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| A Little Known Technique to Cash in on EVERY Short Sale Real Estate Deal You Find |
| Written by Michael Kimble |
| Sunday, 08 November 2009 09:07 |
|
With foreclosures exploding everywhere, many Americans are dealing with the fact that they bought houses they just couldn't afford. Few things are worse than losing your home. Anyone who has experienced foreclosure will telly you that it is an absolute nightmare The banks have it difficult as well. They have to remove these big pricey houses off their records. If they don't, they pay for the foreclosure process, opening costs and attorney's fees. Foreclosing is not fun for anyone. With foreclosures exploding everywhere, many Americans are dealing with the fact that they bought houses they just couldn't afford. Few things are worse than losing your home. Anyone who has experienced foreclosure will telly you that it is an absolute nightmare The banks have it difficult as well. They have to remove these big pricey houses off their records. If they don't, they pay for the foreclosure process, opening costs and attorney's fees. Foreclosing is not fun for anyone. But today I want to share with you a secret on how to earn money on the short sale deals that would normally be passed over by the banks. (If you know short sales, then you know that this often happens) its a little-known concept called the "Deed in Lieu." What most people don't realize is that many banks will actually accept a deed in cancellation of the borrower's mortgage as a settlement for what the borrower owes. So most banks will actually accept the deed so they won't have to put money up for the foreclosure process and attorney's fees and opening costs etc. (they typically pay anywhere from $1000 - $3500 for the deed). So what does that mean for you? A lot of investors stay away from short sales, claiming they are too difficult to make money with. These are the uneducated investors who are not familiar with the Deed in Lieu. You can actually profit from EVERY single short sale deal that comes your way when you understand how the Deed in Lieu process works. (Even the deals that most people would typically pass up as being unprofitable). Its a win/win because if its a killer deal you make BIG money on the short sale. If its not, then you can usually get at least $1000-$3500 per deal using the Deed In Lieu wholesale real estate marketing. About the Author: For more great wholesale real estate marketing tips for your real estate investing, visit Wholesale Real Estate, and check out Michael Kimble's blog for videos, atWholesale Real Estate blog. |