How do I start in short sales? Where do I learn?
I’d recommend working with a short sale processing company on at least your first couple of deals. Find one that takes a partnership approach where you work with the client, the short sale company works with the bank. A good short sale processor will walk you through the special paperwork that is required, and be able to provide help along the way.
Next I’d really focus on only listing short sales that have a high probability of closing. Look for: a) a motivated, responsive seller, b) loans from lenders that are likely to work with you (no private money loans, liens, or judgements), c) properties that aren’t ridiculously upside down (asking the bank for less discount improves likelihood of a close) and d) properties that are easy to value (no unusual features, lots of local comps).
Stay tuned to ForeclosureTruth for news on some really exciting news in this space.