Check the feasibility of a short-sale approach before getting too involved. Short-sale investing occurs in the preforeclosure phase but not all preforclosure opportunities are short-sale opportunities.
David M. Petrovich, “The Short Sale Pro,” lays out the six basic steps to short sale success in his book, Short Sale an Ethical Approach:
1. Conduct a preliminary prequalification of the seller, the mortgage, and the real estate to demonstrate that it makes financial sense for the mortgagor and mortgage to agree that a short sale is in their best interest.
2. Gather information (field and empirical) for analysis and its manufacture into supportive data.
3. Prepare a compelling benefits-driver proposal.
4. Present that proposal to the appropriate body or individuals.
5. Negotiate terms for mortgagee’s approval.
6. Anticipate all obstacles, and then close the deal
Check the feasibility of a short-sale approach before getting too involved. Short-sale investing occurs in the preforeclosure phase but not all preforclosure opportunities are short-sale opportunities.
David M. Petrovich, “The Short Sale Pro,” lays out the six basic steps to short sale success in his book, Short Sale an Ethical Approach:
1. Conduct a preliminary prequalification of the seller, the mortgage, and the real estate to demonstrate that it makes financial sense for the mortgagor and mortgage to agree that a short sale is in their best interest.
2. Gather information (field and empirical) for analysis and its manufacture into supportive data.
3. Prepare a compelling benefits-driver proposal.
4. Present that proposal to the appropriate body or individuals.
5. Negotiate terms for mortgagee’s approval.
6. Anticipate all obstacles, and then close the deal