I had a wonderful conversation with a fellow Craig Proctor coaching member from Illinois. He has just started focusing on short sales as one of his primary means of income. I have worked on some short sales before, but the techniques that he shared with me have the potential to allow me to close more short sales and increase the income I can make from them.
One of the techniques that I liked was that whenever he finds a seller who is going to need to sell their home through a short sale, he submits an offer to the bank immediately upon listing the property. The offer is from an investor, who offers an amount such as 60% of value. It may not be close to what is owed on the house, but the point is that an offer is immediately submitted to the bank to get the ball rolling.
Once the offer is submitted, a relationship can begin with the bank representative who will handle the short sale. Then, when a better offer comes through, the lines of communication are already established, the necessary seller paperwork is already done, and the offer can be submitted in a much more positive manner.
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That may work with some banks or if you only have one loan but it gets to be a challenge when you have multiple banks involved. I can tell you from my experience that it does not work with a certain bank that I am involved with.
You also have to make sure that the bank gives you a settlement as part of the short sell or you may have to pay the balance.
Maybe the laws are different in SC but in OH, we are finding this to be the case.
Joe