Another Short Sale Closes Friday! $4,500

Congrats to you and your team.

finding properties that are short sale listings that are listed by a realtor. In my findings, many of the REO listings are with the same realtor of that particular area and each RE firm, hence they surely are your contact for a short sale specialist, right? So that is how I am going to first find these short sale specialist.

I realized after posting that I had a major typo. what I meant to say was:

In my findings, many of the SHORT SALE listings are with the same realtor of that particular area and each RE firm, hence they surely are your contact for a short sale specialist.

Sorry about that folks. My mind going 90 miles an hour right now thinking of this concept, as well as thinking of some REO's I am currently finding for an investor, so I got short sale and REO mixed up

Thanks so much Michael, I am bookmarking this and heading to the Courthouse!

Hats off to YOU!

Deb in OK

I gathered names and contact info of short sale specialists tonight, and shot out an e-mail to one that appeares to be an expert in this field, who is located in the Austin area. (I had only sent out one e-mail, because I then got tied up with a phone call, so more e-mails going out tomorrow).

Within about 2 minutes of sending her the e-mail, she responded back to me, stating she was very interested to hear what I was offering. I hope to speak with her tomorrow. I pray she will be a very valuable asset to my RE business. I will keep you posted.

Michelle

I'd like to consider myself one of the "short sale specialist" out there and I am currently working in the Philadelphia area market. I would definitely love too take on any leads anyone has in the Philadelphia area (and surrounding counties) for short sales. I will gladly pay referral fees if we are able to close on the transaction.

When it comes to referring leads to short sale specialist, you need to find an investor who has success with them, especially if you are getting paid on a % rate. Short Sale investor's make great money in this market, but one thing to understand is that a lot of short sales won't close for one reason or another. 30-50% is probably a good number right now in this market given the circumstances with the banks and all the Flip Rules that are out there right now.

It doesn't really matter if the person you are referring short sales too says they have been doing it for 5+ years or whatever experience they have, because the truth is doing short sales right now is 100% different then it was just 1 year ago. The short sale market is always changing so you definitely want to refer your leads to someone who is always keeping up with the changing rules.

One good test right now to see if they are on the up and up with the current short sale rules is to ask them if they know what "MARS" is. "MARS" is a new rule that the FTC just put out at the end January 2011 where you need to have more disclosure documents signed with the homeowner. Anyone involved in the short sale (realtor, investor, negotiator) has to get these forms signed. If they don't get these forms signed, they are breaking a new national law set in place by the FTC to protect homeowners.

The idea of referring out short sales is great, especially if you were just throwing away the leads. That's how I started out and it can be very profitable for little to no work on your part!

Hey Michelle,

If you are in the Austin Area, you might want to check out Phil Grove too. He is one of the largest short sale Gurus in the nation, and that is his market. His website is hippiehollowhomes.com and their email address is listed all the way at the bottom of the page. I would definitely send them an email and tell them that you are interested in referring short sales leads to them and see if they pay out referral fees. He also works with mortgage assignments and other creative ways to make money with distressed homeowners. You could make a lot of profits referring no equity leads to him!

Who better to send leads to than one of the biggest short sale investors in the country? He is also a pretty big known guru and real estate coach.

I just thought I should let you know about that since I had seen you were in his area.

Good luck! =)

This is an excellent strategy. I am new to REI and I had planned to just wholesale for a while, however I can wholesale and in the process I if I run up on any properties that qualify as short sales, I can get paid on those too. I am going to work hard to find a "expert" short sales specialist. Thanks and congrats!!!

I know each deal varies and I am led to believe that 4500 isnt the norm. I understand 6 months is the average wait time for a return but whats the avg amount made per deal?

What I average here in Colorado has nothing to do with what you will average in Mississippi! My averages mean nothing down there. Totally different market. You need to get out and find out what you can make where you are at! Even if it is $250, wouldn't you take it? Or it COULD be $1000. Anyway, its easy money once you have your system and team in place. I bet you could do pretty good down there! Let us all know what % they will pay in that part of the country.

Michael Mangham
MD Home Acquisitions LLC

Go get em!! Keep us posted on how this works for you! If you have any questions or need help, PM me!

Nicole, do you like my Transactional funding source? There is a lot of good stuff there besides the funds and the POF letters don't you think? PM me and let me know when you have everything set up an operational.

Michael Mangham
MD Home Acquisitions LLC

I now have 4 responses out of about 15 e-mail notices to short sale specialist I contacted just today alone. I sent you a PM with question(s) regarding the agreement I need to set up with them. I don't expect you send me what you use, but if you could advise me per my PM, I would greatly appreciate it.

I created my pitch, I got it out there to agents who specialize in short sales, so I am confident that I am able to get them to respond. I just need help now with devising the agreement and so forth as I discussed in my PM.

I can imagine you are very busy with your own deals you have going on, and I respect that, so when you get a free moment I would like to talk to you. Please respond to me by private message at your earliest convenience.

Thanks again for everything,
Michelle

Michael,
WOW! That is just sick! I love it..........

Peace and Blessings,
Sheila

this information came just in time

Michelle,

I think it is important to have the realtor/shortsale specialist supply the contract and tell them so. They like control. Just so long as you agree on how much you will make, when you will be paid and how you will be paid. Make sure you tell them you do not expect a fee for deals that they do not close on. Also, you will need to know how they are going to keep you posted on where they are at in the short sale process on each of your leads.

Sheila,

Thanks! I hope you do it to. It is so easy!

Jazz,

I hope that what ever the "just in time" was, that you are OK now. If you need any help or questions on how to do this for yourself just send me a PM.

Just a Quick note: We got another check from our short sale team last Wednesday. This one was much smaller than the last one, $477.26 was the amount, but we will take it!
Got an email on another one of our leads from our S.S. team this morning.
Its now under contract, should close in the next 30 days. Don't know the numbers (our fee) yet.
Gave them three more leads over the weekend. Gotta keep that pipeline full!

Michael Mangham
MD Home Acquisitions LLC

Absolutely love your transactional funding source. That program and its services are so efficient! I'll be closing on my first short sale next month. I'll pm you once I have the websites set up.

Congratulations. Its a business builder for real. I wish more people would check it out and quit messing around with transactional funders that are as generic as they come. This stuff is real and that's what they do for a living. NO BS PERIOD! Plus they offer so much more!

Hope every one has been looking for that Short Sale specialist that they can supply leads to!! Easy money and just another way your business can produce some cash flow. It works for us!!

Michael Mangham
MD Home Acquisitions LLC