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How to do Short Sales, A Tough Investment

Here is an article is about Short Sales and the difficulties that you have experienced when trying to close them.

A side by side comparison…

How to do Short Sales…What is Required?

A Short Sale transaction involves a lot of time convincing to a borrower.

The loss mitigation officer in charge of the short sale proposals is probably overwhelmed with work. Because of this, they may take a longer time to get back to you.

Short sales compared to buying bank notes require more documentation. This includes financial statements, tax filings, bank statements, pay stubs, hardship letters, HUD-1s, and money.

In some cases if you can arrange for a simultaneous close on your short sale. If you cannot, you might be required to finance the purchase transaction.

How to do Short Sales Compared to Buying Bank Notes

Purchasing real estate notes involves 1 other person that are works with about 5-30 investors. They are the secondary asset manager or a loss mitigation officer. They take care of the documentation, you only need to review it. You only need to worry about the purchase and sale agreement and the assignment of mortgage, this process is very similar with all lenders.

Yes, in defaulted mortgages you will need money buy the bank notes. There are many strategies that you can look into that require very little capital. I will tell you more about that later.

Short Sales and Buying Notes in California

First of all, Civil Code 1695 won’t apply to you (when taking title in a deed in lieu negotiation, you are exempt from the constraints that equity purchasers have). As opposed to having to find a buyer and selling the property, there are multiple exits for you. They include loan mods, deed in lieu, refinances, and selling the note.

If you are buying bank notes with a singular interest, there are no licensing requirements.

Another thing you are not subject to are potential litigations. (short sales are however, because they are considered lease option deals which are interpreted and loans which means you would be stripping equity). With real estate note purchases, you can simply modify the loan. But since you are the lender, you will be subject to changing foreclosure laws.

A Closing Thought on Short Sales and Buying Bank Notes

So let me leave you with this thought. In short sales, you may find yourself in a hard situation because of a difficult lender that you are forced to deal with. On the flip side, if you are buying bank notes…you may have investors contacting you asking for discounts on your defaulted mortgage so they can sell the property.

Hows that for a change of pace?