Short Sale Stampede
Analysts foresee a herd of new short sales stampeding into the real estate market between 2010 and 2012. According to data compiled by Credit Suisse Bank, hundreds of billions of dollars in Alt A loans are set to recast starting in 2010. And add in the fact that U.S. unemployment is higher than 10% and the economy is showing few signs of improvement and it’s predicted that this will create a short sale stampede far larger than what we already seen.
In years past, many bad loans ended in foreclosure. However, now that President Barack Obama is fully committed to seeing his American Recovery and Reconstruction Act through to success, along with lenders and real estate professionals capable of handling large quantities of short sales; experts agree that in the coming years, short sales will be the fastest growing segment of the real estate market.
In other words, all signs point to years and years of more and more short sales.
Local governments are beginning to take proactive measures to encourage the purchasing of short sales too. In San Francisco for example, the Mayor’s Office of Housing First-Time Buyers Program gives first time buyer’s down payment assistance, up to $60,000, on the purchase of short sales. This is a trend that many other municipalities are looking to adopt.
Therefore, if you think short sales have been a great opportunity the past few years, just wait. The best is yet to come…
So how can you profit from this stampede? Get on your horse, grab your rope, and start lassoing some deals! And we’ll show you how. Join me this Thursday for an all-new, absolutely free, online short sale training. I’ve spent weeks in preparation for this new training and the timing couldn’t be better for you. Now is the time to be in short sales and the sooner you learn, the faster you’ll be making more money.
Ohh, one more thing…for those of you in the real estate investing world who are choosing to ignore short sales (for whatever reason), I’ve got news for you. This stampede just might run over those who choose to ignore it. This latest information is telling us is that “doing short sales” is no longer an option if you are a real estate investor. It’s now mandatory. Welcome to the future.
Hi Phil–I joined your program a couple of years ago. Just wanted to let you know that since then I have completed about 6 short sales. Thanks so much!
Great article. Short sales look like they are going to be around for a while!
I signed up for your program. I am anxious to know if this training would allow us to go behind the million dollar homes also.I understand from one of the other gurus that it is best to go behind these homes because the banks treat them differently than the lower priced homes.It is just amatter of having the right paper work together.IS THAT TRUE?
In business, whether real estate, or venture capital, or taking a company public, etc, the bigger the deal, the more money you make.
What is fascinating about business as well is that the bigger the deal, the easier it is. Strange, isn’t it? At Thanksgiving dinner yesterday my uncle, who is a project manager for very large construction projects, was watching the Cowboys game. The taxpayers of Dallas had just paid for a $1 Billion+ new football stadium for America’s team. I asked my uncle if he could handle a job of that size. This is what he said, “Of course, and interestingly enough, the bigger the deal, the easier it is.” The same is true in real estate.
Luxury short sales are wonderful. The challenge is that the owners of luxury homes can be very savvy and will usually want to only work with people who really know their stuff (or to work with a group that does, as you do…you can always say that your advisors know more about short sales than anyone else in America and that gives you instant credibility). The paperwork is identical, the lenders treat the deals identical, everything else is the same as a small deal. I’m currently working on a $4 Million short sale. I love the big deals.
The other issue is that there are very few luxury short sales in comparison to small deals. Certain areas of the country have more than others, obviously. Coastal areas that have much higher real estate prices have many more luxury deals and that is a huge advantage for people in those areas. But what if you live in rural Michigan and want to be in this business? That’s another reason why our program is so special. We can take any deal, big or small, and show people how to turn it into money.
Another issue is that there is TONS of competition for luxury short sales. TONS. Real Estate Agents who position themselves as short sale experts hyper focus on these deals, every investor who watches a webinar tries to get on them. It’s extremely competitive and oftentimes you will be fighting with numerous other people for the deal. Luxury homes owners know how to “shop” people to get the best deal for them. So you really have to have your act together, as our students do, in order to swim in that pool.
As you dig deeper into this program, you will find that we strongly stress you work on the biggest deals you can, but don’t overlook the smaller ones. There is so much money to be made in all sizes of deals, it’s just waiting for you to grab it.
I hope this answers your question.
Our attitude is you market, market, market, and some of those deals will end up being luxury deals but most won’t. The luxury ones will make you more money and will be easier but you can still make $30,000+ on small deals.
I love straight talks like that ! Thank you, Phil.
I have been to this site since yesterday ( 12/11/2009 ). I ordered that free DVD of yours and I was given access to your materials online, thank you. I never stop reading, listening, and absorbing your teaching and I can’t wait what the future has to offer for my family financially with your guidance.
God bless,
Walter, Las Vegas, Nevada