I have recently come into a ton of solid short sale leads, far more than I can handle, and I was looking for some information on how I could set up a system to sell them to other investors. I have the investors lined up and I have the leads, but my question is more about how do I do the transaction. How much should I charge per lead, and what is the best way to accept payment? There are some investors that I can meet in person which makes the transactions easy, but what about those that I market to over the net? Any advice would be greatly appreciated!
Good Evening GREI,
What type of leads are these? A list of properties a bank is willing to negotiate on? I completed a short-sale last week, I enjoy them and am interested in solid short sale leads.
Where are you with these leads? Have you completed the packets for each of these homes? Has the bank(s) supplied you with a letter of intent to sale these homes on a short sale? If so, have they agreed to a % of current BPO or UPB?
As far as how much are these worth, that number is generally based on the percentage of discount the bank has agreed too and the profit potential of each property. Just my two cents.
Please let me know, I may be interested in taking a look at these, thanks.
Go Get’em,
Ray Rochefort, mgr. mem.
Purpose Investments LLC
Thanks for the reply. In all honesty I do not have much experience with short sales. I just recently got into this business and the deals that I have done so far have been wholesales and lease options, but I do know a good lead when I see one. I received these leads from a local realtor in my area, after talking with him a couple times and building some rapport he sent me about 150 leads. The majority of them are shortsale deals but there is also a good variety of other deals within these leads. The realtor acts as an agent for bank owned properties and the way he sees it is that, if either i buy the properties or dump them off to other investors he wins cause he gets paid and gets rid of a “problem property.” All of these leads are all located in Lake County, IL and I have not acted on any of them because I just got the leads earlier this afternoon. I have briefly gone through them and from what I have seen so far there is about 15 hot leads and about another 10-15 possible deals. The lack of my experience with working with shortsales is the reason I was looking to sell the leads, but I would be open to partnering with someone who has experience. Also, I do have the lock box codes to most of the properties so that I can gain access to view them.
Hope that gives you a good idea of what I am dealing with,
George C.
Hi George,
Are these all from the same lender? If so, you have my attention. If not, how many are from a single lender? I am only asking because I have found the more properties in a deal, the more the lender is generally willing to negotiate.
Let me know, thanks.
Ray Rochefort, mgr. mem.
GREI,
I may be a little late on this one and I am still a novice with short sales but I am here in Chicago and I’m interested in hearing more on the leads and seeing if we can work something out…
I have done dozens of rehabs in the Chicagoland area but I am really going to try and focus on Short Sales for the rest of the year…Drop me a line and we can see if there is any business we can do together…
Luxx