I might try a short sale soon. I’ve never done one but have read a little about them. Is this something I can do without a lot of expensive training? Request a short sale package from lender and complete and return?? I sure there is more to it…
There IS more to it, however, DOING it is the BEST way to learn. Sure, you’ll hit snags, and bumps in the road, and you’ll make mistakes, but that’s the BEST way to learn, IMO.
Really, you need to know a few things.
Who to contact for the packages.
You have to SHOW the bank WHY it’s in their best interest to sell to you for less than they are owed. If you can get a system down to do that, (and there are plenty of different ways and strategies for doing it) you will get a lot of good deals.
How to TALK to the banks.
Not every short sale lead is a deal. They may owe WAY more than its worth, and the bank may just hold on believing its worth what they are owed. Banks are NOT logical, so don’t try to understand them, it’ll just annoy you. You CAN learn how banks act in certain situations, but that mostly comes with experience, IMO. Training/coaching can be useful, and some people thrive in those environments over just jumping in and DOING it.
You have not read enough…
You need to know how to negotiate with the lender.
You need to know the language because they will chew you up and spit you
out if they detect that you are newby at this.
You need to do you home work, title search, home insp est of repairs etc.
Influence the BPO or appraisal etc.
This is a lotmore than just reading a little about it…
How much do you offer on a first contact HUD1 etc…