These are the how to’s in investing in South Florida foreclosures. This is important to note because investing in foreclosure requires preparation and skill se t you must acquire first.
First, you don’t just submit a short sale package and start making offers. In today’s world of Loss Mitigation, it takes a minimum of 30 days for the package you present to even be assigned to a mitigator. With some banks may have a mitigator assigned in as little as 3 business days, not 30.
Second, know the Broker’s Price Opinion (BPO) and be flexible in your offers. If you send in an offer to the mitigator that is too low based on their BPO, they will turn down the offer. You might not even be aware that it’s been turned down, because the mitigator may not call you. After a few days, if you don’t come back and submit a higher offer, the file will be closed, and you get to go to the back of the line and start all over again. Learn to navigate to eliminate all of that so you will not be forced to operate in a reactive world.
Collect INTELLIGENCE on a file before ever picking up the phone to speak to a mitigator and learn how to effectively deal with different mitigator personalities. In the end, it’s all based around how you communicate to get what you want.
Lock in your profits in advance by having full visibility going in. Stop wondering if you will get the deal done or wondering what the house will sell for. Stop wondering if the lender will take your offer. By understanding the lender’s policies, acceptance ratios and effective communications, you will make the lenders job easier. And they will consistently net 20% more by accepting a short sale payoff than they would if they opted to repossess the property and resell themselves. It’s a win-win situation.
Know more how you can gain more profit from South Florida foreclosures. Learn the secrets to foreclosure, pre-foreclosure, and short sale investing.
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