Part 2: Steps to Building a Short Sale Business
[Note: To follow is part two an excerpt of an interview with John D. Williamson, President/CEO, Uvestor.com, a real estate communications platform, who details some of the 'ins and outs' of a Short Sale business. To listen to the show archive or download an MP3, go to www.IncomePropertyInvestmentTalk.com/093009.]
Mosca: You talked a little bit about the hub, what about the spokes and the wheels?
Williamson: The work and the knowledge come in play when it comes to talking with the bank. You can’t be scared to talk to the bank. They are not that bad. The Loss Mitigation Department, which is the section of the bank that will take your call when you are trying to submit a short sale offer, will determine whether or not your offer on the house is going to make sense for them financially. The person who talks to the Bank, whether it is mom, dad, or son, needs to be the most organized person. They’re going to be the one who makes all the phone calls, follows up, organizes every piece of paper, and keeps the whole family on track. The person who is going to talk to the bank has got to be looking at every deal. You are going to need someone who is manning the phone and looking at these files every day and making the calls to the 800-number and sifting their way through the bank bureaucracy. In today’s world with over 300,000 foreclosure filings a month you have to have a commitment to follow their process, which means you fax one document to this number, you fax another document to that number, you call this person to tell them you faxed the number, you call this other person to see if they received it, and then you call next week to see if they scanned it in their systems.
