in Tennessee, stop foreclosure in Texas, stop foreclosure in Utah, stop foreclosure in Vermont, stop foreclosure in Virginia, stop foreclosure in Virginia, stop foreclosure in Washington, stop foreclosure in Wisconsin, stop foreclosure in Wyoming
    Foreclosure Laws: How to avoid losing your home, Alabama, Alaska, Arizona, Arkansas, California, South Carolina, North Carolina, Colorado, Connecticut, Dakota, DC, Delaware, Florida, Georgia, New Hampshire, Hawaii, Idaho, Illinois, Indiana, Iowa, New Jersey, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, New Mexico, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia, Virginia, Washington, Wisconsin, Wyoming
    Avoid-Foreclosure-Services.com is a free tool to find foreclosure information when your need it most. Avoid-Foreclosure-Services.com is not a lender, broker, foreclosure mitigation company, or affiliate of any foreclosure financial services. © 2007-2008