Dmitry Mikhaylov

How to monetize every single short sale lead in Jacksonville Florida that comes across your desk.

For those of you that are relatively new in the Short Sales business in Jacksonville Florida, you probably have

this notion that the only way you can make money as a pre-foreclosure investor is via a wholesale short sale

(the big spreads). Once that possibility disappears, you figure the deal is dead. But the fact is, that in Short

Sale Business in Jacksonville Florida this is not the case!

There are many other ways to make money with short sales. As you bring in new leads, you will encounter

homeowners that either want to sell their home or keep their homes.

The great thing about this is that there are ways to profit with either of these scenarios.

Here is a breakdown of how you do: If the homeowner wants to keep their Jacksonville Florida home you can help with :

Loan modification

- this is when the lender modifies the current mortgage in order to work with a homeowner due to a hardship.

The purpose is to help make the loan more affordable. Usually it is in the form of a rate reduction or fixing

the rate for a certain amount of time.

Forbearance Plan

- A forbearance plan is a re-payment plan between the borrower and the lender to catch up the mortgage

arrearage over a period of time.

Typically, the lender will require the borrower to make some lump-sum payment up front towards the

arrearage. This amount is usually 50 percent of the total amount they are behind.

The remaining balance is then divided up over the next 6 to 18 months, and is to be paid on top of their

regular mortgage payment! The foreclosure will be put on hold while the borrower is making payments under

the forbearance plan and will be dismissed once the forbearance is completed.

However, if the borrower defaults on payments during the forbearance plan, the lender may proceed with

the foreclosure immediately, without notice and without re-starting the foreclosure from the beginning.

If the homeowner wants to sell their Jacksonville Florida home you can:

Wholesale short sale in Jacksonville

- in a wholesale short sale you'll negotiate the debt down to an acceptable buyer price (for you) and sell it to a

retail buyer for a profit.

Retail short sale

- a retail short sale differs from a wholesale in that the property goes from the homeowner directly to the

retail buyer, and cuts you out of the middle. Even though you won't be making the large check upon the

reselling of the property, there are other ways to profit.

Long term buy and hold

- this refers to properties that

you will purchase for the specific purpose of renting out long term. Always make sure to run the numbers on

these to make sure there is adequate cash flow!

List the property yourself

(if you're a licensed agent) and make a Realtor commission - whether the property is over debted or has

equity in it, you can list the property for the homeowner and make a commission on it once it's sold.

Short Sale Rehab

- this niche that I like to call "the short sale rehab" is a hugely profitable niche to be in right now!

There has never been a time where our end buyers' lending has dictated the condition of property that they

will lend on! There is a great opportunity to not only get big discounts from foreclosing lenders that have

properties that are beat up, but to fix them up and resell them for maximum dollar has never been so

profitable!

These are all great ways to make money in the Jacksonville Florida pre-foreclosure industry, and all proven!

Make sure you are open to any and all of these options because it is quite likely that you will encounter

some properties that allow you to perform a wholesale short sale while others are only conducive to a retail

short sale.

If you are dealing with a homeowner that really wants to work with you, but is reluctant to sell the home

that has been in their family for generations...try a loan modification.

And remember, the money is there to be made! Have a great and successful week and remember don't wait

to start this business do it NOW and you will be thankful you did!

Sincerely, Dmitry

Do a Short Sale in Jacksonville Florida

Short sales in Jacksonville Florida and Short sales in Jacksonville Beach Florida.

If you have looked at anything to do with the Jacksonville Florida Real Estate Market or Jacksonville Beach

Real Estate market you have probably heard of short sales in Jacksonville Florida and short sales in

Jacksonville Beach Florida.

With a multitude of medians for communicating information available now days I seem to see a lot of

misleading information in the media and on-line. My intent is to try and give those interested in buying or

selling a short sale a better understanding to the following questions:

- Who participates in a short sale?

- What a short sale?

- How long does a short sale take?

- When can I participate in a short sale.

I do not believe anyone should ever take the advice from one source in such decisions. I highly recommend

that you cross-reference the general scenarios I am providing you with your attorney and your CPA to see if it

makes sense with your specific situation.

I can also tell you that patience will be the key to success for anyone interested in participating in a short

sale in Jacksonville Florida or Jacksonville Beach Florida.

The short sale process is going to take time to complete the transaction. This statement is true for both the

buyer and seller of a short sale.

WHAT IS A SHORT SALE?

Three things make up a short sale:

1. The current owner owes more than the current market value of the property.

2. The Lender agrees to forgive a portion of the loan to align itself with the

market value of that particular property.

3. It is a pre-foreclosure activity. I want to STRESS the issue and idea of

patience required to buy or sell a short sale in Jacksonville Florida and to buy or

sell a short sale in Jacksonville Beach Florida.

We had a short sale in Jacksonville with Bank of America that was approved in 45 days, and we’ve had some

short sales in Jacksonville Florida that have taken over 6 months just to make direct contact with the correct

person for that lender.

Dealing with a short sale is not a simple task. Banks and lenders were not, and some still are not, set up to

handle the sheer magnitude of the requests for short sales that they are receiving.

I think we may be beating a dead horse in regards to the general difficulty associated with selling your

home as a short sale, but let us now take a moment to look at some specific issues that may make getting

your short sale approved more difficult than normal.

Common challenges related to getting a short sale in Jacksonville Florida approved.

Private Mortgage Insurance (PMI)

If you purchased PMI on your loan then the mortgage insurance company will also have

to approve the short sale. In this kind instance the mortgage insurance company will be

paying the lender the difference in the loss (difference between the net sales price and what

you currently owe on the loan).

This means the mortgage insurance company will want the property in question to sell for as

much as possible, and may hold you the seller liable to pay back some of the difference.

Multiple mortgages or investors

In many instances you will find that the company you are

sending your monthly payment to sold your note to a secondary investor, usually before

you even made your first payment. In these cases the secondary investors must also

approve and sign off on the short sale (part of the long time line process).

If you took out a second mortgage on your house with a different lender than your original mortgage this

will complicate the process of getting your short sale approved. The second note holder usually holds out for

a fiduciary representation in exchange for accepting the short sale.

The first note holder may, but is not obligated to, offer a settlement amount to the second note holder.

Inevitably you will need to get the approval of both lenders to successfully close the short sale process with a

clean title in tact to give to the buyer.

In some instances the second note holder has accepted the sale provided that the seller agrees to

owe a note to them and pay a fee to help mitigate the loss.

Why would a lender want to do a short sale in the Jacksonville in the first place?

The Primary reason a lender would approve a short sale is to mitigate their loss on the transaction.

The process of foreclosure is not a cheap endeavor, and if the market price is still falling it is in the lenders

best interest to sell as soon as practicable. If the lender feels it is in the best

interest of their bottom line to accept a short sale then they will.

I am neither an attorney nor a CPA, and this post is not intended to be or to provide legal advice of any

kind. I insist that you talk with your attorney and

your tax accountant to determine if a short sale is the best solution for you.

Find out more about Short Sale Options in Jacksonville Florida If you are planning on listing your home as a

short sale in Jacksonville Florida

or Jacksonville Beach, Florida or you are planning on listing your home as a short sale in Jacksonville Beach

Florida or insurrounding area make sure you hire an agent who knows how to properly handle short sales and

has the

experience to get the job done. We are doing successful short sales. To find out more

click here shortsaleJacksonville florida

. Komelot – Real Estate Solutions Group