Notice of Defaults and Short Sales

[stevetrang]

I'm debating starting a new marketing stream. I have a title company that will negotiate my short sales for me for 15% of my commission, which I think is cheaper than paying an admin. Anyhow, they will also split post cards with me.

Here are my thoughts, getting a list of 30 day lates, sending them a postcard at 30, 75, and 120 days telling them that I can short sale for them.

Has anybody gone down this road? Any suggestions?

[sgroup]

I think this is an emerging market and I have been researching it myself lately but really cannot find any concrete evidence of people making great money at it. I know a lot of "guru's" are selling formulas but there just isn't enough information out there. I would like to hear from anyone who has actually done a lot of short sales lately.

[thegelvis31]

I have done alot of short sales in the Saraota, Bradenton Florida area, and have been very successful. I closed 19 out of 20 short sales last year. I have 12 more under contract, and I expect to close at least 10 of them if not all of them. One thing I am going to do is turn them over to my title company, who hired somebody to do nothing but call the banks. They are not charging me anything, because they will get paid for doing the closing.

[stevetrang]

Which title company? I've got a title company that gets me a discounted rate of 15% off my commission with a different short sale company.

[thegelvis31]

I use Berlin Law Firm. They hired somone in house to handle all short sales. I would check with other title companies, and ask them if you give them x amount of business if they will handle the short sales for you at no cost.

[AndrewR]

The company that is handling a short sale for my boss just charges a point and half of the transaction but we have talked to their exisiting clients and they have been nothing but satisified. There sucess rate has been about 70-80%, whiel there not perfect I do have to say that are great at what they do. (I don't mean this to be an advertising post if it comes off as one)

Edit : Thanks to Stevetrang, I realized that for some reason my entire post didnt post and I finished it

[stevetrang]

Andrew, I feel like you got cut off....

[jamesww]

There is a young lady on the forum here that specializes in short sales. She has closed over 40 of them this year. Her name is Mary Alice Short. I would ask her how she gets the transactions negotiated and for what amount as her whole business has been Short Sales since 2005.