The Secret to Short Sales and Foreclosures

Here’s the secrets to getting the best short sale and foreclosure deals that you’ll hear no where else.

Next Training >>

Comments

  1. Brianna Davie says:

    I have a short sale deal under contract and need some help moving forward this is my 1st short sale deal and have about 30 to 60 days.

  2. Charles Washington says:

    I have a rental property under contract at 56k. Arv is 71k. Its currently rented at $850 per mth. How and who can I sell this house to? Is it not a good deal?

    • Phil Pustejovsky says:

      Flip it to another investor will to pay cash for it. The better you market, the more you will learn about what the market will bear.

  3. Nickolas Taousakis says:

    Hi Phil, this is a two part question.

    First: I purchased a foreclosure a couple years back and noticed a trend where banks seem to lower the price of the listing by a certain percentage every month the house did not sell. Is this common practice for banks all around the country and is there a standard percentage they typically will drop the listing price by?

    Second: In your video you stated that banks have a predetermined minimum that they are willing to take and the amount they are willing to take is a percentage of the BPO or Appraisal. If the bank lowers the price after a month, do you find that the percentage they are willing to take is off the original BPO or does it change to the percentage of the new list price?

    • Phil Pustejovsky says:

      1. All banks are different and all properties are different and all areas have their own particulars and all REO agents handle their foreclosure listings differently. Although some banks do that, some don’t.
      2. Foreclosures are a bit different than short sales in that banks may actually start the list price at higher than BPO to see if any suckers are crazy enough to pay them more than what they think the value of their asset is. Then, if they decide to drop the price, it could be because they are dropping to the BPO value, maybe slightly lower, OR, the listing agent may do a new BPO and come up with a lower number.

  4. Kirk Parent says:

    Hi Phil

    I just wanted to say that I have a huge desire
    To get into this field. I am from Massachusetts
    But currently live in New Hampshire, I know both areas pretty good. I am currently in school for my construction supervisors license as part of my plan to become a real estate investor.
    Ever since I’ve read “think and grow rich” by Napoleon hill Which was mentioned in your book I am in the process of reading now, I have had this goal and have in the back of my mind to keep trying, and not give up.
    I am just in severe need of a good mentor, someone who can actually guide me through this process. The reality of my situation is not as bad as living in a truck like you had to, yet I should say. I feel like it is my destiny to pull me and my family out of this mess. And be free.
    So obviously I do not have a lot of money. But I do have the attitude where I know, and I will quote you on this ” making a simple phone call won’t hurt”
    Not word for word but you know.
    I don’t mean to ramble on but as you can probably tell this is something that I litterally put my full thought too. So maybe you can contact me I would absolutely not mind making a deal with you and your team of 50/50. I need a push In the right direction!

  5. DAWN ALFONSO says:

    DON’T THE BANKS WHEEL AND DEAL ON HOMES THAT ARE HARD TO SELL.?
    DO THE BANKS HAVE THE BLUE BOOK VALUE OF HOMES TO SELL TO CUSTOMERS OR THE REAL ESTATE HAVE THE BOOKS.?
    HOW WOULD YOU KNOW THE MARKET VALUE AS PRICE BEFORE IT IS PRICE UP. ?
    WHEN YOU SEE A HOUSE VALUE AS IS. HOW DO THEY NEGOCIATE WITH THE CUSTOMERS

  6. Altagracia Liciaga says:

    Hi Phil and all: Thank you for your videos. They are really informative. I am intersting in learning how do get the owers of abandoned, or burned in a fire homes.

    I passed my Real Estate saleslperson state test and the school is charging me over $900.00 to teach us how to get these deals to flip homes. Please, could you make a videos on this?.

    Thank you.

  7. Eric Volkers says:

    Hey Phil couldn’t you check solds of short sales in that particular area and type of house to kinda gage on what % of how low the banks will go or figure out that % they won’t go under?

  8. Are there any successful older ladies that you have mentored? Would you mind encouraging me please?

    • Phil Pustejovsky says:

      Absolutely! Go check out Judy from Colorado in the Success Stories. She has been incredibly successful and she isn’t as young as she used to be 🙂

  9. fernando ruiz says:

    Phil,

    I need some guidance, i have a couple that is urgently trying to sell there land because their having a baby and cant afford to build a house on it. This couple is not working with a real estate agent their trying to sell it on their own. Its 4.79 acres in the El Dorado Hills area by Sacramento and has a 360 degree view of the beautiful hills, their asking price is 219,000. How can i determine if this is a good deal and how would i go about it??
    Get it under contract sell it to an investor??
    How do i find an investor that willing to pay cash for it?

    Please Help!!!

    Thank you in advance

    • Phil Pustejovsky says:

      (1) Determine the property value
      (2) Negotiate a good deal with the seller and get the deal under contract
      (3) Market for a new buyer and then locate and lock in that buyer with a contract
      (4) Close the deal.

  10. When the bank sells the property for less then the seller owes, aren’t they(sellers) responsible to pay taxes on the difference?
    $500,000 (loan)
    $294,000 (sale price)
    $216,000 (loss to seller)
    What if seller doesn’t agree?

    • Phil Pustejovsky says:

      There are laws in place to help with this dilemma. Research the Mortgage Debt Forgiveness Relief Act. Also, for tax purposes, research “Insolvency” in the IRS tax code.

  11. so what you’re saying is that the BANK determines the % and there is no negotiating.
    Interesting.
    Nice…I have a better understanding of the Short Sale…

  12. Deborah Matthews says:

    Phil
    I would like to be considered to for your program

  13. Cassandra says:

    I have a property with a mortgage of 70000k the house has been destroyed by squatters and is knot worth the mortgage amt. it will take about 40-55,000 put plumbing, walls, appliances, heating system back in the house. How can I get this mortgage down to what the house is now worth

    • Phil Pustejovsky says:

      Have a new buyer come in and make a fair market value offer and negotiate a short sale with your mortgage company

Speak Your Mind

*