Short Sale Tip # 18: Getting the Auction Postponed.
Before we get to today's tip, I want to talk to you about an email I received over the weekend. The email was from Linda J. here in Fort Lauderdale.
She was lamenting as to how realtors are struggling and how our classes are so expensive and it is a shame we are charging so much.
I responded to Linda, as I have to some others who have echoed her sentiments. What I responded to her with is the quote from John F. Kennedy above.
There are indeed costs, involved in running a business. Often times we speak to agents who do not realize that they are in business. They do not realize that their most important asset is their knowledge of the industry.
One can either choose not to be in business and lament, or one can take action, take initiative and do what's necessary to succeed. I commend those of you who are doing what is necessary to compete and succeed in today's market and I challenge others who believe the cost is too great to adapt to realize before it is too late, that inaction may end up being MUCH more costly in the long run.
That being said, the same kind of inaction sometimes affects homeowners in foreclosure. After all possible attempts to save their home have failed, they often reach for the phone at the 12th hour.
Most agents and investors will simply walk away from these deals but in reality, these deals can be the most profitable.
As you look at the food chain you have an EXTREMELY motivated Seller, and more than likely you have an EXTREMELY motivated bank. The bank is on the verge of taking back this property. A property they do not want!
So you get the call, you do the numbers and wow..if you only had some time this might be a good deal for you. So what do you do?
You get a postponement. You tell the bank that you are now involved and you need some time to put the deal together and voila..the bank gives you more time.
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