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Short Sale Training for Brokers
[August 18, 2008]   by Broker-Trainer
Filed under: Short Sale Training for Brokers

Short Sales for Brokers

Over my last several posts, I’ve introduced some business starting tips, the basics of marketing, and techniques for prescreening sellers for a preforeclosure based business, one that can produce thousands in profits. I’ve also mentioned what you may already see as an obvious reality, that being the current challenges in working the mortgage business. After all, what are the formal mortgage broker training, attendance at mortgage seminars, and time and effort that you’ve put in doing for you now? There has to be something else in today’s market. As someone who has had mortgage loan training and who I’m sure pays attention to the news and realizes how many foreclosures are out there right now, aren’t you ready to learn how you can effectively market to new clients, profit from the current real estate economy and, in doing so, earn 10 times what you would make for simply originating a loan?

In my discussions with you, I’ve also introduced my system for working this business that works and that works consistently! If you really think about it, a foreclosure investment course (or any real estate investment course for that matter) should focus on giving you repeatable results, not just something that may work for a few select people.

Now, let’s continue with a new series of posts, which covers an often overlooked but valuable part of working with preforeclosure sellers, that being the necessary paperwork you need to use. Since we’ve now covered both business basics and marketing, as well as the basics of sales and negotiations in working with preforeclosure clients, let’s see where we are at right now.

Let’s start with the basics. For most kinds of preforeclosure deals, you will need some basic pieces of paperwork that will either be necessary or at least will make the process smoother. Examples of these documents are:

A signed authorization to release information

This basic document is one that you can obtain, even before a seller is ready to firmly commit to doing business with you. Basically, it is a permission slip that the seller will so you can talk to their lender(s) and should be a document you are quite familiar with as a mortgage broker when requesting payoff statements. It may seem like just a formality but I don’t know of any lenders who will discuss mortgage details with you unless you have one of these so it is real important.

A disclaimer

Protecting yourself legally is part of the real estate investment business and preforeclosures are no different. The reality is that sometimes deals don’t fly. There may be issues (e.g. bankruptcy) that can cloud your ability to work with the seller and, believe it or not, the seller may not inform you of such things up front.

A standard disclaimer will enable you to back out of the deal is issues come up with things like the title, the property’s condition, or even their financial situation. Remember, out goal is to be able to help as many sellers as possible but the transaction must also be viable from a business standpoint. When issues do arise, you need to be able to retreat without consequence.

Copies of the seller’s financials

One of the ways to avoid potential pitfalls in a preforeclosure deal is to have all the facts up front. Much of the facts pertinent to your deals will revolve around the seller’s finances, specifically their mortgage, which should tie in nicely with your mortgage lending experience. Even if they haven’t made a payment in months, they should still have some documentation sitting around and it is good to obtain copies of as much as you can so you can more effectively research a solution.

In summary for this post, I’m sure you can now see how important the paperwork aspect is to your preforeclosure business and also how the overall content of my free foreclosure investment course allows you to follow this business at a pace that matches your lifestyle. Since you are in the mortgage lending business already, the idea of paperwork with clients should be something that you are well on top of, again a huge advantage you have over other investors. The mortgage lending business is intimately tied to real estate and puts you in a great position to profit from the booming preforeclosure market. Please take the time to review the action steps and tips from all of my recent posts and make sure you’ve paid attention because we’re going to move onward and forward and I want you to be in an ideal position to act upon what you are learning. Stay tuned, I have so much more to share with you, and all the best to you in success.

D.C. Fawcett

The Short Sale Expert to Mortgage Brokers

To get a Free Short Sale Training for Mortgage Brokers,

Short Sales for Brokers

 

Short Sale Education for Mortgage Brokers
[August 14, 2008]   by Broker-Trainer
Filed under: Short Sale Education for Mortgage Brokers

Short Sale Education

Over my last several posts, I’ve introduced some business starting tips, the basics of marketing, and techniques for prescreening sellers for a preforeclosure based business, one that can produce thousands in profits. I’ve also mentioned what you may already see as an obvious reality, that being the current challenges in working the mortgage business. After all, what are the formal mortgage broker training, attendance at mortgage seminars, and time and effort that you’ve put in doing for you now? There has to be something else in today’s market. As someone who has had mortgage loan training and who I’m sure pays attention to the news and realizes how many foreclosures are out there right now, aren’t you ready to learn how you can effectively market to new clients, profit from the current real estate economy and, in doing so, earn 10 times what you would make for simply originating a loan?

In my discussions with you, I’ve also introduced my system for working this business that works and that works consistently! If you really think about it, a foreclosure investment course (or any real estate investment course for that matter) should focus on giving you repeatable results, not just something that may work for a few select people. Loan Modification Help

Now, let’s continue with a new series of posts, which covers an often overlooked but valuable part of working with preforeclosure sellers, that being the necessary paperwork you need to use. Since we’ve now covered both business basics and marketing, as well as the basics of sales and negotiations in working with preforeclosure clients, let’s see where we are at right now.

Let’s start with the basics. For most kinds of preforeclosure deals, you will need some basic pieces of paperwork that will either be necessary or at least will make the process smoother. Examples of these documents are:

A signed authorization to release information

This basic document is one that you can obtain, even before a seller is ready to firmly commit to doing business with you. Basically, it is a permission slip that the seller will so you can talk to their lender(s) and should be a document you are quite familiar with as a mortgage broker when requesting payoff statements. It may seem like just a formality but I don’t know of any lenders who will discuss mortgage details with you unless you have one of these so it is real important.

How to write a Hardship Letter

A disclaimer

Protecting yourself legally is part of the real estate investment business and preforeclosures are no different. The reality is that sometimes deals don’t fly. There may be issues (e.g. bankruptcy) that can cloud your ability to work with the seller and, believe it or not, the seller may not inform you of such things up front.

A standard disclaimer will enable you to back out of the deal is issues come up with things like the title, the property’s condition, or even their financial situation. Remember, out goal is to be able to help as many sellers as possible but the transaction must also be viable from a business standpoint. When issues do arise, you need to be able to retreat without consequence.

Copies of the seller’s financials

One of the ways to avoid potential pitfalls in a preforeclosure deal is to have all the facts up front. Much of the facts pertinent to your deals will revolve around the seller’s finances, specifically their mortgage, which should tie in nicely with your mortgage lending experience. Even if they haven’t made a payment in months, they should still have some documentation sitting around and it is good to obtain copies of as much as you can so you can more effectively research a solution.

In summary for this post, I’m sure you can now see how important the paperwork aspect is to your preforeclosure business and also how the overall content of my free foreclosure investment course allows you to follow this business at a pace that matches your lifestyle. Since you are in the mortgage lending business already, the idea of paperwork with clients should be something that you are well on top of, again a huge advantage you have over other investors. The mortgage lending business is intimately tied to real estate and puts you in a great position to profit from the booming preforeclosure market. Please take the time to review the action steps and tips from all of my recent posts and make sure you’ve paid attention because we’re going to move onward and forward and I want you to be in an ideal position to act upon what you are learning. Stay tuned, I have so much more to share with you, and all the best to you in success.

D.C. Fawcett

The Short Sale Expert to Mortgage Brokers

To get a FREE Short Sale Course for Mortgage Brokers, go to: http://homesavers.infusionsoft.com/go/fcfb/foreclos/

Short Sales for Brokers

 

Short Sale Training Lesson
[July 31, 2008]   by Broker-Trainer
Filed under: Short Sale Training Lesson

FREE Short Sale Course for Mortgage Brokers

Over my last several posts, I’ve introduced some business starting tips, the basics of marketing, and techniques for prescreening sellers for a preforeclosure based business, one that can produce thousands in profits. I’ve also mentioned what you may already see as an obvious reality, that being the current challenges in working the mortgage business. After all, what are the formal mortgage broker training, attendance at mortgage seminars, and time and effort that you’ve put in doing for you now? There has to be something else in today’s market. As someone who has had mortgage loan training and who I’m sure pays attention to the news and realizes how many foreclosures are out there right now, aren’t you ready to learn how you can effectively market to new clients, profit from the current real estate economy and, in doing so, earn 10 times what you would make for simply originating a loan?

In my discussions with you, I’ve also introduced my system for working this business that works and that works consistently! If you really think about it, a foreclosure investment course (or any real estate investment course for that matter) should focus on giving you repeatable results, not just something that may work for a few select people.

Now, let’s continue with a new series of posts, which introduces an often overlooked but valuable part of working with preforeclosure sellers, that being the necessary paperwork you need to use. Since we’ve now covered both business basics and marketing, as well as the basics of sales and negotiations in working with preforeclosure clients, let’s see where we are at right now.

There’s an old adage out there that the Golden Rule of Business is: ‘They who have the gold make the rules.’ In the context of real estate, I would argue that ‘They who control the gold make the rules.’ This means controlling the flow of money through a transaction. When you control the paperwork, you control the flow of the deal. See where I’m going with this?

If you want to be in a power position on each and every deal, the best way to do that is to be control of the paperwork. Think about that for a second. Have you ever worked with a realtor who insisted they use their own contracts? Have you ever had a seller (or buyer for that matter) want to have an attorney review the paperwork and it came back completely different?

In these circumstances, others realize what you now do. Paperwork means power in a real estate deal and you have the opportunity, when you learn my system, to be a master of paperwork in your preforeclosure business. Sounds pretty good, doesn’t it?

Control of the process is one of the many reasons why I favor pre foreclosures and short sales. Do you have much choice of what contract to use when you are negotiating with a bank on an REO or for a HUD deal? Most likely, you do not, and this can put you at a disadvantage.

Pre foreclosures allow you to work directly with your sellers and stay in complete command of the transactional process, from beginning to end. Over the next few weeks, I will outline some of the critical documents that you will need to master to do just that in your own business. All you have to do is ask yourself the following questions:

When you understand and master the paperwork side of the preforeclosure business, you’ll be able to answer ‘Yes’ to all of these questions so stay tuned and hold on. We’re getting into it now!

In summary for this post, I’m sure you can now see how important the paperwork aspect is to your preforeclosure business and also how the overall content of my free foreclosure investment course allows you to follow this business at a pace that matches your lifestyle. Since you are in the mortgage lending business already, the idea of paperwork with clients should be something that you are well on top of, again a huge advantage you have over other investors. The mortgage lending business is intimately tied to real estate and puts you in a great position to profit from the booming preforeclosure market. Please take the time to review the action steps and tips from all of my recent posts and make sure you’ve paid attention because we’re going to move onward and forward and I want you to be in an ideal position to act upon what you are learning. Stay tuned, I have so much more to share with you, and all the best to you in success.

D.C. Fawcett

The Short Sale Expert to Mortgage Brokers

To get a FREE Short Sale Course for Mortgage Brokers

Short Sales for Brokers

 

Free Short Sale Training
[July 28, 2008]   by Broker-Trainer
Filed under: Free Short Sale Training

In my discussions with you, I’ve also introduced my system for working this business that works and that works consistently! If you really think about it, a foreclosure investment course (or any real estate investment course for that matter) should focus on giving you repeatable results, not just something that may work for a few select people.

Now, let’s continue this next series of posts, which continues an important series on prescreening preforeclosure sellers. Since we’ve now covered both business basics and marketing, as well as the basics of sales and negotiations in working with preforeclosure clients, let’s see where we are at right now.

Mortgage Broker Short Sale Training

As you can see, we wrap up my series of posts on prescreening preforeclosure sellers with how to use statements in your approach with sellers that get solid results. This is a great way to summarize this section because it gives you some good golden nuggets to take out there as you start to encounter and negotiate quality real estate investment deals. Now, let’s go into the heart of this week’s lesson.

During the prescreening and negotiation process, you as a real estate investor are both gathering information and doing your best to be positive and persuasive. The following are examples of statements that can communicate these things to your seller.

“The moment I tell you about our program for you, I know you are going to jump on it!”

Note that the above statement is both persuasive and indicates that you will be providing more information to your client. This, friends, is a potent combination.

“Based upon the information you have provided, I’m confident we can help you out with your situation.”

This statement empowers the seller to feel that they are helping with the process and gives them assurance that there is a solution. Again, this is a very powerful combination.

“In order for us to buy the home, we need to negotiate with your lender to get them to agree to take less than what is owed.”

This statement is reassuring yet it indicates that you don’t yet have all the information you need. Sellers can be pretty good at trying to get you to guarantee results and this type of statement can help defuse this type of situation.

“While we are negotiating with your lender, we would like to match the house with one of our buyers so your mortgage can be paid off as quickly as possible.”

Again, this offers no guarantee but also shows that you are proactive and committed to finding the best and fastest solution possible. Great stuff and also a great way to wrap up my series of posts on prescreening sellers. Next time, I’ll be going into a new and just as important topic, that being the paperwork you need to consider when working with preforeclosure clients.

In summary for this post and this series of posts I’m wrapping up, I’m sure you can now see how important the prescreening of preforeclosure clients will be to your business and also how the overall content of my free foreclosure investment course allows you to follow this business at a pace that matches your lifestyle. Since you are in the mortgage lending business already, the idea of selling and negotiating with clients should be something that you are well on top of, again a huge advantage you have over other investors. The mortgage lending business is intimately tied to real estate and puts you in a great position to profit from the booming preforeclosure market. Please take the time to review the action steps and tips from all of my recent posts and make sure you’ve paid attention because we’re going to move onward and forward and I want you to be in an ideal position to act upon what you are learning. Stay tuned, I have so much more to share with you, and all the best to you in success.

D.C. Fawcett

The Short Sale Expert to Mortgage Brokers

To get a FREE Short Sale Course for Mortgage Brokers, go to: http://homesavers.infusionsoft.com/go/fcfb/foreclos/

Short Sales for Brokers

 

Mortgage Broker Short Sale Training
[July 27, 2008]   by Broker-Trainer
Filed under: Mortgage Broker Short Sale Training

Short Sale Training for Mortgage Brokers

In my discussions with you, I’ve also introduced my system for working this business that works and that works consistently! If you really think about it, a foreclosure investment course (or any real estate investment course for that matter) should focus on giving you repeatable results, not just something that may work for a few select people.

Now, let’s continue this next series of posts, which continues an important series on prescreening preforeclosure sellers. Since we’ve now covered both business basics and marketing, as well as the basics of sales and negotiations in working with preforeclosure clients, let’s see where we are at right now.

Every sales situation that exists has some form of objections that may come up. Objections may just be in someone’s mind or they may also be spoken. As a real estate investor who is interested in pursuing the pre foreclosure market, know that how you handle objections is a critical part of your interaction with sellers.

There are four main types of objections that a seller in pre foreclosure may raise:

A time objection is typically one where they doubt your ability to get the job done in time to meet their needs. This doesn’t mean they don’t think you can help them. In fact, it may just be their way of saying they are concerned about the time issue. Keep that in mind as you work to reassure them of what you can do.

A money objection is similar to a time objection in that the seller’s own awareness of their lack of home equity or available cash may come across as doubt that you can help them. Keep this in mind when a money objection comes up.

Short Sale Training

A credibility objection is one where they openly (or silently) question your professionalism or experience. When you ask the right questions and present yourself in a professional manner, this type of objection is fairly rare as the seller will have no reason to question who you are.

Last, we have the alternate scenario objection, where the seller presents other ‘options’ that they have, other than working with you. This is usually a bluff, or at least a defense mechanism so that they feel more comfortable in an otherwise intimidating situation. I suggest acknowledging that they have other options and then keep right on showing them how yours is best. Never discount another options they have; just promote your own for the best results.

The key to remember is that, once you effectively handle a seller’s objections, they should have no reason to not work with you. If they still are hesitant or are still saying ‘No’, they may still have objections that you have not addressed. Keep working at it and you will get more deals successfully negotiated!

I’m sure you can now see how important the sales and negotiation aspect of prescreening will be to your business and also how the overall content of my free foreclosure investment course allows you to follow this business at a pace that matches your lifestyle. Since you are in the mortgage lending business already, the idea of selling and negotiating with clients should be something that you are well on top of, again a huge advantage you have over other investors. The mortgage lending business is intimately tied to real estate and puts you in a great position to profit from the booming preforeclosure market. Please take the time to review the action steps and tips from all of my recent posts and make sure you’ve paid attention because we’re going to move onward and forward and I want you to be in an ideal position to act upon what you are learning. Stay tuned, I have so much more to share with you, and all the best to you in success.

D.C. Fawcett

The Short Sale Expert to Mortgage Brokers

To get a Free Short Sales Training Course, go to:

http://homesavers.infusionsoft.com/go/fcfb/foreclos/

Short Sales Training for Brokers

 

Short Sales and Negotiations
by Broker-Trainer
Filed under: Short Sales and Negotiations

Free Mortgage Broker Training

Over my last several posts, I’ve introduced some business starting tips and also the basics of marketing for a preforeclosure based business, one that can produce thousands in profits. I’ve also mentioned what you may already see as an obvious reality, that being the current challenges in working the mortgage business. After all, what are the formal mortgage broker training, attendance at mortgage seminars, and time and effort that you’ve put in doing for you now? There has to be something else in today’s market. As someone who has had mortgage loan training and who I’m sure pays attention to the news and realizes how many foreclosures are out there right now, aren’t you ready to learn how you can effectively market to new clients, profit from the current real estate economy and, in doing so, earn 10 times what you would make for simply originating a loan?

In my discussions with you, I’ve also introduced my system for working this business that works and that works consistently! If you really think about it, a foreclosure investment course (or any real estate investment course for that matter) should focus on giving you repeatable results, not just something that may work for a few select people.

Now, let’s continue this next series of posts, which continues an important series on prescreening preforeclosure sellers. Since we’ve now covered both business basics and marketing, and are now well into this new topic, let’s see where we are at right now.

Short Sales and Negotiations

The last of three segments that I will be covering on sales and negotiation skills for working with pre foreclosure properties concerns the power of both being persuasive and handling rejection. The importance of both cannot be overstated! The best salespeople in the world today are fully prepared to hear the word ‘No’ and understand that it is a part of the sales process.

A common reservation that real estate investors have about the idea of selling is that they are afraid of rejection. As much as I’d like to tell you that it will never happen, it just isn’t true. You will be rejected by some sellers and you shouldn’t let it get you down. Some things that will help you in this process are:

This week’s lesson really focuses on how to close the deal. When should you close? The better question is ‘When shouldn’t you be closing?’ You should be using closing statements (calls to action) with your seller throughout your interactions with them. The following tips will help you do this more effectively:

Don’t forget that closing and sales in general are skills that can be learned and also take a little time to become comfortable with. The key is to get in the game and practice your approach with live sellers. You can and will get better! Your experience in the mortgage lending business has I’m sure prepared you for working with customers who are either indecisive or just take a little more work so this skill will really help you in this new setting.

I’m sure you can now see how important the sales and negotiation aspect of prescreening will be to your business and also how the overall content of my free foreclosure investment course allows you to follow this business at a pace that matches your lifestyle. Since you are in the mortgage lending business already, the idea of selling and negotiating with clients should be something that you are well on top of, again a huge advantage you have over other investors. The mortgage lending business is intimately tied to real estate and puts you in a great position to profit from the booming preforeclosure market. Please take the time to review the action steps and tips from all of my recent posts and make sure you’ve paid attention because we’re going to move onward and forward and I want you to be in an ideal position to act upon what you are learning. Stay tuned, I have so much more to share with you, and all the best to you in success.

D.C. Fawcett

The Short Sale Expert to Mortgage Brokers

To get a FREE Short Sale Course for Mortgage Brokers, go to: http://homesavers.infusionsoft.com/go/fcfb/foreclos/

Short Sales for Brokers

 

Need Mortgage Broker Training
[July 25, 2008]   by Broker-Trainer
Filed under: Mortgage Broker Training

FREE Short Sale Course

In my discussions with you, I’ve also introduced my system for working this business that works and that works consistently! If you really think about it, a foreclosure investment course (or any real estate investment course for that matter) should focus on giving you repeatable results, not just something that may work for a few select people.

Now, let’s continue a new series of posts, which covers how to effectively attract buyers for your preforeclosure deals. Let’s again review the topics we will be covering and see where we are at right now.

The last of what I like to call the three M’s of Marketing for pre foreclosure properties concerns the media you will be using to deliver your message to your potential buyers. The importance of media is that not all types of marketing or advertising are equally effective. You must be diverse and adaptable with your choice of media to be the most effective.

Examples of different media you can use to deliver your marketing message include a variety of price ranges.

Low cost marketing tools include:

High cost advertising media include:

As you might expect, some combination from the lists above will broaden your appeal to prospective buyers. Just don’t fall in love with a single type of media as this will not appeal to all consumers out there. For best results, make sure your message and contact information remain consistent across your media and the total effort can start to resemble a sort of branding for your business.

Now that we are over halfway through this series of posts on effectively attracting buyers for your preforeclosure deals, I’m sure you can now see further a) how important buyers are to your preforeclosure business, and b) how the overall content of my free foreclosure investment course allows you to follow this business at a pace that matches your lifestyle. Since you are in the mortgage lending business already, you are all too familiar with the process of working with real estate buyers, again a huge advantage you have over other investors. The mortgage lending business is intimately tied to real estate and puts you in a great position to profit from the booming preforeclosure market. Please take the time to review the action steps and tips from all of my recent posts and make sure you’ve paid attention because we’re going to move onward and forward and I want you to be in an ideal position to act upon what you are learning. Stay tuned, I have so much more to share with you, and all the best to you in success.

D.C. Fawcett

The Short Sale Expert to Mortgage Brokers

To get a FREE Short Sale Course for Mortgage Brokers, go to: http://homesavers.infusionsoft.com/go/fcfb/foreclos/

Short Sales for Brokers

 

Smart Application of Your Mortgage Broker Education
by Broker-Trainer
Filed under: mortgage broker education

Mortgage Broker Training

Over my last several posts, I’ve introduced some business starting tips, the basics of marketing, techniques for prescreening sellers, and paperwork for a preforeclosure based business, one that can produce thousands in profits. I’ve also mentioned what you may already see as an obvious reality, that being the current challenges in working the mortgage business. After all, what are the formal mortgage broker training, attendance at mortgage seminars, and time and effort that you’ve put in doing for you now? There has to be something else in today’s market. As someone who has had mortgage loan training and who I’m sure pays attention to the news and realizes how many foreclosures are out there right now, aren’t you ready to learn how you can effectively market to new clients, profit from the current real estate economy and, in doing so, earn 10 times what you would make for simply originating a loan?

In my discussions with you, I’ve also introduced my system for working this business that works and that works consistently! If you really think about it, a foreclosure investment course (or any real estate investment course for that matter) should focus on giving you repeatable results, not just something that may work for a few select people.

Now, let’s continue a new series of posts, which covers how to effectively attract buyers for your preforeclosure deals. Let’s again review the topics we will be covering and see where we are at right now.

Short Sale Training

The second of what I like to call the three M’s of Marketing for pre foreclosure properties concerns the message you will be delivering to your potential buyers. The importance of your message cannot be overstated. Think about the benefits of a good first impression and you will understand the value that accompanies your message.

The type of message you convey in your marketing may differ, depending on the property and the type of buyer you think it would appeal to. For example, if the property needs work or is in a lower income (mostly rentals) neighborhood, investors may be your best buyer prospects. In this case, you may want to use phrases like:

As you can see, these types of statements would likely appeal to many investors who are looking for a project and/or a good deal in general. What about the other types of buyers we talked about in my previous post? These would be your first time home buyers, past renters, or credit challenged individuals. In a case where the property would be better suited to an owner occupant, the following phrases are very powerful when you market the property for sale:

ü Rent to own

ü Lease purchase

ü Owner financing available

ü No bank qualifying

ü 100% financing

ü Any credit OK

ü Your job is