hen I first stared is due to loose lending practices
investing in real estate over the last several years. The
almost 20 years ago, banks allowed people to buy
almost no lenders had systems in houses with no money down or
place to negotiate payoffs on borrow more than their home was
defaulted mortgages. worth. Now these same people
can’t afford to pay their
They didn’t need them. They had mortgages.
few foreclosures to deal with,
and many of the properties that Most lenders are beginning to
they did have to foreclose on had recognize that they profit more
significant equity. by avoiding the foreclosure sale
completely. By avoiding the
But a growing glut of foreclosure sale, they don’t have
foreclosures are on the market to take yet another property back
today. As a result, short sales and hold it as an REO – Real
have become an incredibly hot Estate Owned by the bank.
topic in the real estate
education world. (By the way, a Consequently, now is the perfect
short sale is a negotiation time to master short sales. The
between the buyer, the seller and opportunities are everywhere, the
the bank that holds the mortgage. opportunity to make a lot of
As the buyer, you ask the bank money buying OVER financed
for a deep discount on the properties at UNDER market value.
mortgage in order to purchase it
before sheriff’s foreclosure
auction.) Profiting from the sale is not
the only benefit you receive,
The reason foreclosures are however. An even greater benefit
becoming more and more prevalent is helping the home owners on the
brink of foreclosure save their
credit. Save their peace of mind. I think so. That’s why short
Save the homeowner’s hope for a sales are now my primary way to
brighter financial future. acquire property. You should make
it yours, too.
And isn’t helping others the most
gratifying motivation of all?
About the Author:
Deb McMillan, OPHP, CMI, is a real estate investor and writer, living in Hamilton, Ohio, and has written a home study course on Short Sale Success Systems detailing how to get deep discounts from the bank when buying pre-foreclosures. She has been investing in real estate since 1986 and buying, selling, and teaching short sale strategies since 2000. She teaches how to talk to sellers to get them to do what is necessary to save their credit and reveals strategies to negotiate with the banks to get deep discounts when you buy the real estate. She also teaches about bankruptcy and what you can and can’t do once a homeowner files. Log on to http://www.shortsalesqueen.com for more information on how to make your deals close.
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Deb McMillan
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