We have 2 closings this week. Both of the quick-turn short sales. The model works well, but it’s 8 months to cash, which doesn’t work well. You have to be patient and dot your I’s and cross your T’s.
here’s the business model. Get a short sale signed up. Work the short with the banks and lien holders which may take up to 180 days. Once the BPO comes back and we find out the value, we list the property at the BPO price - continuing the short sale process with our original offer. the bank may counter our original offer, meanwhile we’re looking for a retail buyer (and possibly putting some money in to the property to clean it up). Once we have either an approval or a buyer, we bring the price together, making a spread for us, and get the approval. We then go to close and do a back to back closing. Sound simple? Well, there are a lot of moving parts, but it’s pretty simple.
I like this business model for bringing in some cash, however, it’s a long road and there’s not guarantee that it’ll work. For more strategies, stay tuned.
To sell your house quickly and easily for a fair price, vist us at www.lakesareahomebuyers.com
To learn the real estate business, or if you need a coach, visit http://1RealEstateCoach.com
thanks.
