I was just wondering is anybody out there really making money off of short sales today or is it coming to an end? I have found it increasingly difficult to deal with the L/M who will not returned calls or even speak with you, let alone answer your emails. Out of 20 short sale deals how many are really being accept?
I have been at this for over an year now and have not been sucessful I think its time to thrown in the towel. Grant I was working with marketing and finally started getting calls once a clear up that area. Now I am getting no were with the banks.
NO DOUBT! Doing short sales IS NOT an easy process. Trying to find someone who can help you, and getting your calls bounced around for weeks can be very discouraging. It’s a mental game with huge rewards if you can endure it.
Don’t give up. Do you have any partners or a mentor that can help you? You need someone’s outside perspective to help you see what corrections can be made to your method.
Thank you for the encouragement and yes you are write it is a huge mental game that is very frustrating. No, I do not have any mentors but I do reach out to alot of investors whom seem to be doing well.
They have given me tips and suggestions that I have followed that is why I am doing ok with the marketing aspect unlike before. I am now having major problems with the L/M. I don’t understand if you are to negotiate their must be dialogue, right? Well they will not call you back and then close the file.
I will not give up I put to much into this to stop now.
I don’t know but I intend to find out! It can be very discouraging, yet when one understands that you have to create a win-win-win-win-win-win-win situation, the magnanimity of the project is revealed.
Wins for the, 1) Borrower, 2) Bank(s), 3) Buyer, 4) Buyer’s Lender, 5) Buyer’s Agent, 6) Seller’s Agent, and finally the most important win of all, 7) the investor who puts the whole deal together such that everyone emerges thinking they have “won” in some way. That can be quite difficult for agents to accomplish even without the short sale aspect. Now, add to this that you have to convince the bank that it’s a good idea to give up money? No wonder it’s challenging. :banghead
I’m with Michael and tauyan. Yet I’m also with you because there is no standardized process for getting an approval. Each case has its subtle differences, they are unique, and IMO, this is not a business for a novice at negotiations. If you don’t have extensive experience with that, then farming that portion out to a third-party service definitely makes sense.
I’m actually not surprised that short sales are dificult.
I know that the folks around this forum know what they are doing, but there are a lot of idiots out there who have read 1/2 a guru course and they are just as obnoxious as can be. I hate hearing from them, when they come around trying to buy something from me. They are worse than the religious missionaries who come around knocking on doors and trying to sell their pamphlets.
Whoever is in charge of selling the short sales is probably buried alive in those idiots who don’t know what they are doing and don’t have any money or any credit. I can see where they might have a knee jerk “get away from me” reaction when they hear from an investor who hopes to get a good price.
So what are you saying here, that people that want to get ahead should just give it up? To let you have all of the SS biz because it’s to difficult for the average Joe? On that, I’d have to agree with you.
But on the point of “not having any money or credit” as though that were some kind of sin or a knock out punch for those who want to work short sales, I’m not inclined to agree. Many a fortune has been built by those who had big dogs chasing them. Fear is a good motivator for many of us, probably more so than the rewards.