You’ve heard of real estate investments in short sales, but you don’t know what all the fuss is about because you don’t know anyone who has. Everyone on the internet talks about it, in real estate investment forums, and at their investor club meetings, but it all seems out of reach. Keep reading.
There are only three basic steps necessary to succeed with real estate investment in short sales, and this article will give you all three.
First, you need to find the properties. The best way to do this is to run regular “We Buy Homes” ads and look for distressed or oversized properties. Both methods should allow you to receive calls from sellers on the brink of foreclosure.
Second, you must put the seller on your side. He does this by listening, showing empathy, and communicating openly and honestly with the seller about how he plans to help him. Answer all of their questions fully and talk to them often to keep channels open.
Third, you have to find the right person with the lender to speak. It is not always easy, and this step will separate the success of real estate investment from short selling.
The first person you talk to will hardly ever be the right one, and you may have to jump over a few obstacles before finally reaching someone with the authority to do what you need to do for you. Persevere and you will find what you are looking for, and do the trick.
Real estate investment in short sales is a powerful and lucrative wealth building tool for your arsenal. With the rise in foreclosures across the country, a trend that is expected to continue, learning and applying real estate investment skills in short selling will become even more important over time.