Real Estate agents all over the country have started to do short sales. Some are successful but most are not.

REASON 1:    agents are not taught about loan product.

For every loan out there it has to be guaranteed by someone. That Investor whether it is FHA, VA,Fannie Mae or Freddie Mac has a criteria and that criteria must be followed.

In other words if your client wants to buy a property and the house was owed  $400k and your client tells you to put in an offer at $200 and the original loan was a FHA.. I Will tell you know the deal will not close.

FHA regulations will not approve a short sale if the offer is less than 63% of the entire encumbrance of the property.

REASON 2: More 2nd lien holders are holding out and require 10% of their amount due to close.

CHALLENGE: the 1st lien holder will only grant $3,000 to the second but the second requires $27,000 to close.

REALITY: You can't close...If the 1st sees on the HUD that the second is getting more than they authorized the deal is dead. Agents would need to give up their commissions to get the deal done but at 6% of $200k and the $3,000 from the 1st still leaves you $12,000 short.... deal dead?

Maybe not come to the live event and I will personally show you how to get round that scenario. Register today !