Real estate market watchers know there's an overturned hourglass ticking off the time until the market stabilizes: when great pre-foreclosure deals dissipate. There are only so many deals that can be done in that shrinking amount of time. Also, an investor must move quickly to seal a pre-foreclosure deal successfully, and the investor may have to move even faster if short sale is the goal.
Panicky types may offer proposals to every short sale candidate they can find, trying to work fast. But work smart, or you'll end up doing a whole lot of wheeling and dealing with zero properties to show when the hourglass runs out.
Pulling off the successful short sale is an art and requires skills not needed in other real estate investing scenarios. You'll need to know a few things:
- How to meet the needs of the homeowner and the lender
- Good presentation skills
- Smart market and property assessment capabilities
- How to move fast in order to create opportunities during what's typically a short window of time
You may save yourself a lot of time and avoid some critical errors by taking a class on the subject before making your first offer. Many real estate education companies offer courses, and you can often find such courses online and take them from the comfort of your own home.
Working smarter is equivalent to working faster: You'll save yourself mistakes that eat up valuable and irreplaceable time.