Short sale business
When a home owner has a huge outstanding mortgage payment with the lending company, then he put up the property for short sale. It will be used to repay the lender but it will be less than the full repayment of mortgage. By this way the borrower will be released from the mortgage and the house will be sold. Even though it is sold for less price, the lender at least get about 70-80 percentage of the mortgage due. Short sale mortgage can help the lender to avoid big losses for the company.
DC Fawcett reviews states that buying such mortgage short sale properties and selling them for higher value is what the mortgage brokers actually do. Will it be a profitable career? How to do this efficiently? Is there any training given to do it? DC Fawcett mortgage short sale training will help the loan officers and make it as your primary business.
General tips on how to get started with mortgage short sale
- You can search the lender who has mortgage property for sale online or using multiple listing websites and contact them. You can buy the property from them directly
- According to DC Fawcett reviews once the short sale proposal is finalized, make an agreement of the proposal which clearly denotes the price of the property. It should be the lowest price in the market since you are buying it in short sale
- Make sure that your agreement ensures that the lender will not demand the deficiency amount from you. If you paying the deficiency amount then the short sale business is of no use. The lenders will agree for this point because they have to avoid foreclosure at any cost
- After signing the agreement with the lender, start marketing the property with right channels. There are various options available like newspapers, advertisements in classifieds etc.
- Once the agreement is finalized and you started marketing the house for sale, you’ll find a potential buyer. DC Fawcett complaints on overpricing the home and make sure you price it higher than the buying price from the mortgage lender.
- Do necessary rehabs before selling the property to buyer. If the home is too old, then do necessary repairs and renovation before staging it. Fix the leaky faucets, replace the torn carpets and repair the roofs before showing it to the buyers.
- You can also wholesale the house to rehabber and sell the house in as is condition. Many sellers opt for this option since they find rehabbing process to be a tedious process.
Before buying the mortgage short sale property as an investment, make sure you are buying it for right price. Even if the lender is selling the house, he may have no knowledge about the pricing since the seller will be pricing it. The seller and the agent will assign the price for the property. Check the comparables in that area and make sure the property is not overpriced. It can take from 1 to 3 months to complete the transaction while buying a short sale property. DC Fawcett complaints that many investors confuses the term “short sale” for the process as it may take long time to complete.
DC Fawcett reviews trains you with the best strategies available in the real estate market. His training will help the loan officers on how to buy the mortgage short sale properties easily!