Short Sales for Investors. Cover Page

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1 Short Sales for Investors Cover Page

2 Real Estate Investor University Instructor Zolt Taylor Zolt has lived in Tampa for about 12 years. He bought his first house when he was 21. When he first came to Tampa he got his real estate license, but it didn t take long for him to start investing. Zolt did a lot of deals back when the business was booming, buying one property here and there. Every six months the property appreciated ridiculously, so he began buying a lot more property after that. By the time he was 26 years old, he had 14 properties and had flipped over 60 properties. When the market came to a screeching halt, he lost his portfolio. A pretty common story at the time! Right now Zolt is working on over 65 deals at any given time, estimated at around $3-$4 million dollars worth of real estate. In the last three months, he has sold approximately $2 million dollars worth of real estate. He has assembled such a responsive cash buyer list he has even sold several properties via text message. Zolt consistently flips two to three properties a week. In 2013 Zolt joined Real Estate Investor University, a real estate investor education company. Currently, REIU is growing exponentially with hungry investors anxious to learn how to safely seize deals and leave other investors empty handed. Welcome to the REI University family. REIU is dedicated to helping you be successful in the continually changing real estate market. Be prepared to learn tested new techniques for succeeding as investor as you follow Zolt s teaching in this book.

3 Many investors ignore the MLS because they feel as if Realtors put unrealistic prices on properties or that the deals are all picked over. But the MLS has been one of the best sources for finding deals year over year. One of the strengths of the MLS is that you can sort through the properties to match your buyers criteria. You saw us do this when we showed you how to find cash buyers using the MLS. You can do the same thing to find properties. You can start by sorting for single family houses under a certain price (we use $70,000) in specific zip codes. From there, we can be even choosier if we want. We can sort for block construction, REOs or short sales. We like to go after short sale listed properties as well as REOs for a number of reasons. Short Sale Listings versus REOs 1. First of all, everyone goes after REOs. A lot of realtors have a search criteria set up in the MLS that the day a new REO hits the market or anytime that there s a price change in an REO listing from an REO listing agent, it s ed to them. There s lots of competition and I ve found myself in many cases, ending up in bidding wars for these kinds of properties. 2. You cannot assign a contract on an REO. If you send an assignable contract over to a bank they don t accept them, period. 3. Few REOs are actually on the MLS in comparison to non-approved short sale listings. I d say that there are probably 10 short sale listings, if not way more, for every single REO that s out there. It might even be actually more like 20 short sale listings for every REO, at least in our market, right now, today. 4. REOs can usually close rather quickly where non-approved short sale listings can take a really long time to wait out, which is an advantage of REOs and why everybody targets them. 5. You can control very few REOs because of the competition. There s so much competition and everybody thinks REOs are the way to go, so it s very hard to control a massive amount of real estate in your market area. Unless you have really good relationships with these REO agents it s going to be very tough, especially for the newbie investor.

4 Cons or Negative Challenges of Non-approved Listed Short Sales 1. First of all, there are thousands of them in the MLS and nobody really wants to wait these things out, they can take a long time. Here s the problem: Listing agents wait for offers because the banks won t even start the process until an offer is made. Most buyers agents pass these listings over because they know that their buyers are in the market to purchase a property within the next 30 or 60 days or less. I used to do the same thing as an agent. If I saw it was a short sale listed property I would just pass it over. The problem with this is the properties sit on the market waiting for offers. It s kind of like a catch-22. The bank won t get started until there s an offer and the buyers agents don t want to put an offer on the property or buyers don t want to put offers on the properties because it takes so damn long to get these things approved. By the time it does get approved usually the buyer has already become impatient and walked. They moved on to another property. 2. In a lot of the cases you have to use their title company. In a lot of cases the title company from the listing agent has done a lot of negotiating or a lot of the documentation prep work in the very beginning, so it s going to be hard to get the listing agent to use your title company. Here in the State of Florida it s pretty traditional for the listing agent or the seller to choose a title company anyway. Because short sales involve so much work, a lot of title companies have stepped up the demand for these short sales by helping out, either doing the negotiating or prepping a lot of the initial paperwork. They do this in hopes of getting the deal themselves when it closes; to be able to provide title insurance and do the closings. So it s going to very hard for you to use your own title company. Not to say that I don t try, but it just is very challenging. With that being said, it can be difficult if you re trying to do double closings or assignable contracts, because not every title agent is investor-friendly. Not all title companies understand exactly what we do, so that can be challenging with short sale listings. It seems on every transaction that you will be dealing with a different title company and some don t do back-to-back closings. Some people make the mistake of thinking this is illegal. Not every title company plays by the same set of rules. Some of them have somewhat different underwriting guidelines, they deal with different underwriters and they have to play by a different set of rules.

5 If you re in a situation where you need transactional funding or you have a deal that s going to require transactional funding, going after short sale listed properties can be challenging because a lot of transactional funders out there don t want you doing an A to B at one title company and a B to C at another title company. They like one title agent to handle the same transaction. Just a little note here: Flip is a bad word. In our business I used to use it in the beginning, but flip is a bad word because a lot of people think it s illegal. What s really illegal about flips is you had a bunch of investors back in the day that used to take the end buyer s funds and use it to fund the first deal, the A to B closing. That s actually what s illegal. Because people connect with word flip with something being illegal, I try to stay away from that word. Another con about short sale listed properties is that you have to wait six months to a year, and sometimes more than a year, just to get the short sale approved. For a lot of real estate agents the education they ve been receiving has gotten a lot better in dealing with short sales, but there are still a lot of agents who are new to it, so they don t exactly know what they re doing. They don t know how to deal with the banks and it s really not their fault. It s just a whole different animal and every bank seems to have their own system. There are a lot of moving parts and in your normal world that s not really how real estate is supposed to be sold, so that can add to the timeframe. 3. With non-approved listed short sales you have little or no control over the negotiating process. You have no control in dealing with the bank. You have no control in dealing with the BPO agent. The listing agent s title company is going to be dealing with a lot of this. A lot of investors have a hard time allowing the listing agent to deal with this. Not to say that I don t deal with banks, not to say that I don t have a negotiator that negotiates short sales on our behalf. Not to say that we don t go out and meet the BPO agent ourselves or have somebody go meet the BPO agent on deals that we re negotiating in that manner, but I have no problems giving up the control. It s a numbers game. Some of them are going to come in too high, some of the deals aren t going to be negotiated well enough, but that s why it s a numbers game. I have a lot of them going on with the anticipation that some just flat out aren t going to work out for whatever reason.

6 4. Another challenge with non-approved short sale listings is that a lot of listing agents don t like investors or at least the kind of investors that we are. Therefore, it can be very challenging presenting to them what you re trying to accomplish; the fact that you re trying to make a profit off of the property immediately. It can be very challenging to get your offers accepted if you don t present it the right way. A lot of agents think investors are bad, because we make more money than they do in a short amount of time. Pros or Positive Things of Non-Approved Listed Short Sale Properties Once again, there are thousands of non-approved short sale listings on the MLS and nobody really wants to wait for them. That was a con, but it s actually also a positive thing. Since nobody else is going after these properties you can go against the current, against the grain. You could do the one thing that nobody else is really doing and actually go after these things. Listing agents are waiting for offers because once again, banks will not start the process until an offer is made. Buyers agents bypass these because their buyers want to close within 30 to 60 days. If you ll notice, those were some of the challenges that I mentioned about non-approved short sale listings. These things sit and eventually go to foreclosure. I look at this as a positive thing because this screams opportunity. Nobody wants to wait six months to a year. You need an offer; I ll give one to you. I don t know about you, but my business is 12 months out of the year. Right now we re making offers on things that will be selling three to six months, nine months or a year from now. We re making offers on these properties, getting the agents what they need so that way we can get an approval letter and try to flip the property. The key thing with this is that once you get the agent to put it to pending status in the MLS, you now control it. It s almost like a first right of refusal. You can literally control hundreds of properties this way. I ll talk to you a little bit later on how we do this, but once you get the listing agent to put it to pending it doesn t exist on the market anymore. Very few real estate agents, when they do searches on the MLS, will search the pending properties. Why would they do searches for properties that have contracts on them? That doesn t interest them. As an agent, I have never done this and very few do. So once you get it to pending you have control of that property, because nobody is really looking for it at that point. Once again, one of the positive things about non-approved listed short sales is no one or very few people go after these deals, because nobody wants to wait them out. I ve even talked to a lot of the Gurus and a lot of people want to be so involved in the short sale process, they want to negotiate them themselves.

7 Let s say you have a team of people where you have a negotiator, an assistant and things like that. You can easily take one person in your operation, teach them how to do this and significantly increase your income on a monthly basis immediately and it actually takes very little work or effort. A couple of positive things about this also -- the majority of time you don t need to do a double closing on short sale listed properties. The majority of the time you don t need transactional funding. You don t need two different title companies and this is all going to depend on what the approval letter says. You don t need any money to do this, not even escrow money. You re going to have these things sold before the escrow deposit is even required. So, what I m telling you, some of the positive things about this, is you can actually make more money with less or no cost and provide a better price for your end buyer. The majority of the time you re not going to have transactional funding costs, you re not going to have more closing costs because of the double closing, so this will provide a better deal for your end buyers. We re the Wal-Mart of real estate. It s a customer satisfaction-type business, so we get a lot of repeat business from our buyers, because at the end of the day we re getting them good deals. We figured out a way to cut the cost and get them better deals. In a way, you can kind of assign the contracts with short sale listed properties. Not on all of them, but a lot of them as opposed to REOs which you cannot. Since we focus on cash buyers, since your end buyer is a cash buyer, you can have a skinny deal and put your fee on the buyer s side of the HUD where you can t do this with a finance deal. I know you re probably sitting there thinking, What the hell are you talking about Zolt? If you were dealing with a finance buyer you couldn t do this. You can t put a $5,000 fee on the buyer s side payable to your company because the FHA or the conventional end lender isn t going to like that. They re not going to accept that on the HUD, but because you re dealing with a cash buyer you can do this. The only way that this works is if you re making offers on properties that you re going to turnaround and sell to cash buyers and you don t close on the property. I ll go into detail about the approval letter here in a little bit, but you can put your fee on the buyer s side. Traditionally, we will put $3,000 to $7,000, something of that nature. Be careful. Every once in a while I have seen this happen where when you put that additional money on the buyer s side of the HUD the bank that is accepting the short sale may not like this or may ask for more money and the deal might blow up because of this. This rarely happens, but I have seen it affect one particular deal with one of my buddies.

8 Having cash buyers means repeat business. When you sell to an FHA buyer here s a great question for you. How many properties will you sell them in your lifetime? One, maybe two, ever. Typically, how many properties are you going to sell to cash buyers? We have cash buyers. We sell two, three, four properties to a month. So, I ll actually make more money off repeat business cash buyers then I will in going after those larger spreads with FHA buyers. Here s another positive thing about non-approved short sale listings. Real estate agents like making commissions. Give the listing agent both sides, especially on cheap, small, skinny deals. Sometimes my buyer s agent on the deal, will actually pick up the buyer s side of the real estate commission, depending on the deal or how skinny the deal is. It s very important if you re trying to get this thing to pending and the listing agent is going to be a lot more motivated at putting it to pending, especially if you re taking about a $30,000 to $50,000 deal, if you give them both sides of the real estate commission. Don t be cheap with these agents. When you start doing a lot of deals like we do, you re going to come across these people again. They re either going to like you or hate you, so get started on the right path with them. Here s an awesome thing. This is the thing that makes us a lot of money and happens by somebody making a mistake. Because you re scouring the MLS, digging, trying to find non-approved short sale listings, some agents had a buyer, but because the process took so long the buyer became impatient and flaked out. So the short sale might be very well approved, on the verge of getting approved, verbally approved, but the agent doesn t put this in the MLS. They specifically don t put in the comments; the Realtor remarks, public remarks, short sale verbally approved, we re making progress on this one or short sale is approved, letter in hand. One out of every 10 or 15 deals is actually like this. So what I m saying to you is out of every 10 or 15 non-approved short sale listings in the MLS remarks it will say short sale, but it does not say short sale approved. By picking up the phone, I will find out that this thing is approved or about to get approved, but the previous buyer flaked out. Well this is just opportunity. Now, you re not going to find this out unless you pick up the phone, so you can t be lazy about it and just shoot an over to them. You have to pick up the phone and find out the scoop on what s going on with each and every deal. That s one of the most phenomenal ways where I will find a deal today and if it s approved we ll put it under contract and try and flip it this week. With that being said, these deals can close a lot quicker than REOs. Try putting an REO under contract and flipping it a couple of days later by actually closing on it; getting the bank to set a closing date, closing it and then turnaround and selling it to another

9 buyer. That s going to be very difficult, because banks take a long time to get these things closed. Therefore, this is one of the most important parts. By going after these non-approved short sale listings you re going to find some that are approved, letter in hand. Because you re selling it to a cash buyer you can close it tomorrow, add your fee, not do a double closing, not get transactional funding, not use two different title agencies and get paid in 48 hours. It s awesome. It s like free money. Key Things to do and Tools You ll Need You ll need access to the MLS and you need a Realtor who isn t lazy or resistant, is investor-friendly and one that doesn t think everything is illegal. If you have an agent where they re very resistant or hesitant, just find another agent. Trust me, they re out there especially in this market right now where a lot of them are struggling. They have access to the MLS, partner up with them. Here in Tampa, what you can do is become an assistant to a Realtor. Once you get to know a couple of these Realtors, you can pitch to them that you re willing to take the MLS class. Here in Tampa you can become an assistant for $100 a year, which would give you access to a real estate agent s MLS. Then you could present yourself to the Realtor and say I ll do some work for you; I ll manage your MLS listings. I ll manage your photos. I ll manage your inventory on the MLS for you. That way you can gain access to the MLS, so you re giving something and taking something at the same time. Another thing that you ll need when you re making offers on non-approved short sale listed properties is a proof of funds letter. You can get one through a lot of transactional funders out there, but I ll tell you what works best is a bank statement that has the cash in hand. A lot of listing agents are starting to catch on. They can identify a letter from a transactional funder a mile away. If there are two offers on the table, one that s a transactional funding letter or an actual bank statement that shows cash that s going to go a lot further. A couple things you need to do is make the offer or the contract attractive and there are a couple of ways you do that. You need a company name that doesn t say something along the lines of Real Estate Investment, LLC. When you re choosing your LLC name pick something that s a name like John Williams, LLC or something like that. Make it sound like a person s name. Take your middle name and then take your brother s middle name or something like that and put it together and then call it LLC, incorporated or whatever you decide to do.

10 How to Make an Attractive Offer 1. We put in the language: We will provide an escrow deposit five days after actual written short sale approval from the bank. This is key, because a lot of you are probably thinking Well, if I m making 50 offers a week how am I going to provide escrow deposits for every single one of these? We present the offer to the listing agent and simply say Hey, we re buying a lot of properties, we re making a lot of offers. We don t want a lot of money just sitting out there for six months to a year in escrow money. They re going to understand that. You just have to present it in the right light. 2. Another thing we include in our offers is providing a 10-day inspection period from the date of written short sale approval. Our contract has an assignment clause. It says Check this box to make this is or this is not and there ll be two boxes there an assignable contract. If you click it is then it s an assignable contract. If you check it is not then it s not an assignable contract. We don t check any of the boxes. We leave it blank, which leaves it open and allows us to assign the contract. 3. Once again, if you want to make the offer attractive, you re going to give the listing agent both sides of the real estate commission. 4. Make your offer in cash and another thing you re going to want to do prior to making the offer and a mistake I see a lot of people around town or in general making, is they re making offers on properties and they never got the lockbox code. What you re telling the listing agent right there is that you didn t even look at the property. There s the potential in their minds that you re wasting their time. I will get the lockbox code from them first, wait a day or two, then turnaround and give them the offer, whether we ve seen the property or not. At least this way the listing agent thinks that we ve gone to see the property. Closing Deals Fast and Daily 1. First of all, don t be cheap with your buyer s agents. On the deals where you re keeping the real estate commission or whether you re keeping the real estate commission or not -- and when I say you I mean the buyer s agent, because typically you re going to want to give it up to the listing agent as many times as you possibly can -- you re going to want to pay your buyer s agent a bonus. You want to pay him a piece of the spread.

11 What I do is split it 50/50. So not only are we doing a lot of deals, he s making more money off the deals. We even had an agent say to us one time, when we explained the intricacies of the deal, how we put the money on the buyer s side, the real estate commission and all of that, his response was Wow! You guys are making more money than I am. Which is good, so don t be cheap with your buyer s agent, because they re going to be a lot more motivated, work harder for you and make more offers for you because they know that you re making money. My buyer agents say to me all the time that I need to get more deals rolling, because they know that their not making just three percent. What I ll do is have an agent look in certain zip codes that actually have active multiple cash buyers. I have the agent call the listing agent and this is huge. Don t be lazy. Don t skip this step. Don t just send a bunch of offers out there and blanket the market with offers. Call the listing agent and find out the scoop on everything. You re going to want to avoid listing agents who have partnered up with investors making a spread on the listed property. I can t blame them for doing this, we do it ourselves, but I m looking for deals without too many middlemen involved. In fact, I only want me involved and that s it. You want to call the listing agent and find out if there are any other offers on the table. Who s negotiating it? Has a BPO been completed yet? You might want to find out a little bit of history about the agent. Have they done a lot of short sales in the past? Then you want to ask them, what do we have to do to get an offer in? What do we need to do to get this property to pending in the MLS today? Once you have them on the phone you re going to want to find out as much information as you possibly can; information about the property, information about the seller, the title company, just as much information as you can. 2. Another reason why we do a lot of deals almost every day is we make a ton of offers. We understand that many deals are going to fall apart. Here are some reasons why deals fall apart. The bank s values come in too high. The banks don t know what these properties are worth. They re hiring a BPO agent, which is a real estate agent who is trying to put a value on a property and they re getting paid $55-$65 to do so. The banks don t know what these properties are worth at all. What surprises me is that there are some banks that won t even do interior BPOs. Well, if an entire kitchen and bathroom is missing if they didn t go inside how are they going to know that? That s obviously going to affect the material value or the resale value of the property.

12 Many deals fall apart because you ll get an uncooperative title company or listing agent that doesn t want to structure things the way that you want to structure them. The seller of the property can be very difficult. At the last minute they decide to file bankruptcy. There might be a promissory note that s being presented to them from their bank and they may not like it and may not want to sign a promissory note. They might decide that they don t want to be bothered, they ll just let the house go to foreclosure or they re just not cooperative with their agent in getting them the documents they need to be able to successfully do the short sale. Many deals fall apart, that s why we make a ton of offers. Agents are doing short sales and only making three percent, which is who I target. Not every agent out there is trying to make spreads off of these properties or more than three percent real estate commission. They are more educated about short sales now, more so than they were two or three years ago, so that s why this will pretty much work now. But I m looking for the ones where there s no investor involved and they re not making a spread off the property. I m looking for those agents who are doing it old school way and they re just looking to make their three to six percent real estate commission, if I give it to them. Presenting an Offer to the Listing Agent When you make the offer it s really all in the way you present it. Once again, you want to have your agent call them and give them the attitude that we buy five to 10 properties a month. In the very beginning, even when we weren t buying five to 10 properties a month, I said Look, we re going to be buying five to 10 properties a month. I m going to be your best customer. Tons of offers just sent blindly just get thrown in the trash and so does your reputation. Even if you get some offers accepted, if you don t close on them, that s going to ruin your reputation. My buyer agent will actually call and explain to them that we re going in low. We re making an offer low, because we know that the bank is going to counter. We do plan to increase our offer when this happens but please, let s put it to pending. We do have some room in increasing our offer, but right now we re going in low because we know that the bank is going to counter. You only need the seller, the homeowner of the property to sign your offer to make it a contract and then the listing agent can place it to pending at that point. We don t have to wait for the bank. The reason why you get them to place it to pending is, as I mentioned before, it s rare when buyer s agents or investors look for pending properties. They look for active properties. The house is off the market because of our contract.

13 Explain to them, spell it out, we don t want to waste their time. So when you re presenting your offer to these listing agents you really want to spell it out to them. Say Look, we don t want to waste your time. We are definitely interested in the property but please, I need you to put this to pending. Once it gets approved get a copy of the approval letter. This is important because there are some things that you re going to want to look for. Any time I m dealing with a short sale I always ask to see a copy of the approval letter. You have a gross price and you have a net price. A net price is what the bank is trying to net. A gross price is the net price plus any seller concessions, any real estate commissions and anything else. 1. I want to see the seller concessions because I want to make sure that we don t leave any money on the table. I also want to see a copy of the approval letter, because some approval letters have a clause stating that the buyer, me, cannot resell the property for at least the next 30 days. Obviously, that creates a little bit of a problem and that s rare, but it does happen. There are certain banks out there that you can identify, one bank in particular I can think of that does this a lot. 2. Another thing I m looking for in the approval letter is it does not include my company name, stating that I have to close on it. I am looking to see if it is buyer specific. This part is key. Eighty percent or more of these won t state the name, which means when I find a buyer, my buyer can actually close on it. As long as the bank nets their number they really don t care who closes on it. Every now and then, I d say maybe a little bit less than 20% of the time, you re going to get an approval letter that has your company name on it because you re the one that made an offer on it, which means you have to actually close on it. If the approval letter doesn t say that I have to keep it for 30 days and if it doesn t have my company name on it, we ll put an assignment fee on the buyer s side of the HUD. This essentially prevents a double closing, prevents me from having to use two different title companies, from having to use transactional funding and once again, gives a better deal to my end buyer. There s a property on Devon that a buyers agent and I sold recently. We went to lunch and the buyer s agent received a phone call about this property in Devon. I told him that it s a real skinny deal, there s really no money on the table. I had looked at the property the week prior and in my mind the deal was actually dead because there really wasn t much we could do.

14 The buyer agent said, But this guy is interested in it, how can we make money off of it? I told him to get a copy of the approval letter. We got a copy of the approval letter and I found out that there was not a name on the contract. There was not a clause stating that I, being the buyer, had to hold onto it for 30 days or anything like that. So, we just put $3,000 roughly ; I think it was like $2,900, on the buyer s side. Keep in mind that we went to lunch on Wednesday, the deal closed on Friday to a cash buyer and we had $2,900 in cash by 2:00 p.m. on Friday. It was like free money, it was ridiculous. This was a way we were able to create a win-win-win situation. The buyer agent made money, I made money, the listing agent made money, the title company made money and the end buyer was happy because he didn t have to wait. With an REO he would have had to wait at least two weeks to a month to get the deal closed. So the end buyer was happy because he literally found the property on Wednesday, closed it on Friday and obviously, the seller was happy because we prevented them from having to go to foreclosure. After you ve made an offer on a property you get the agent to put it to pending and you get the approval letter. Before you start marketing it to try and find a buyer, you re going to want to do a preliminary title search. This is key, because when you get the approval letter you know your cost at buying it is, let s say, $30,000, but there might be some additional things in there that you re not keeping in mind. So you re going to want to do a preliminary title search. By mistake I ve actually backed myself into a corner. I start marketing the property at $38,000 and then all of a sudden there are some liens against the property and now you re not making any money at all or maybe only $1,000. Short sales take so long that we might do a preliminary search in the beginning, but if it s something where we had to wait three, six, nine months, a year there are several things that could be filed against the property since you initially did the preliminary search. You don t want any surprises and you don t want to piss off your cash buyers. By the way, that price I told you is not going to work. There s a $3,000 HOA lien against the property and if you want the property now you have to pay that. They re not going to be too happy with that kind of conversation. With the approval letter in hand, you know how it s structured, you know the numbers, you ve done a preliminary search, you got the title company to work up a preliminary HUD for you, so now you know what you can start marketing the property at. But, before you do that, you need to go take a look at a property. This is an absolute must, because it could work out in some negative ways and some positive ways by not looking at it.

15 What I ve found here recently is that you may find that public records, first of all, are wrong. We had one that stated the house was a two bedroom, one bath, but when I actually went to look at it, it was a four bedroom, one bath block home, which could potentially make a difference of $10 to $15,000 on the resale. I don t mean the resale to the retail buyer, I m talking about the person that I m selling it to. That difference of an extra two bedrooms in square footage can be a lot of money. A lot of people don t go out and look at these properties, so that s opportunity. Go look at it or have another set of eyes go look at it. Something else: Some agents list the MLS per public records. They re going by public records and because they didn t even go and look at it. They ll have it in the MLS incorrectly, so you can t always go by the MLS or what public records say. Another reason why you need to go look at the property before you start marketing it out to your list is you may go out there and realize that it s priced way too high and a deal you might want to walk away from. When you re pushing deals out to your list you want to make sure that they re good deals. Also, you want to go look at it because it may have recent damage from vandalism and things of that nature. Maybe the AC unit is missing, there s been other damage, things that the bank isn t reflecting in their price. From the time they did the BPO or since you got the approval letter things might have changed significantly. You might walk in and there s $10,000 worth of damage, a pipe busted, water damage, mold, roof leaks, anything. Things can change dramatically. I see a lot of people try to do deals without looking at properties. If you don t personally see them get another set of eyes to look at them, someone who knows as much as you do. I will not send out an usually unless I ve seen it, somebody on my team has seen the property or I ve seen interior photos. What does the short sale process look like graphically? The next page will show you the overall process.

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17 So here you are. You have a property under contract, you have the approval letter, you had a preliminary title search done, you ve looked at the property and you know it s a good deal, now let s get the damn thing sold. You have to find a buyer. 1. The first thing I do is call my buyers. The buyers who have bought most properties from me, the ones that are most cooperative to work with, the ones that when I tell them about a property, they look at it that day, if not, the next day. I m going to call my wholesalers, the real wholesalers that are moving properties. I actually pick up the phone and I dial for dollars. 2. The second thing you re going to want to do is send a Constant Contact out to your buyer s list. Don t forget the phrase cash or hard money only and you must provide a $2,000 nonrefundable deposit. That s important because if they back out, you get to keep their $2,000. If you still haven t gotten the property sold by then you could throw some bandit signs out there. If that doesn t work, obviously, you re going to want to call sold properties within a one mile radius, comparable properties that have sold in the last 90 days. You re going to look for the buyer s agents that brought the cash buyers to those properties. Pick up the phone and call them and see if their cash buyers are buying multiple properties and if they d perhaps be interested in your property. When you re trying to find a buyer it s pending in the MLS and a lot of people are going to see that. And I ve had this question come up before, what if they see it s pending in the MLS? It s easy. A lot of these cash buyers they get it and they really don t care. You just say Look, I put an offer in on the property three months ago or six months ago, I got the thing to pending, I waited it out, so it s approved. I d like to turn it over to you, but I need to make $5,000 off of it. You know what? They re going to be okay with it. There might even be a sign in front of the yard when they go to a look at the property with the listing agent s phone number. That s fine. They can t do anything about it, because you re the one that holds the contract. So you can call the listing agent all day long and you can t do anything about it because, I m the one that holds the contract on the property. Let s say you get a cash buyer that s interested in the property. How do you present the assignment fee-type situation to the listing agent and the title company? What we do is call the title company and ask them a few questions. Are you familiar with double closings? Are you familiar with assignment fees and things of that nature?

18 I advise them, Look, I want the property, but I have a buyer that I happen to know that wants it also. I m not really emotionally attached to the property, so I can close it no problem cash, but all I m going to end up doing is turning around and selling to the same buyer anyway. I m going to have to sell it to them for more because I have some closing costs involved, so let s just go ahead and sell it to him directly. Is that cool with you? If I m talking to the title company I tell them I ve had a ton of experience doing this in the past and I ve never had an issue doing this with my title company, so it shouldn t be problem with yours. Put $3,000-$5,000, whatever you negotiated with your end buyer on the buyer s side of the HUD. That conversation isn t really necessary to have with the listing agent. As I said before, they might actually not like the fact that you re making more money off the deal then they are in a shorter period of time. When you re talking to the agent, nothing changes. I explain to them, look, nothing has changed. The house gets sold, you make your real estate commission and we prevent a foreclosure. Same thing, once again, I want the house, I can close on it, but I m going to end up selling it to this guy anyway afterwards. He really wants it, so let s just take me out of the equation. I ll make a couple bucks for giving it up and usually they should be pretty cool with it. Don t make a big deal out of this. If you make a big deal of it they re going to make a big deal of it. You want to make it kind of an, oh, by the way, type of situation. Like oh hey, everything is cool. We re still ready to close on Friday, I have the cash, but by the way, I have this guy who s interested in the property. In some cases, you may need to do a double closing with two title companies and we ve done this before. I try to stay away from double closings. I don t particularly care for them, once again, because of the cost. Sometimes they re a little complicated, especially between two different title companies. A lot of the time the listing agent s title company isn t going to be game for it. A lot of the time they re not going to do double closings so, once again, you re going to want to make sure that there s not a 30 day clause on the approval letter saying that you have to own it for 30 days. What we ll do is go ahead and close it on the A to B and then we ll just do the B to C with my title company. The way we ll do that is we will make our end buyers wire the money to my title company the day before closing. Once my title agent calls me up and says hey, the money is here, 99% of the time if the money is already there they re closing, especially cash buyers, they don t get emotional. They don t get buyer s remorse. Ninety nine to 100% of the time they re going to close. So then I know I can close A to B and we re not going to have any issues.

19 You have to find a transactional lender or a private investor to fund that deal for you. That s not going to be an issue with you having two different title companies and that part right there is pretty important. That s why I mentioned before that you want to identify this first. If you re going to have to do a double closing that s fine, there s nothing wrong with that, but you re obviously going to have some transactional funding costs, unless you re using your own money, plus you re going to have more closing costs. That s why you need to incorporate this and identify this first before you sell it to your end buyer. The buyers agent and I thought we had a deal. We thought we had $5,000 on the table, but then we realized we worked the deal the wrong way. We didn t work it backwards or forward and we found that we had to do a double closing. Because of that, instead of making $5,000 we made $2,000. Here s something else you can do. Let s say you get a copy of the approval letter and you find out that your name is actually on it, you can have the end buyer s name put on the approval letter. I don t really like to do this, but you can. This way you don t have to do a double closing, so it can save you on closing costs, transactional funding and it saves on cost overall so it gives your end buyer a better deal. Beware of doing this though, because a lot of banks are very difficult to work with and can sometimes take weeks to be able to give this to you. A buyers agent and I had a property on Inglewood where my company name held the contract on the property. We had an end buyer, but he was being so cheap about it. I told him that my company name was actually on the contract. We had the property at $80k, so if I did a double closing I d have to sell him the property at $87k -$88k, something of that nature because I would have additional closing costs and transactional funding fees. He said No, no, I don t want to do that. So we said fine. The other route we can do is we can just back out and have him put the contract on the property and obviously we had an agreement where he pays a fee. But that took weeks and he grew impatient. We told him it would take weeks, but we were trying to get him a better deal. What ended up happening is we got the approval letter back with his company name on it, we called him up and he just flaked out. He said he was not interested in the property anymore. Well, now we ve wasted a couple of weeks getting the contract in his name, not to mention if I wanted to find another buyer. He s the one that has the contract in his company name, which poses another problem. This can anger the listing agent too, because you re wasting a lot of people s time at that point.

20 a. You can do this, but you want to make sure that you get the $2,000 nonrefundable deposit. b. You want to make sure that these people really are onboard. What To Do and Not Do When Deals Go Wrong One of the things that can make deals go wrong to begin with is just the people involved. Watch out for difficult agents, difficult title companies and difficult owners. Pay attention with each conversation you have with them and listen to your gut. Anybody involved can mess up the deal, so pay attention early on and walk away from these deals. If somebody is being difficult from the very beginning, chances are they re going to be difficult throughout the entire process. I ve learned to drop out of those situations from the very beginning, just from experience. Listing agents may not like the idea that you re making more money than them in a shorter period of time. You re making more money in one day than they are in and they worked on it for six months. Some agents aren t going to care. They re like, I don t care how much money you make, I just want my real estate commission. Those are the listing agents that we like to work with. Never ever get involved in a property that you can t sell if your buyer flakes out. If any of my buyers ever flake out I just find another buyer, because I know that I got a good deal on the property. I looked at the property and I know what it s worth. Watch out for wholesalers. I had a wholesaler bring me a contract on one of my properties and this was in the very beginning where we weren t getting the $2,000 nonrefundable deposit. We got the approval letter, we thought we had a buyer at a certain price, come to find out when it came time to close the wholesaler couldn t get a hold of the buyer. This wholesaler did this to me twice, so I got to the point where I just stopped dealing with that wholesaler because he was sending me garbage offers. So things can definitely go wrong. You always want to have an exit strategy, just in case. Once again, don t get involved in a property that you can t sell, but it does happen. We try not to back out of contracts, but if we have to we absolutely will, so you always want to have an exit strategy. Don t put a contract on anything that you re not able to sell. Know your buyers and know your buyer s criteria like the back of your hand. We always try to include a five to 10 day inspection period on the property, so if we can t get a buyer we use the inspection period as an excuse to get out of the property. You can always check the property out the day before closing. Once again, usually

21 something has changed or there s been some kind of vandalism. So the day before closing, if the AC unit is missing you can say you know what, the AC unit is gone, I don t want to close and they can t make you close. Another thing that I like to do is I have a cash partner that will close on the property, even if I don t have an end buyer. So let s say I know it s a good deal, but for some reason I couldn t find a cash buyer and the clock is ticking, we just ran out of time. I ll call up my cash buyer that trusts me and we ll partner up with the deal and actually close on the property. You know I want to do everything I can to have good relationships with listing agents out there. By doing all of these things you re going to be the go-to guy. You re going to find deals that are not on the MLS, the deals are going to find you. The reason this happens is that there are a lot of listing agents out there that will drop the ball all the time. The listing expires, they never relist it or they forgot to list it. I know that sounds crazy, but it happens all the time. We just picked up a property recently on Woodlawn in Clearwater. I had somebody that got an approval letter. The approval letter was expiring and I looked in the MLS and it wasn t even in the MLS, which is just an awesome opportunity. These are cool, because it s like fresh inventory. You can have a hard money lender or a cash partner buy it. You partner up with them and just put it on the MLS. This is a way you can actually use the MLS to sell the property or, of course, you market it to your cash buyers list. You market to them that it s not even on the MLS, which your cash buyers are going to love because they feel like it s more exclusive; that you re bringing them stuff that s top secret. With these deals I might do a quick $300 clean up or something like that, which might make a world of difference, but that s really it. I don t do much more to the property. So we ll just buy it and then throw it on the MLS and see if we can get a quick $5,000 to $10,000 off of the property.

22 From REI University: Thinking of Making an Offer on a Short Sale? What You Need to Know Are you looking to buy a new home? Are you thinking that now's a great time to find bargains? That's true, but it pays to know a little about the seller's situation before you make an offer. If a home is being sold for below what the current seller owes on the property and the seller does not have other funds to make up the difference at closing the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market. A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase. You're a good candidate for a short-sale purchase if: You're very patient. Even after you come to agreement with the seller to buy a shortsale property, the seller s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale. Your financing is in order. Lenders like cash offers. But even if you can t pay all cash for a short-sale property, it s important to show you are well qualified and your financing is set. If you're preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure. You don t have any contingencies. If you have a home to sell before you can close on the purchase of the short-sale property or you need to be in your new home by a certain time a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms. If you're serious about purchasing a short-sale property, it's important for you to have expert assistance. Here are some people you want to work with:

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