How to monetize every single short sale lead in Jacksonville Florida that comes across your desk.

How to monetize every single short sale lead in Jacksonville Florida that comes across your desk.

For those of you that are relatively new in the Short Sales business in Jacksonville Florida, you probably have this notion that the only way you can make money as a pre-foreclosure investor is via a wholesale short sale (the big spreads).  Once that possibility disappears, you figure the deal is dead. But the fact is, that in Short Sale Business in Jacksonville Florida this is not the case! 

There are many other ways to make money with short sales. 

As you bring in new leads, you will encounter homeowners that either want to sell their home or keep their homes.  The great thing about this is that there are ways to profit with either of these scenarios.

Here is a breakdown of how you do:



If the homeowner wants to keep their Jacksonville Florida home you can help with :

Loan modification-


this is when the lender modifies the current mortgage in order to work with a homeowner due to a hardship. The purpose is to help make the loan more affordable. Usually it is in the form of a rate reduction or fixing the rate for a certain amount of time.



Forbearance Plan -

A forbearance plan is a re-payment plan between the borrower and the lender to catch up the mortgage arrearage over a period of time. Typically, the lender will require the borrower to make some lump-sum payment up front towards the arrearage.  This amount is usually 50 percent of the total amount they are behind. The remaining balance is then divided up over the next 6 to 18 months, and is to be paid on top of their regular mortgage payment! 

The foreclosure will be put on hold while the borrower is making payments under the forbearance plan and will be dismissed once the forbearance is completed. However, if the borrower defaults on payments during the forbearance plan, the lender may proceed with the foreclosure immediately, without notice and without re-starting the foreclosure from the beginning.

If the homeowner wants to sell their Jacksonville Florida home you can:

Wholesale short sale in Jacksonville -

in a wholesale short sale you'll negotiate the debt down to an acceptable buyer price (for you) and sell it to a retail buyer for a profit.

Retail short sale -

a retail short sale differs from a wholesale in that the property goes from the homeowner directly to the retail buyer, and cuts you out of the middle.  Even though you won't be making the large check upon the reselling of the property, there are other ways to profit.

Long term buy and hold -

this refers to properties that you will purchase for the specific purpose of renting out long term.  Always make sure to run the numbers on these to make sure there is adequate cash flow! 

List the property yourself -

(if you're a licensed agent) and make a Realtor commission - whether the property is over debted or has equity in it, you can list the property for the homeowner and make a commission on it once it's sold.

Short Sale Rehab-

this niche that I like to call "the short sale rehab" is a hugely profitable niche to be in right now! There has never been a time where our end buyers' lending has dictated the condition of property that they will lend on! There is a great opportunity to not only get big discounts from foreclosing lenders that have properties that are beat up, but to fix them up and resell them for maximum dollar has never been so profitable!

These are all great ways to make money in the Jacksonville Florida pre-foreclosure industry, and all proven!

Make sure you are open to any and all of these options because it is quite likely that you will encounter some properties that allow you to perform a wholesale short sale while others are only conducive to a retail short sale.  Or, if you are dealing with a homeowner that really wants to work with you, but is reluctant to sell the home that has been in their family for generations...try a loan modification.  And remember, the money is there to be made!

Have a great and successful week and remember don't wait to start this business do it NOW and you will be thankful you did!

Sincerely,

Dmitry

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