Buying A Short Sale Step By Step

In building a short sale business, there are three areas that must be addressed: Property Acquisition, Negotiation, and Property Disposition. Understanding how each piece along with their corresponding parts fits into the puzzle of establishing a short sale business will provide the structure investors need to streamline their business for efficiency and profitability. The best way to explain these areas is to break them down into divisions. Imagine a business with different divisions each performing their required duties. Just like a Fortune 500 company with divisions, the short sale investing business has divisions each responsible for their part. If a foreclosure property is to transform into a profitable transaction each of the following divisions must successfully perform their required duties.

The information below is a summary of each division. The first step in the short sale investing process concerns the acquisition of leads and properties. The front end of the business is the responsibility of the Property Acquisition Department, which functions as the marketing and sales specialists.

Responsibilities for the marketing specialist consists primarily of any activity that digs up new leads and opportunities. Once a homeowner is served their paperwork from the courts, the foreclosure proceeding is in the public record for all to see. Going to the courthouse and obtaining the new list of pre-foreclosures, working with a list provider or receiving the email list of pre-foreclosures are all ways to obtain “the list” of new homeowners that were just served their foreclosure papers.

Working with local papers that list properties in foreclosure is another standard way to obtain leads. The pre-foreclosure leads provided will range in values and location. Be sure to review the list of zip codes so that the marketing is targeted to areas that are favorable. This is called your “sweet spot.” Once a targeted list of names is obtained, scrubbing the list through a skip tracing service is the next step. Buying A Short Sale Step By Step

The sales specialist is the dedicated person who will go out on all new “buy” appointments, generate leads, and establish the referral network. This individual is commonly known as “the buyer.” Along with marketing, meeting sellers, evaluating properties, door knocking and cold calling this person is the “face” of the company. The most important revenue producing activities fall upon the shoulders of the buyer because the buyer brings in properties that create opportunities. The buyer should feel comfortable working with people in distress; moreover, he or she should enjoy the particular demands that a sales style job brings. When working with prospective clients either on the phone or in the field, it is essential that the buyer use the appropriate sales language.

Markets tend to shift quickly. When investors realize that they are in a certain market they may find that the market is about to change again. Making a fortune in real estate thankfully does not depend on shifts in the market place. It’s not like stock investing in which most people only make money when the market goes up. In the case of foreclosure investing and short sales, the market does not determine success. You do. Your creativity and drive will determine the outcome of your real estate investing business. Unfortunately, so many moving parts can leave even experienced real estate professionals new to short sales bewildered. What should the new or experienced investor do to get a solid start? Buying A Short Sale Step By Step

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