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Common Short Sale Mistake #4: The Slippery Slope to Ruin and How to Avoid It in One Simple Step

Posted by discover short sales in Pittsburgh, PA on May 14, 2007

by Neal & Cory Barnett
We have a friend (we’re not going to tell you her name because you might recognize it and she’s got enough on her plate as it is), who is in a lot of trouble. She actually was involved in short sales even before we were, and we used to call her up for advice and encouragement when we were getting started. But lately, she’s had a run of “bad luck,” and we feel just terrible for her, because she doesn’t understand why even though the solution is staring her right in the face! Like we said, she’s really good at short sales, but she made a crucial error about two months ago that has finally started to catch up: she let things slide. We’ve talked about marketing and networking a lot, and one thing that you must remember in this business is that your reputation is invaluable. It won’t help for you to know all the right things to say to lenders if those lenders don’t want to hear you say them, nor will it give you any advantage to know every trick in the book for getting as much value out of a distressed property as possible if no one wants to entrust you with what’s left of their credit. And more importantly, if you get too lax, people who did trust you will sue you and accuse you of fraud.
Our friend is a great person and we’re really fond of her – she just let one deal with the wrong guy slip through the cracks, and now she’s having to clean up a real mess. Remember, we’ve talked about how your success will make you a target for lawsuits, and she happened to overlook something that let this guy try to take her for all she’s worth. But the good news is, you can easily avoid this catastrophe.

It’s not hard, it just involves some initial planning:
Develop a system. Follow the same routine every time. If you look back through these articles, almost every one includes a numbered checklist of points to consider. And the reason for that is simple: if you have a list of things you’re sure to consider about an investment, for example, you are pretty likely to cover all the important bases before you make a decision. Develop a personal checklist for every step of your short sale process, then follow it. This will help you ensure that you do not overlook a vital aspect of a property that can lead to wasted time, lost money or worse. We offer mortgage short , short sale training, short sale banks, short sale, foreclosure short sale, short sale of a home, real estate foreclosure short sale, make money in foreclosure short sale, and tom butler short sale magic.

Keep a calendar. You don’t have to invest in a palm pilot or a personal assistant unless you want to, but a simple desk or pocket calendar that you can use to note immediately what action you’ve taken – whether it’s a simple call to a loss-mitigation specialist or a meeting to sign over a property – and what the result was will work wonders for you. If you arrange a meeting, write it down immediately. If you make a call, jot down the results. Not only will it help you stay reliable for the people who are depending on you, but it will also help in the event that there is a conflicting opinion about what you did and did not do on any given day. We offer mortgage short , short sale training, short sale banks, short sale, foreclosure short sale, short sale of a home, real estate foreclosure short sale, make money in foreclosure short sale, and tom butler short sale magic.

Plan ahead. Like we said, our friend isn’t a bad person. She just made one tiny mistake that lead to a loss for the wrong guy – and that guy seized his opportunity and now is trying to take her for all she’s got. Bad things happen to people all the time, and you cannot plan for everything. So make sure you do plan for your money. You do not have to do anything wrong to get sued, so plan for that possibility right now. Figure out where the best place for your money is, and get your savings and property protected. Not only is this a simple thing to do, as there are many services that will handle all of this for you, but it also isn’t that expensive. If our friend had just done a little pre-planning, she wouldn’t be in this boat now. So be organized and think ahead – it will save you endless time and trouble as you become more and more successful in real estate investing. We offer mortgage short , short sale training, short sale banks, short sale, foreclosure short sale, short sale of a home, real estate foreclosure short sale, make money in foreclosure short sale, and tom butler short sale magic.

Our names are Neal and Cory Barnett and we haven’t always made a lot of money. We are two brothers who came from a large family raised in a small town in beautiful North Carolina. We came from a family of factory workers and farmers because that was about all there was to choose from that far out in the country. TO find out more go to www.discovershortsales.com