#26 Beat The Bank

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Summary:

On this episode of The Most Dwanderful Real Estate Podcast Ever, Dwan talks listeners through the first of three offers that you are going to give the bank for your short sale property. You will learn specifically what to say to the loss mitigator, what to include in the package you send to them, and how much your initial offer should be. Your goal with this offer is to create an emotional attachment between the loss mitigation bank representative and your homeowner, using a combination of authenticity and guilt to help them get on your homeowner’s side. Banks in America are spending $44 million PER MONTH on the maintenance and upkeep of the vacant houses they own, so you are really doing them a favor by offering to take one off their hands.

Time Stamped Show Notes 

  • 1:50 – In the continuation of this season about short sales, this episode is about the package you present to the bank.
  • 2:24 – Dwan checks in with you.
  • 3:44 – Don’t forget the incredible resources you have access to when you join the Dwanderful.com member site for just $1: LIVE Coaching Calls every Wednesday morning, the Chat Box, and so much more!
  • 5:32 – In the first of the 3 offers you submit to the bank, you want to create an emotional attachment between the loss mitigation rep and your homeowner. You will put together a package for the bank containing your sales contract, list of repairs, pictures of the home (only if they help your case), and some comps you have run.
  • 11:10 – The backbone of this first offer is the proof of hardship description. You also need to realize that you are doing the bank a favor by taking one of their many vacant properties off their hands.
  • 15:41 – The market is about to experience a dip, which is great for investing in short sales.
  • 16:14 – Guilt is a universal manipulator, so you want to put your heart into guilting the loss mitigator into accepting your deal.
  • 18:06 – Lean on the scripts that Dwan has given you when writing the cover letter.
  • 19:10 – The bank might require that you provide a listing agreement, which you can procure from an investor-friendly real estate agent, and they also might ask for 2 years of tax returns.
  • 22:02 – The bank has specific requirements for short sales, and if you do not meet those requirements, your deal will not be approved.
  • 24:17 – In fact, even houses owned by the same bank might have different requirements because they might belong to different portfolios and investors.
  • 27:04 – Your first offer should be for 40% of the value of the home. In our example for the purposes of this podcast, the homeowner owes $200,000 on the house, so 40% would be $80,000, even though you really hope to buy it for $100,000.
  • 28:59 – Remember to sign up for the Dwanderful.com membership site and talk to Dwan tomorrow morning on the LIVE Coaching Call.
  • 29:39 – Your assignment this week is to go to Dwanderful.com/shortsales and enter the code word BANK to receive a promotional rate for this program. You should also get your sales contract signed and begin putting your package together for the bank.

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