Outsourcing Your Short Sale Deals for Preforeclosure Investors
If you’ve been investing in real estate, and more specifically preforeclosures, then there’s no skepticism that you’ve come across a fleeting sale deal. A fleeting sale is when the lender agrees to accept less than what is owed against the property in exchange for full acceptance of payment of the loan. In other words, if the loan balance is $400,000 but the bank accepts $300,000 as full payoff, then a fleeting sale has occurred.
Many investors find fleeting sales different to negotiate and complete. The reason is that lenders are constantly changing their rules and practices, and fleeting sales by nature are complex and time consuming. This is a reason that many smart preforeclosure investors today choose to outsource their fleeting sales.
Outsourcing your fleeting sales is simple. You would still meet with the homeowner and get all of the necessary paperwork to ensure a complete fleeting sale packet. But after that, the ease and simplicity of outsourcing takes over. The investor simply sends the complete fleeting sale packet to their outsourcing company, and they are the ones that then do all of the work on behalf of the investor.
The investor’s time is freed up considerably, as they no longer have to sit on hold, fax paperwork, or do other mundane responsibilities associated with negotiating a fleeting sale. The outsourced fleeting sale company takes care of all of this work for the investor.
Outsourcing your fleeting sales makes perfect sense as a real estate investor. Since the outsourcing company is working on many files for many different investors, they are building more relationships quicker at a wide variety of lenders. They have a larger rolodex of contacts at more banks, and have a proven track record of finishing deals with many lenders, thereby making their files and their deals more wanted for the lender to look at.
In today’s world of outsourcing, it’s no longer necessary for a real estate investor to negotiates his own fleeting sales. In fact, it’s not a excellent use of their time. Preforeclosure investors should be focused on buying and promotion properties, not negotiating fleeting sales or faxing documents to lenders trying to get a fleeting sale deal closed.
Outsourcing fleeting sales allows real estate investors to work on more deals at once, and have a virtual team of experts on his staff, without the overhead. The best outsourced fleeting sale companies are paid on performance, after they have negotiated the fleeting sale deal to the price that the investor has set. This makes outsourcing a no risk proposition for the smart preforeclosure investor.
Terry Wygal is an expert on real estate investing in Fleeting Sales and has several strategies for Finishing Fleeting Sale Deals and has been working with Justin Lee.
