120: Working a Short Sale

Note MBA

Working a short sale can be a bit tricky. That is if you're working with traditional banks. One of the exit strategies I most often forget about is doing a short sale. On today's show we do an interview of sorts about just that, working a short sale.

Of course, it wouldn't be a Note MBA deal if there wasn't a bit of creativity thrown in for good measure. So, you're going to want to get the lowdown on this deal.

Working a Short Sale

Today we interview a newcomer to the real estate investing world, Nick DiSanza. Nick is a forensic loan analyst for a company based out of Dallas. His job for the past few years has been to review many of the loans we buy as note investors, or at least loans like them. They do this on behalf of the investors that backed the loans.

Finding fraudulent loans, or loans that weren't exactly what the sellers promised is his day job. However, by night he's a newly minted real estate investor. He met Robby six months back and was instantly interested in note investing.

So, Robby put him on ice for a few months, all the while Nick hounded him a chance at bat. Robby finally gave him a chance with a deal. What started as a potential loan mod became working a short sale with the son of a deceased borrower.

Who Would Leave THIS Behind

Apparently, when all the foreclosures and market tanking was in full swing it wasn't just the home owners that were feeling the effects. There were some four-legged innocent bystanders.

This wasn't something I had really spent much time thinking about prior to last week. A listener of the show sent me a link to an article from HousingWire. It opens with them talking about a long time, nonprofit that advertised on the site. This nonprofit company No Paws Left Behind specializes in an interesting part of our business.

There mission is to bring awareness and a voice to the silent victims during the tumultuous foreclose times, pets. These animals have no voice or ability to implement change for a circumstance they didn't cause. Their homeowner could no longer afford the house payment. They get behind on bills, and can barely manage to keep food on their own plate. Then it comes time to move, and these cats, dogs, birds, etc. are left behind to fend for themselves. Which isn't something many of these animals are equip to do.

The current number estimate over 60% of American homes have pets. And with the record number of recent foreclosure, it leaves over a 1.5 Million companion animals at risk.

That’s it for this week! Thanks for listening everyone and as always, if you have any questions, comments or potential deals to send our way, email us at [e-mail].

Listen & Watch this Week’s Show to Learn:

• Working a Short Sale
• Who Would Leave This Behind During A Foreclosure
• Why Won't These People Take My Money
• Do You Want More From The Forensic Loan Analyst
• And much more!

Featured on the Show:

• No Paws Left Behind
• article from HousingWire

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Thanks for listening to our show! We’ll be back next Wednesday morning.

Cheers,

Chase & Robby