potential short sale
Short Sale Leads in Surprising Places
September 1, 2010 by Financemyhome · Leave a Comment
By Jeff Kaller
There is certainly no shortage of potential short sale transactions in the current housing market. In fact, according to some estimates, about 1 in every 4 homes for sale is up for short sale. That’s 25% of the market! However, with the advent of government programs designed to help homeowners get short sales done in a smooth and efficient manner by working closely with their banks, the process is, for many investors who relied on creativity to get their deals done and sold off to other buyers, becoming more complicated rather than less so.
Fortunately, not all properties are eligible for these programs, and these properties are far more likely to be distressed than your average primary residence. That’s right; I’m talking about vacation homes. Around the country, second homes are hitting the market in record numbers. In Minnesota, “the Land of 10,000 Lakes,” lakefront properties are succumbing to foreclosure in record numbers as owners struggle to negotiate short sales, while analysts predict a serious foreclosure run on Florida beachfront luxury properties as vacation-home owners in that area try to get out before the oil hits the coast or simply opt to walk away. Second homes are not eligible for federal assistance or short sale programs of any kind in nearly all cases, making them prime candidates for more traditional short sale negotiations. It’s not that the lenders do not want to make a deal; it’s simply that with the huge emphasis on HAMP and HAFA, most people are not aware that they have any other short sale options available.
As an investor, you can help people whose finances and livelihoods are jeopardized by second homes that they can no longer afford and that they are unable to sell in a traditional fashion. These properties are a great source of leads for you, and often they sell at higher values because they may be considered “luxury properties.” Make sure that you do not overlook this great potential source of deals when you are investigating leads.
P.S. If you haven’t signed up for my Free Short Sale Course yet, then you are really missing out, go here:
http://www.freeshortsalecourse.com/
Jeff Kaller, visionary, educator and real estate developer has the pioneered the most preeminent pre-foreclosure system in United States. Specializing in a well kept industry niche, Jeff teaches the real estate secrets of purchasing pre-foreclosure properties while executing real estate theory to actual practice. A record of $7 million dollars in properties and a dedicated following of over 9,000 students in less than four years stands testament to his winning strategies.
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