myEmpirePROYou are about to discover 4 tips that you must apply immediately to improve your competitive advantage with wholesale in real estate.
In this lesson we are going to break down these concepts; distress, motivation, problem, and confidence as applicable especially with seemingly special cases like shortsales.
Below is a question for us to address with this lesson…
“ Hi. Is it possible to wholesale a Short-sale and how does that process work please? ”
Enjoy the video.
First of all shortsales simple means discounted payoff.
When a seller owes loan against a property, a payoff statement must be pulled from the lien holder.
The pulled statement will declare how much in total is required to satisfy the loan in order to have a clear title;
a prerequisite to close the deal.
So when a seller much more than the present day’ value of the property, that creates a grid lock
…that can only be UN-entangled by a discounted pay-off
a.k.a short sale.
Wholesale In Real Estate Must Involve These 4 “MUST HAVE” Elements in Other to Succeed
(1) Distress
The ownership of a property must be stressful in one shape or the other in order for an investment profitable offer to make sense to a seller.
Otherwise, your maximum allowable offer will come off as disrespectful.
That’s why you must find out WHY they to sell during prospecting.
(2) Motivation That leads to wholesale in real estate
Every seller has a motivation or a reason why they want to sell.
There are many motivation but less focus on 2 main motivations behind a desire to see “a supposedly” asset.
It could be (i) time or (ii) money.
Ideally, time is not on the side of a seller due to DISTRESS, life events, affordability issues etc.
If they have time, the lead is not necessarily dead but it’s probably not a fit for wholesale in real estate.
If your prospect is not in a rush to sell like most of the leads you will encounter, they are probably motivated by money.
Therefore, they are probably not open to selling at deep discount.
(3) Problem
In order to succeed with wholesale in real estate, you must be obsessed with the title “Problem Solver.”
You may already be aware theoretically that you are a problem solver but your have to live and breath that concept.
Because it drives how you approach marketing, pre-qualifying prospects and prospecting.
It will save you time; you most valuable asset.
(4) Confidence
When you approach sellers and all prospects looking like you are not sure of yourself, it will kill leads.
Subsequently, it will potential deals.
You need to know that you have abundance of leads when you call or approach any leads.
If you flip that position… meaning they have options but your life depend on that one lead, wholesale will frustrate you.
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