After I'd left meeting with a seller, I received a phone call from another seller in the exact same situation. This seller was extremely motivated to sell due to the tenants. And this is something I'm finding more, and more. See, a lot of people that couldn't sell their houses, decided to rent them out. And as a result, you've seen an enormous increase in the amount of landlords.
Now, these sellers that are not the type of landlords that are in the business of making monthly cash flow. They're people that may have two houses that couldn't afford to make the second house payment, so they decided to rent the other one out. And, that was the only solution that seemed possible.
With the current downturn in the real estate marketplace and with lack of management of tenants, many of these owners are disgusted because now they're upside down in a property that needs enormous amount of work.
Now, if you're in the house buying business, you're seeing a flood of these people literally begging for someone to buy their house. See, they've grown real weary of the rental game and are literally begging to get out from under these houses that they rented them out two, three, four years ago.
Many of these homeowners are now facing foreclosure with nowhere to turn, while some have just witnessed their tenants completely destroy their homes. And now, the house has become more than they can handle. And after all, these former homeowner - landlords aren't in the management side of the business. Remember, they just wanted out from under their home.
Well, here some good news...
You can still make money with these types of deals easily.
Welcome to the wonderful world of short sale real estate investing.
A short sale is when you submit an offer to the bank for less than what is owed against the property. And since, foreclosures are at an all time high, banks are now more willing than ever to accept these discounts. Short sales can be a lengthy process, so be sure to educate the seller before you ever submit an offer to a bank. You'll call the bank and speak to the person handling the file and ask for a short sale package. They'll send this package out for you and your seller to fill out.
Get all of the short sale package completed and sent back as soon as possible with your offer letter and let the negotiations begin. - 16003
Now, these sellers that are not the type of landlords that are in the business of making monthly cash flow. They're people that may have two houses that couldn't afford to make the second house payment, so they decided to rent the other one out. And, that was the only solution that seemed possible.
With the current downturn in the real estate marketplace and with lack of management of tenants, many of these owners are disgusted because now they're upside down in a property that needs enormous amount of work.
Now, if you're in the house buying business, you're seeing a flood of these people literally begging for someone to buy their house. See, they've grown real weary of the rental game and are literally begging to get out from under these houses that they rented them out two, three, four years ago.
Many of these homeowners are now facing foreclosure with nowhere to turn, while some have just witnessed their tenants completely destroy their homes. And now, the house has become more than they can handle. And after all, these former homeowner - landlords aren't in the management side of the business. Remember, they just wanted out from under their home.
Well, here some good news...
You can still make money with these types of deals easily.
Welcome to the wonderful world of short sale real estate investing.
A short sale is when you submit an offer to the bank for less than what is owed against the property. And since, foreclosures are at an all time high, banks are now more willing than ever to accept these discounts. Short sales can be a lengthy process, so be sure to educate the seller before you ever submit an offer to a bank. You'll call the bank and speak to the person handling the file and ask for a short sale package. They'll send this package out for you and your seller to fill out.
Get all of the short sale package completed and sent back as soon as possible with your offer letter and let the negotiations begin. - 16003
About the Author:
Discover the Real Estate Rebel's Real Estate Investing Tips. You'll learn successful Preforeclosure Tips strategies. Grab the Free Real Estate Rebel Report by visiting www.REIRebel.com
