SHORT SALE “FLIPPERY” GETS SLIPPERY!
Turn TRASH deals into CA$H deals!!!
Now is the perfect time to purchase and resell short sale properties. Why do you ask? Our market is filled with many homes in which the Lenders are willing to accept short sales, due to all of their major mistakes made at the time the Homeowner obtained financing. Homeowners that financed homes from Lenders such as Bank of America, Wells Fargo, GMAC, CitiMortgage and Chase from 2006 to 2008, have major mistakes in their Lender’s paperwork. Lenders are reaching out to Homeowners asking them to do a Short Sale or a Deed-in-Lieu. However, many of the Homeowners aren’t aware of the fact that they can’t do a Deed-in-Lieu if they have a second lien, and if they owe Homeowners Association dues, they may still be liable for the difference. Homeowners Association dues are a personal debt against the Homeowner that need to be satisfied in full so that if a house is deeded back to the Lender the Homeowners are no longer responsible for any more dues. There is a statute which states that the Lender that forecloses on the property will be responsible to pay only 1 year of Homeowners Association dues. When conducting a short sale, this statute has little or no meaning to the short sale Lenders, meaning they may not agree to even pay a full year. I have seen Homeowners deed their property back to the Lender only later to find out that they are still liable for the difference owed on the Homeowner Association dues.
TRUE STORY: On one of my deals, Nationstar would not agree to pay the full year of past HOA dues, even though the statute states they are responsible for that. To add to that, the A/C didn’t pass inspection and needed repairs. Deal killers? If you aren’t experienced…..yes. And I wasn’t about to give over $500 from my profit. When you know what you are doing, you can even get the sellers to help close your deals. Yes, the sellers who have NO MONEY. Well, I closed this deal on Friday, August 31st! Read the rest of this entry »
5 TIPS TO NEGOTIATING ON SHORT SALES
TIPS WHEN DEALING WITH SHORT SALE SELLERS – How do you know it is a short sale deal?
- When they are willing to sell the house for what they owe.
- When the house is upside down and you can’t pay as much as they owe on it.
- When they are too far behind on their payments that you can’t make it up and keep it as a rental or subject to deal.
- When the monthly payment amount is more than you can get for rent.
- When the house is trashed and the cost to rehab it is too high for the return investment.
INCREASE YOUR HOURLY WAGE WITH SHORT SALES
You can close your Short Sales with only ONE WEEK of work!
Ever wonder how much you earn per hour by the time you close a short sale deal? The industry has transformed from being extremely difficult without standardization to becoming streamlined with a specific system per lender. Many investors hate the idea of doing short sales because of the fallacy that they are so time consuming. Is this true…literally? Have you ever broken it down per deal? The time you actually spend on 1 deal versus the cash you earn is really quite exciting!
The market got tighter with fewer houses for sale, making it a Seller’s market. The Lenders slowed down their foreclosure processes, in my opinion, due to the Presidential Election. Now that the election is over, the lenders are going to be pushing really hard to get the foreclosures through.
I want to teach you a step by step process of how my students and I buy and sell short sales and the true time involved to make a profit of not less than $20,000.00. In this article, I am not withholding any secrets to my or their success. Read the rest of this entry »
Use a Virtual Assistant for 40 hours free!
Hey Guys Kimberlee Frank here,
This Wednesday at 9:00 PM ET/ 6PM PST, I’m doing a LIVE call to show you how to build your team the right way using Virtual Assistants for everything from bookkeeping to appointment setting, data entry to calling your clients, building your buyers list, filling out offers, listing coordination, transaction coordination, flyer creation… and just about anything else you need help with!
I will even show you how to get the first 40 hours for free!
****Absolutely nothing will be sold on this training****
In fact when you attend, you will get a FREE virtual assistant for 40 hours for free.
You don’t need to buy anything to get the 40 hours for Free.
No hype!
No strings!
We are only doing this event live 1 time so don’t miss it.
Yes it will be LIVE for real. Michael AND I will both be answering your questions LIVE as well!
Register here right now before it fills up! Remember, it’s on February 1st, that’s Wednesday at 9PM EST!
Mark your Calendar:
DATE: WEDNESDAY, February 1, 2012
TIME: 9:00 P.M. TO 10:30 P.M. EASTERN TIME
CLICK THIS LINK TO REGISTER: https://www3.gotomeeting.com/register/380289134
I’ll see you there!
God Bless,
Kimberlee Frank
