how to stop foreclosure using a short sale insider secrets revealed
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How To Stop Foreclosure Using A Short Sale in Orange County - In this video you\'ll learn several secrets that we use to get an edge over banks in getting your short sale approved.TRANSCRIPT
How to Stop How to Stop Foreclosure Using Foreclosure Using
A Short SaleA Short Sale
Insider Secrets RevealedInsider Secrets Revealed
Presented By:Gabriel Anderson
DynastyWealth Property Solutions
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Part 1: Introduction to Short Sales
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What is a Short Sale? What is a Short Sale?
“A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property”
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Why Do Lenders Consider Short Why Do Lenders Consider Short Sales?Sales? Lenders are in business to loan money, not own
real estate If a lender forecloses the value of the loan
contributes to their insolvency Foreclosures cost lenders time and money The short sale offer is equal to or greater than
what a lender can expect to gain by foreclosing and selling the property
Property is left in an “unsellable” condition.
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Options for Stopping ForeclosureOptions for Stopping Foreclosurein 48 Hours or Lessin 48 Hours or Less1. Bring the Loan Current - Reinstatement2. Work out a Forbearance Plan3. Sell the Home to a Cash Buyer4. File for Bankruptcy5. Deed in Lieu of Foreclosure6. Loan Modification7. Short Sale
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Why Use Short Sale to Stop Why Use Short Sale to Stop Foreclosure?Foreclosure?Used if property is “upside down”A chance to wipe the slate clean with
minimal financial impactPartial control over deficiencyProperty will sell faster if priced properly
(Price Discovery)Avoid foreclosure on credit
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Did you know…Did you know…Average broker or agent closes 10% of the
short sales they attempt.Short Sale negotiations is a specialtyForeclosures are at an all time high.70% of all Homes sold will be sold as a
short sale (83% of homes listed in the MLS are short sales)
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Getting Your Short Sale Approved: Getting Your Short Sale Approved: Tricks of the Trade Tricks of the Trade Understanding the bank mitigator’s motivation is
key:– An average of 200-300 files– They get paid a bonus based on performance for
minimizing losses and number of deals they can close in a month. They want to close deals. They want to approve your short sales, but they need to have confidence in you.
– They want to work with people they have confidence in that can close the deal.
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Understanding Loss MitigationUnderstanding Loss MitigationWe’ve identified over 28 reasons why a
short sale doesn’t get approved.Personally interviewed bank loss
mitigators to get the inside scoopIf you don’t know what you’re doing, they
will know:– They will use it against you.– They will not take you seriously– Your file will go to the bottom of the pile
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Secret #4 of 28 - How do Loss Mitigators Secret #4 of 28 - How do Loss Mitigators look at short sale packages?look at short sale packages? They will read the offer letter if it is on page or
shorter Next they will look at the HUD on line 504 to
see what they’re Net will be. This is the most important number to them.
Next they look at the Purchase and Sale Agreement and see if it matches line 101/401 on the HUD
If the numbers line up, the mitigator will know you know what you’re doing.
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Secret #7 of 28 – NEVER discuss Secret #7 of 28 – NEVER discuss the purchase price with lenderthe purchase price with lenderYour job is to gather information from the
lender.We never discuss the price with the lender.
They will try to negotiate on the phoneThey will ask: “How much is the offer?”
– Answer: “The buyer is still waiting for the repair estimate. As soon as we get it we will send it.”
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Interview Questions to the Interview Questions to the Agent/Buyer Handling Your Short Agent/Buyer Handling Your Short SaleSale1. How do you get the short sale assigned to a
mitigator immediately?2. Do you know what a bank mitigator looks for
in a short sale package, and more importantly why they put a file on the bottom of the pile?
3. Do you know how to negotiate with lenders depending on what type of loan I have?
4. Do you know the Loss Requirements and how to negotiate Fannie Mae, Freddie Mac, FHA, VA, USDA and conventional with PMI loans?
5. Do you know how to get junior lenders and IRS liens released from properties?
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But wait… There’s more…But wait… There’s more…6. Do you know how to get the deal done when a lender
wants me to sign a promissory note or deficiency judgment (Even though CA is a non-deficiency state)?
7. Do you know how to get the bank to approve every file by getting the BPO value on the property where they need to see it (99.9% of people don’t know the “Kiss of Death” with BPO’s)?
8. Do you know how to structure the deal when the lender says that all junior lien holders can only get $1000?
FACT: If you don’t know this information, there’s a 90% chance your short sale offer will be declined.
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Who Are We?Who Are We? Professional real estate investors. We are a capitalized
private investment partnership that specializes in commercial and residential investment real estate
In the real estate investment business for over 6 years, and successfully negotiating short sales for over 3. 25+ years of real estate experience.
We work with sellers and their agents and since we’re cash buyers of real estate we don’t charge fees.
Orange County’s Only Accredited Luxury Home Short Sale Specialists™
Winner Of The 2008 Southern California Foreclosure “Outstanding Professional” Award given by the Foreclosure Professionals Institute of Southern California.
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How do I contact you?How do I contact you?
Visit our website at:www.dynastywealthproperties.com
Or call us at:(949) 205-4695