Wholesaling Short Sales!

As a Wholesaler/Investor you have to be able to see opportunity for what its is. It is terrible that Millions of Americans are losing there home and they view Real-Estate as a  failing investment. But the unfortunate truth is that someones loss is also someone else is gain, and when someone dies, someone else is born and the world turns. In my experience from my Direct mail campaigns or Bandit signs, the majority of my responses are people like the women in this video. They are upside down on there mortgage, in a distressed situation, and are looking at abandoning their homes, because there situation with bank feels insurmountable . I Personally am not a Realtor, and to preform a Short Sale you must be a licensed agent. So I went and found one to process these leads for me so I can make offers on there properties that the bank will approve for a short sale. Good Idea Right?!?! The only  kicker is that alot of these short sales are a very difficult to handle and are lengthy in process. Even when I pass my leads over to a Short Sale Expert, the amount of leads we are converting are very low, like none. The people we have dwelt with are very emotionally attached to there properties, even the ones they don’t live in (absentee owners) and for the most part are overwhelmed mentally. Because of these reasons it has been very difficult to convert these leads into deals. I’m not saying it can’t be done, I have just not had any luck personally in this situation. My hats off to Those who have!

Copy the link below in your browser and check out the video, It is a interview with a lady frustrated with the loan mod process, and considering abandoning her house. I couldn’t figure out how to embed it into this post, apologizes I’m not the most tech savvy!

http://money.cnn.com/video/news/2010/03/10/maggie_lake_walk_away.cnnmoney/

Advertisements

About The Wholesale Challenge
The New age Hu$tlers in Real-Estate Investing!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: