Hey guys this is Cory Boatright, and I’m just down here checking my mail in front of my house. I’m going to check it out. This is the front yard that goes all the way down there. The dog lies to the left. It’s a long yard where I can throw a football with my nephews or we can play soccer or something when they come in town. I’ve got a few trees there and then it starts right here, it’s a two storey-house. I’ve got some trees up front and then I’ve got to put the car right here. And it’s a four car garage, so we converted this garage right here into an office area.
And then I’ve got about 76 trees. I’ve got to keep you busy, but I’ll probably guess that you’re not too interested in learning about my house. But you are interested in learning more about short sales and how you can get them approved, right?
So what you’re going to see is a video on how you can get more short sales approved and I want you to be on the call which is we’re going to go over the 10 biggest mistakes that realtors and investors make working on a short sale. Don’t forget to be on the call. See you guys.
Okay, hi everyone this is Cory Boatright and I appreciate you’re checking out this quick video describing just some of the information you’ll be receiving often and will be driving our training event. And we’re going to discuss the 10 biggest mistakes that realtors and investors make working on a short sale.
Right now, I thought I just go over maybe just one of those mistakes and address solutions, so you have maybe an idea of what you can expect when you take the training. What you see in front of you is called the mind map. And what a mind map does is it really helps me take a lot of information condense it down to bite sides forge so I can organize my thoughts. So if you’re anything like me you have like millions of thoughts going on at one time, right? And you have to find a way to capture some of those ideas so you can interact with some player.
Well, my map can help you do that. It’s what they help me do and they can help you do the same. Let’s go over all let’s see. Let’s chose a mistake number two, as you can see there we’ve got 10 we have to go through. Let’s take this whole plus sign here. It opens up. Another middle section, here in mistake number two is dealing with short sale suspects not prospects.
Here’s the difference, so a short sale suspect is someone that actually not only you can’t help but they don’t want your help. A short sale prospect is someone that wants your help and qualifies for your services; make me cooperative while you go to the short sale process. And to the suspect is they basically— where you’re going to waste a lot of you’re time not going to build the help anyway. And they don’t want your help. Compared to a prospect to somewhere they certainly want you to help, and they’re going to be cooperative and respect your time.
So let’s go over some of the, well I think some of the factors that can make up this cardboard. Number one is the homeowner and you need to have legitimate hardship okay, legitimate hardship and really all that means that they can’t return my cash, set in their bank account that they’re simply choosing not to pay the lender. They need to have a reason, right? Then they have a reason that you can just file or prove this to the lender while the homeowners unable to make their house their common legitimate hardships are what you called problem. This could be medical conditions, lost of job, relocation, military leave, a divorce, a death, or some of the more common factors and reasons you see for building your case for legitimate hardships.
We’re going to move kind of quickly because I don’t want to be a longer here for you and properties over leverage. Well, basically that means you just earn more on the property that was worked. Pretty self explanatory, but on the training I’m going to go over some of the different ways that my team actually used to determine value for the house and for the market.
Number three are the payments at the banks. You know, usually when a homeowner misses more than three consecutive payments, the start of foreclosure will occur, and this means a homeowner needs to do something quickly or they’re going to lose the house for foreclosure action, right? So the lenders also motivated because they’re beginning really suck ups of fees and will pass the nerve that they’re serving, a service rather which is now unequal.
And this is when the lender will usually entertain the possibility of selling the house for your short sale. Keep in mind this; the homeowner does not always after be behind the papers in order fore the lender to accept the short sale off. And rare cases back the lender will actually force medication that what its call, and you can get a short sale off but that’s really kind of the exception to the rule most of the time you’re going to be dealing with people behind their payments.
And let’s move on to the repairs needed. Number four, the repairs are going to be needed for the property. This property is one of the best ways to justify your offer to the lender. If you can show the lender the property is in bad shape, needs some repairs. They will factor in that information when they terminate that much or the amount that has been settled for the short sale off turning that to you.
However, sometimes you don’t want to put enough every single of repair needed, and it can actually chill your deal. You don’t know what you are doing on this part, so it’s really important that you guys get this down when you disclosed the repairs very, very important. I’ll discuss that on the training as well.
The most for mortgages, you’re going to see some of your biggest pay days when you’re dealing with multiple mortgages or short sale that’s bad. The reason is junior lane holders any lane holders that’s behind purge mortgage. They’re going to increase the biggest discounts off the date notes by the homeowner. In fact, it is an uncommon to get 90 or 95% off discounts on second mortgages. What that means is, let’s say your $50,000.00 own a property, a lender of money for you to accept $5000.00 owing you $2500 for that $50,000.00 debts meaning that you just created over $45,000.00 instant equity. So this is debt for length, very powerful to find out how to get junior link holders to discount of debt.
Alright! Moving right on! homeowners, cooperative and thankful. Don’t make a mistake of thinking every person that is in foreclose is going to accept your help. They will not. You need them only be dealing with people that cooperative and thankful you’re helping them for the solution, for liquidating their property.
The quickest way to get burn out working on short sales guys by dealing with uncooperative and irritating homeowners that could give a rift whether or not the solutions that you’re offering will be held off maybe isn’t the type of people that you call five or 10 times with messages. They don’t call you back I mean it’s like pulling teeth to get them to sign any document. You know their type. Stay away from those type of people. Believe me, when you—you’re going to have more than enough short sale prospects that will actually respect you and appreciate you’re taking time to help them.
And this last one is- it’s a short sale not a short stay. The homeowners ready to move on. When you’re dealing with the short sale candidate and a prospect you must understand that they must leave the property. They can’t stay in the house after your short sale. Maybe you’re going to put the house anyway sell it to another homeowner. The original homeowner is going to be ready to move on.
Now you can help them you know maybe buy in some alternatives like rent a house suggestion or maybe you know another investor of house like a lease to own or rent to own at $5,000 maybe you can have a house like that. You could put them on it for a little bit. Whatever you decide, remember to remind a homeowner that you basically you’re going to pursue that quick liquidation of the short sale on their house that means they must move. It is a short sale not a short stay.
So I hope you guys appreciate going over just one of those mistakes. I might hope you enjoyed this little mind map video, and actually I really want you to attend this training because we have nine other mistakes to discuss. They’re all right here, and these are mistakes that if you stop viewing them you will make more money, help serve more people immediately. They are very powerful, affordable and practical and there’s no reason why you should continue making mistakes that are costing you thousands of dollars.
Enjoying their short sale views for you are the clients you represents, so don’t miss this short sale training.
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