I want to thank all of you so much for your support. Our book launched and we went to #1 on Amazon in four categories!
#1 Real Estate Book
#1 Business Book
#1 Business & Investing Book
#1 Professional and Technical Book
We also hit #3 for new releases and #4 for best sellers! Wow - I can't say thanks enough!
What a crazy week we have had and so much fun. If you haven't done so yet, please order a copy today. If you order from www.amazon.com and then email your receipt to www.dwan@theieu.com - you will get a bunch of FREE bonuses like - free training classes from several speakers and so much more.
I am already working on a new book for underwater homeowners. It is due out in January. I am hoping for the same great results.
Since I haven't been on for a few days, I want to cover a few short sale things....here is an excerpt from our new book...
The package is ready. It’s time to contact the bank. The department you want to speak with is called Loss Mitigation. Believe it or not, loss mitigation reps can be very difficult to deal with. The key to success is to pin the rep down as to when you can expect an answer.
If you are dealing with a bank for the first time, you may want to call loss mitigation to confirm that they short sale before you spend time preparing the entire package.
All of the larger banks do:
- Washington Mutual
- Bank of America
- Wells Fargo
- Country Wide
- First Union
- Fifth/Third and so on.
- Option One
- Ocwen
- First Franklin
- Fairbanks
- Litton Loan Servicing
There are many more. The problem with calling the bank first is that you may get a new person who has no idea what a short sale is and tells you no, when, in fact, the bank does short sale. I prefer to prepare the package, call loss mitigation, and ask who I need to fax the package to in order to get my deal accepted. I assume that all banks will say yes.
Most banks do say yes to some sort of a short sale. If you have a property worth $100,000, with a $100,000 mortgage balance and the bank accepts $90,000, the bank considers that a short sale. It’s just not a short sale I would accept.
If the bank does not have a loss mitigation department, ask for the foreclosure department, work out department, loan modification department, late payment department, bankruptcy, or who ever helps homeowners in distress.
Give the seller’s name and loan number and ask for the representative who is handling the seller’s account. Once you have the right person on the line, ask for the fax number and fax the authorization to release while you are on the phone with the rep.
Before you begin dealing with the loss mitigation reps, it is important you understand the mind-set of this person. Most of these folks are overworked and underpaid. Some reps have as many as 500 files on their desk at any given time. Because these reps are so overwhelmed with their case loads, they often blow you off on the phone if you don’t appear to know what you are doing.
There are several ways to represent yourself to loss mitigation:
* As a friend - You could represent yourself as a friend trying to help. The problem with this approach is that the rep may think you have no experience and may not want to bother with you. On the positive side, the bank may like the fact that you are not a smooth talking investor.
* As an investor - As an investor the rep may think you are out to take advantage of the homeowners as well as make a killing from the banks loss. On the positive side, the rep may like the fact that you have experience and will be less trouble than someone with no experience.
* As a real estate agent (if you have a license) - As an agent the bank looks at you like a neutral third party, but may not have the confidence that you will follow through without a buyer as agents show houses, not purchase them. On the positive side, the bank may take your offer more seriously because you are an agent and are considered a professional.
You have to decide in which role are you most comfortable. I have used all three with great success. There is no right or wrong way to present yourself.
The key is let the rep know that you are easy to work with and will make the transaction as smooth as possible.
When speaking with the loss mitigation representative, always be professional and refer to the sellers by their first names as often as possible.
Bring as much emotion into the conversation with the rep as possible.
This will hopefully help the decision to accept a short sale become more meaningful rather than just financial.
Hope this helps.
Again....thanks for your support.
Have a Blessed Day,
Dwan
BTW - check out the video of Sharon and Juan's "Short Sale Baby" at my youtube page. www.youtube.com/dwanbenttwyford - it's great!
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