Real Estate Prices Dive Again As A Flood Of Homes Are Repossessed By Banks
Mark Bradley reveals the five steps that should be considered by anyone wanting to invest in short sale properties. Bradley believes that these steps cut through monotonous media static with their get-rich-quick schemes by providing a more realistic prospective of how difficult the short sale process actually is compared to investing in bank owned real estate or REO real estate.
- (1888PressRelease) July 21, 2010 - Short sales, the buzz word of 2009 and 2010, have become a common occurrence, but few of those interested in investing in the short sale 'fad' convey an accurate understanding the latest definition of the process or understand that these transactions can take up to a year from offer to closing table. Mark Bradley, commercial and residential real estate investor, shares just a brief insight on the five-step process that must be considered for those wanting to dive for the short sale rather than buy bulk REO properties from an large inventory of bank owned real estate.
"The short sale process is far more complicated than if an investor were to buy bulk reo real estate," says Bradley. "Five steps must be achieved and achieved in order for a successful short sale, and it makes a profit feel like an elusive dream."
The first step of a short sale process, describes Bradley, is to search out the type of short sale property the buyer wants to invest in either being marketed as a short sale or foreclosure, which (for the successful investor) involves marketing, door-to-door visits to distressed homeowners, cold calling, direct mail, pay per click ads, flyers, networking, and more. This requires unexpected expenses.
Bank owned real estate or REO real estate would not require this commitment. The second step is a verbal or written contract between homeowner and the buyer for the property in a competitive and uncertain market. The third step involves commitment between both the homeowner and buyer for a process that could potentially be extensive, exhausting, and time consuming--in an environment that is ever-changing. The fourth step approaches the financial aspect where banks, lenders, creditors, and other lien holders must be willing and ready to work with the buyer. Due to the economic condition of the current economy with high foreclosure rates, many new restrictions and regulations have been set in place to prevent financial loss, and as a result many investors are reporting that the short sale process is more difficult than it has been in years past.
Bradley says, "Imagine putting in all this work just to have one pain in the rear creditor who wants a full payoff on their bad loan. So many deals get killed at this step. Much pain and no gain if you get knocked down on step 4."
Bradley explains that the fifth step is achieving a sale despite potentially distressed homeowners emotionally frozen and unpredictable. If the homeowner should file bankruptcy, six months to a year could be added to the foreclosure process, and they could always run away from the problem in financial panic.
In the near future, Bradley will aid bank owned real estate investors with information on how investors can transfer from short sale investing to starting their own bulk REO real estate company. He encourages investors to stay current with news regarding bulk reo real estate, and for all questions to be directed to his company, Ultimate Bulk REO Secrets.
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