Tim Cook, a successful TMC Property Solutions-based real estate investor, looks at the myriad of websites and infomercials regarding “’riches through foreclosures” with a bit of skepticism. He is aware that not every foreclosure is hanging there like a ripe plum to be picked off the tree. There’s more to it than that. More to it than the ads would have you believe. First of all Tim admonishes all newcomers to make sure that the deal they are working on is a valid short sale deal. Contrary to popular “newbie” investor belief, not every property headed for foreclosure is a prime candidate for a short sale. A deal may look good on the surface, but closer inspection reveals that the newbie investor has no exit strategy. Acquiring the property can often be the easier part – keep in mind there must be a buyer to make it all work. Likewise, the investor may find that although it appears possible that a short sale could actually be negotiated, it’s just not worth pursuing. Either there’s not enough profit involved after the exit, or the whole thing is just too risky. Going after such deals “just because they’re there” is counter-productive. In order to get to first base with the bank, bring them a valid short sale deal. One that you know will work for you – that you can close. (And through which you can protect the seller. Never put their interests in jeopardy.) This builds the trust relationship between you and the loss mitigator. Tim tells his fellow investors that once a valid deal presents itself, to learn to be persistent. Most short sale offers are turned down at the outset. Don’t be discouraged and don’t take no for a final answer. Continue to make inroads by providing documentation for the offer you are making. Provide even more than they ask for. Building solid relationships with the lenders is the key to success in the foreclosure market. The lenders do want to get these properties moved, but Tim has learned firsthand that loss mitigators get weary of dealing with newbies who don’t know what they’re doing. He has found that if you do your part correctly, there really will be ripe fruit out there for the picking. Resource Box: Tim Cook of TMC Property Solutions is a Marine Corps Veteran and has owned and operated a successful Dallas Fort Worth area based real estate investment company more than 13 years. Having come through some of the beginner hard knocks, he has a desire to help guide and mentor others in the business and also organizes a real estate investor group in Weatherford as well. He stands ready to help investors gain this needed knowledge for working with buyers, sellers and investors in all aspects of the business. For more information, tips and investing techniques visit: www.WeBuyTarrantCountyHouses.com
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Foreclosure market, foreclosure home, short sale offers, short sale deal,
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