Short-Sale Pre-Foreclosure Investing: How to Buy No-Equity Properties Directly from the Bank -- at Huge Discounts

Short-Sale Pre-Foreclosure Investing: How to Buy No-Equity Properties Directly from the Bank -- at Huge Discounts

by Dwan Bent-Twyford, Sharon Restrepo

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Product Details

ISBN-13: 9780470290309
Publisher: Wiley
Publication date: 06/27/2008
Pages: 240
Sales rank: 639,406
Product dimensions: 5.90(w) x 8.90(h) x 0.70(d)

About the Author

Dwan Bent-Twyford, "The Queen of Short Sales," is the country'sleading authority on buying pre-foreclosure properties directlyfrom lenders. She also leads popular boot camps for real estateinvestors.

Sharon Restrepo is known as "Short Sale Sharon" and specializesin buying foreclosure and distressed properties. She is thecoauthor of numerous real estate home study courses, offerstraining workshops, and is cofounder of several real estatecompanies.

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Table of Contents

Downloadable Forms.

Acknowledgments.

Introduction.

Chapter 1. Get Motivated, Set Goals, Get Started.

A Short-Sale Case Study—with a $200,000 Profit.

Getting Motivated.

Setting Goals.

Accomplishing Your Goals.

This Is A Business, Not A Hobby.

Dealing With Naysayers.

Personal Appearance.

Setting Up Your Office.

Structuring Your Business.

Ready To Do Business.

Chapter 2. What Is A Short- Sale? An Executive Summary of Howto Negotiate With the Bank and the Homeowner.

Why Do I Need To Short-Sale?

Why Do Banks Short-Sale?

How Much Do You Offer The Bank?

Successful Short-Sales Start With The Homeowner.

Financial Agreement with The Homeowners.

How Much Should You Pay the Homeowner to Move?

Setting The Move-Out Date.

Chapter 3. Expert Strategies for Finding DistressedProperties and Foreclosures.

Buying Bank-Owned Properties For Pennies on the Dollar.

Newspaper Ads.

“I Buy Houses For Cash” Street Signs.

Networking.

Postcards.

Magnetic Vehicle Signs.

Bail Bondsmen.

Pawnshops.

More Deal-Finding Favorites.

Chapter 4. How to Approach the Homeowners and Create aWin-Win Solution.

Understanding Why Homeowners Want to Work With You.

Building Courage to Knock On Doors.

Friendly Negotiations with the Homeowners—What To Say AndWhat You Need From Them.

Establishing Rapport over the Phone.

Knock on Doors Like a Pro.

Helping The Homeowners Understand Their Options.

Deed in Lieu of Foreclosure.

Chapter 13 Bankruptcy.

Final Thoughts.

Chapter 5. Preparing Your First Offer

Authorization To Release Information.

Going To Contract.

Hardship Letter.

Pictures.

Investor Cover Letter.

Comps That Justify Your Offer.

Net Sheet.

Estimated List And Cost of Repairs.

Chapter 6. How To Approach The Bank.

How To Get The Bank Interested in Talking to You.

What the Bank Wants From an Investor.

How to Get Through to a Stonewalling Lender.

Presenting Your Short-Sale Offer to the Bank.

The Asset Manager's Role.

Working with the Portfolio Representative Directly.

Getting Your Short-Sale Assigned to a Loss Mitigation Rep.

Additional Information the Bank May Require.

My Offer Is Submitted—Now What?

Chapter 7. Negotiating with A Second Or Third MortgageHolder.

Your Conversation with the Second Lender.

Variations on a Theme.

Chapter 8. Key Elements of The Legal Process You MustUnderstand.

Understanding Ownership versus Debt.

Foreclosure Process.

Types of Liens.

Types of Mortgages and Loans.

Chapter 9. When the Bank Says Yes.

How Do I Buy More Time?

How Does The Homeowner Buy More Time?

Chapter 10. Three Profit-Making Exit Strategies: Wholesaling,Rehabbing, and Renting.

The Wholesale Path.

The Rehab Path.

Selling The Home.

The Rental Path.

Chapter 11. Setting the Closing Date and Making Sure theClosing Goes Smoothly.

A Successful Closing.

What If My Homeowners Change Their Minds?

What If My Buyers Change Their Minds?

Closing with The Assignment of Contract.

Double or Simultaneous Closings.

Are Double Closings Illegal?

Chapter 12. First-Year Expectations.

How You Can Become Rich without Going To College.

What We Did to Get Here.

What You Can Expect In Your First Year.

Thinking Like a Millionaire.

Index.

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Short-Sale Pre-Foreclosure Investing: How to Buy No-Equity Properties Directly from the Bank -- at Huge Discounts 3.8 out of 5 based on 0 ratings. 13 reviews.
Guest More than 1 year ago
I had taken several short sale seminars from other real estate gurus, but when I tried to actually do a short sale, I found I was missing information. I had heard about Dwan and Sharon from my local REIA group, so I decided to order their book. It helped me to find "the missing pieces of the puzzle." It is well-written and easy to understand. I have already submitted an offer, and I'm looking forward to making my first million!
Guest More than 1 year ago
I love this book and the fact that Dwan and Sharon were so kind to include forms that I could download and uses in my business. More bang for my buck. I have their Short Sale and Wholesale programs and closed my first real estate deal using their system. Simply put, IT WORKS!!! I've seen many other programs and none of them come close to explaining the 'how to's' in a step by step manner as they do. I highly recommend their books and programs.
Guest More than 1 year ago
Thanks to Dwan and Sharon for this comprehensive look at negotiating a short sale. The introduction was motivating; the practical information was empowering. This book is worth much more than what it's offered at. Thanks again!!!
Guest More than 1 year ago
This book is a great tool for understanding and developing a working base in the "Short Sale" industry. I have taken several classes with Dwan and was impressed with her level of knowledge and expertise. Dwan's teaching style is very open and down to earth. Once you read this book, you'll want to immediately maximize your investing opportunities with foreclosures. Her book gives you everything you need to get started. I highly recommend any book or course from Dwan, you'll learn from the Best!
Guest More than 1 year ago
Dwan has put together an unbeatable program for any one, regardless of your experience or financial status. I highly recommend not only Her book, but the long list of additional teaching aides and help available on the website.
Guest More than 1 year ago
This book is just full of good information. Wonderful book to own. A must-have for short-sale investors.
Guest More than 1 year ago
I bought this book and attended training in Tenn. It was the most comprehensive text on how to do a successfull short sale. I have now added another tool in my arsenal for making money in my real estate business.Sandy
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