A Little Known Technique to Cash in on EVERY Short Sale Real Estate Deal You Find
As you know, many Americans are facing foreclosure after buying very nice houses they simply couldnt afford. These people are upside down in debt and will end up losing their homes. For those that have experienced foreclosure, it can be a nightmare. The banks are not without problems also. They are often forced to pay the foreclosure process, the attorney’s fees, the opening costs etc. and are looking to get those houses off their books FAST. Simply put, foreclosing is something the banks would prefer NOT to do.
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.”
Most people would be surprised to learn that many banks will actually accept the 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 pay for the foreclosure process and attorney’s fees and opening costs etc. (they will quite often pay $1000 – $3500 for the deed).
So what does that mean for you? It means that you can cash in on EVERY single short sale deal that comes your way when you
understand how the Deed in Lieu process is structured. (Even the deals that most investors would pass up as being a dud.)
Its a win/win because if its a awesome deal you make a huge payday on the short sale. If its not, then you can usually get at least $1000-$3500 per deal using this Deed In Lieu. Few people know of this wholesale real estate marketing tactic and those that educate themselves will reap the rewards.
For more great marketing tips for your wholesale real estate business, visit Wholesale Real Estate, then visit Michael Kimble’s blog for videos, atWholesale Real Estate blog.
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