Short-Sale Pre-Foreclosure Investing How to Buy "No-Equity" Properties Directly from the Bank -- at Huge Discounts

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Edition: 1st
Format: Paperback
Pub. Date: 2008-06-30
Publisher(s): Wiley
List Price: $28.62

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Summary

"The ultimate book on short sales! Dwan and Sharon have made it easy for you to profit in today's gold mine of foreclosure opportunities." -Robert Shemin, New York Times bestselling author of How Come That Idiot's Rich and I'm Not? "Having invented new real estate markets for over twenty years, I can strongly recommend Dwan and Sharon's book. This dynamic duo invented the short-sale market-nobodyknows more!" -Frank McKinney, international bestselling author and real estate "artist" "As a national speaker and teacher for over twenty-five years, I've never met anyone who knows more about short sales than Dwan and Sharon. I've spoken to hundreds of their students who have earned tremendous profits. You could be their next success story!" -Nick Sidoti, a.k.a. Dr. Cashflow Make a fortune in pre-foreclosures with help from the queen of the short sale Millions of distressed homeowners are in danger of foreclosure, but can't sell their homes and walk away because their property is worth less than the mortgage. Banks don't want to foreclose because the process is so expensive and time-consuming. The solution is a short sale-the process by which an investor buys the troubled property from the homeowner at a price far below the outstanding mortgage and the bank takes a write-off. Real estate investor Dwan Bent-Twyford and her students have made millions with short sales-while helping homeowners prevent foreclosure. Finally, here's a single resource that tells you everything you need to know to get into this high-profit game: Find "underwater" properties and pre-foreclosures Approach distressed homeowners facing foreclosure Prepare an offer that helps you and the homeowner Negotiate with banks and mortgage holders Earn big profits through wholesaling, rehabbing, or renting

Author Biography

Dwan Bent-Twyford, "The Queen of Short Sales," is the country's leading authority on buying pre-foreclosure properties directly from lenders. She also leads popular boot camps for real estate investors.

Sharon Restrepo is known as "Short Sale Sharon" and specializes in buying foreclosure and distressed properties. She is the coauthor of numerous real estate home study courses, offers training workshops, and is cofounder of several real estate companies.

Table of Contents

Downloadable Formsp. ix
Acknowledgmentsp. xi
Introductionp. xiii
Get Motivated, Set Goals, Get Startedp. 1
A Short-Sale Case Study-with a $200,000 Profitp. 2
Getting Motivatedp. 6
Setting Goalsp. 7
Accomplishing Your Goalsp. 9
This Is a Business, Not a Hobbyp. 10
Dealing with Naysayersp. 10
Personal Appearancep. 12
Setting Up Your Officep. 13
Structuring Your Businessp. 14
Ready to Do Businessp. 16
What Is a Short-Sale? An Executive Summary of How to Negotiate with the Bank and the Homeownerp. 19
Why Do I Need to Do a Short-Sale?p. 20
Why Do Banks Accept Short-Sales?p. 21
How Much Do You Offer the Bank?p. 23
Successful Short-Sales Start with the Homeownerp. 33
Financial Agreement with the Homeownersp. 33
How Much Should You Pay the Homeowner to Move?p. 35
Setting the Move-Out Datep. 36
Expert Strategies for Finding Distressed Properties and Foreclosuresp. 39
Buying Bank-Owned Properties for Pennies on the Dollarp. 39
Newspaper Adsp. 43
"I Buy Houses for Cash" Street Signsp. 44
Networkingp. 44
Postcardsp. 45
Magnetic Vehicle Signsp. 45
Bail Bondsmenp. 46
Pawnshopsp. 46
More Deal-Finding Favoritesp. 49
How to Approach the Homeowners and Create a Win-Win Solutionp. 51
Understanding Why Homeowners Want to Work with Youp. 52
Building Courage to Knock on Doorsp. 53
Friendly Negotiations with the Homeowners-What to Say and What You Need from Themp. 54
Establishing Rapport over the Phonep. 57
Knock on Doors Like a Prop. 57
Helping Homeowners Understand Their Optionsp. 59
Deed in Lieu of Foreclosurep. 64
Chapter 13 Bankruptcyp. 65
Final Thoughtsp. 65
Preparing Your First Offerp. 69
Authorization to Release Informationp. 75
Going to Contractp. 79
Hardship Letterp. 88
Picturesp. 98
Investor Cover Letterp. 99
Comps That Justify Your Offerp. 101
Net Sheetp. 105
Estimated List and Cost of Repairsp. 107
How to Approach the Bankp. 113
How to Get the Bank Interested in Talking to Youp. 114
What the Bank Wants from an Investorp. 114
How to Get Through to a Stonewalling Lenderp. 115
Presenting Your Short-Sale Offer to the Bankp. 115
The Asset Manager's Rolep. 119
Working with the Portfolio Representative Directlyp. 121
Getting Your Short-Sale Assigned to a Loss Mitigation Repp. 121
Additional Information the Bank May Requirep. 122
My Offer Is Submitted-Now What?p. 127
Negotiating with a Second or Third Mortgage Holderp. 131
Your Conversation with the Second Lenderp. 136
Variations on a Themep. 139
Key Elements of the Legal Process You Must Understandp. 145
Understanding Ownership versus Debtp. 146
Foreclosure Processp. 149
Types of Liensp. 152
Types of Mortgages and Loansp. 155
When the Bank Says Yesp. 159
How Do I Buy More Time?p. 162
How Does the Homeowner Buy More Time?p. 163
Three Profit-Making Exit Strategies: Wholesaling, Rehabbing, and Rentingp. 169
The Wholesale Pathp. 170
The Rehab Pathp. 173
Selling the Homep. 180
The Rental Pathp. 180
Setting the Closing Date and Making Sure the Closing Goes Smoothlyp. 183
A Successful Closingp. 185
What If My Homeowners Change Their Minds?p. 186
What If My Buyers Change Their Minds?p. 189
Closing with the Assignment of Contractp. 191
Double or Simultaneous Closingsp. 196
Are Double Closings Illegal?p. 198
First-Year Expectationsp. 201
How You Can Become Rich without Going to Collegep. 204
What We Did to Get Herep. 205
What You Can Expect in Your First Yearp. 207
Thinking Like a Millionairep. 208
Indexp. 209
Table of Contents provided by Ingram. All Rights Reserved.

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