I Love Short Sales

Posted on September 11, 2009 by Torrey

Hello All, I just wanted to tell you how I just love short sales. Today, Thursday, I had a short sale closing and it couldn’t have been any better. Short sales are one of the most powerful and profitable ways to make money in real estate investing. So to you beginners out there, learn how to do short sales, or better yet, learn how to hire a loss mitigation company to negotiate your short sales for you. This is absolutely the best use of your time. I can say, from experience, that attempting to negotiate a short sale without prior experience is like jumping in shark infested waters. YOU WILL GET EATEN ALIVE!

I’ve been in short sales since 2005 and have an excellent feel for them, especially in this market. The short sale I closed on today is one that I obtained by sending mailings to absentee owners. The seller mentioned to me that she had another property that she needed to sell due to foreclosure. The property was vacant and she owed approx $70K. I had her list the property at approximately $50K for about a month to see if she would get any offers. Of course there were none and there was only one (1) viewing. I then made an offer of $25K and hired First Choice loss mitigation company to negotiate the deal for me. They successfully negotiated the deal and I didn’t even have to up my offer. The bank even agreed to pay the only agent on the deal, the listing agent, a full 6% commission. Who says banks aren’t motivated!! I used the “Short Sale Quick-turn” method to flip this short sale for some serious cash.

I made my way to Charlotte this morning and got there around noon. Went into the attorney’s office and sat with him at the money table (this is the closing table, better known as the “Get Money Table”). I arrived at exactly noon, and I was out of there by 12:15, only 15 mins. It took me 3 mins to make all the necessary signatures and I spent 10 – 12 mins chatting with the attorney. He even told me “Mr. Brothers, if you close one of those a month, you will be pretty well off”. I smiled and said, “I agree, but how about 4 of these per month”? He looked at me with money signs in his eyes because he got compensated for two closings today from me alone, a good day for him.

When I left his office, I went over to see another house I am working on. This one isn’t in foreclosure and the owner just moved a tenant in the property, literally, as in yesterday. This is not a problem as long as the property is cash flowing, I can make it happen.

So alls well that ends well… This week has certainly been stressful a bit, but as long as the green keeps coming in, I’ll be alright…

We will see what tomorrow brings, till then, have a blessed one.

Torrey Brothers

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