REI Marketing Tips

Last night I held the first ever “Short Sale Approval System” training teleseminar. Hundreds of people joined us as we reviewed how you can get tons of short sales approved, in writing, in 30 days, guaranteed!

I am posting the replay to the audio below, but before I do that, i want to make some important clarifications about last night’s call:

1. I kept telling everyone that the correct email address to send your deals to for evaluation was leads AT ShortSaleApprovalSystem.com. That was INCORRECT! The CORRECT email address is deals AT ShortSaleApprovalSystem.com. As you can see, I was suffering from a mild form of dyslexia last night…LOL.

I have corrected the email address so that moving forward, BOTH email addresses work. However, if you sent in a deal last night within the first two hours, please RESEND the email.

2. Many people on the call were asking about “what about if there’s 2+ mortgages on the property. In that instance, as long as it’s a “mix and match” of the lenders (listed below) we can handle them. In the case where only the 1st (but not junior) lien is with one of the lenders listed below, we can still work it, but you’ll have to work on the 2nd mortgage yourself. IMHO, the best thing to do is to stick with files that only have 1 lender, or if 2 lenders, it’s a combination of those below.

3. In the training I reference “the snake”. We’re taking part in a pilot program for this lender on Monday (we’re picking up 2 new deals tomorrow). I’ll let you know as soon as this is ready for public consumption, hopefully very soon.

Okay, here is the audio so you can listen (again). Also, below the audio, I’m going to a “matrix” showing you each lender, and their requirements. You need to listen to the call in detail to understand the matrix below. Please don’t send in any deals without first listening to the call below.

Great news for all short sale investors: FHA just announced that they are NO LONGER requiring 90 day seasoning for people to purchase properties.

So what does this mean for you?  Let’s break it down into the most simple terms.

Many people who were using the technique of using short sales for “back-to-back” closings had difficulty in finding “end buyers” who could be approved for financing, because FHA wouldn’t allow them to buy these homes.

In other words, investors were finding it increasinly difficult to find an “end buyer” for their “back-to-back” closings because that end buyer was NOT allowed to use FHA financing (per FHA guidelines).

Well come February 1st 2010 the FHA has decided to WAIVE that for a 1 year period.

You can read the entire waiver directly on HUD’s website right here.

Here are some hilights:

• 90 day seasoning rule waived for 1 year beginning February 1st 2010
• No pattern of previous flipping activity exists for the subject property (ie no multiple flips within the past 12 months)
• The property was marketed “openly and fairly” by MLS, auction, FSBO, etc
• If the increase in price is over 20% of the seller’s acquisition cost, a 2nd appraisal may be required
• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction

More directly from the HUD website:

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

Note the last sentence in the paragraph above: “This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.”

That tells me that HUD and other lending institutions are finally starting the see the value that short sale and preforeclosure investors are bringing when it comes to rebuilding America’s housing market.

This is GREAT news for you, because now your end buyers are allowed to use FHA financing!

To give you a better understanding of this, and the ever changing landscape of short sale investing and flipping, please join me for a free, content-packed, special training teleseminar this Wednesday evening, January 20th at 6pm PST/9pm EST.

On this call I will be join by one of the nation’s leading title company experts, who is currently closing deals in all 50 states!  My special guest and I are nto only going to be discussing this groundbreaking announcement from the FHA, but also discussing short sale flips, closings, HUD1’s, title companies and insurance, back-to-back closings, working with realtors, plus MUCH much more.

Please note that this content only teleseminar will be ALL audio.  It will NOT be a webinar.  Also please note that there is no registration.  You’ll be able to either dial-in OR listen via the Internet.  Also, you can ask questions about ANY do to with short sale investing.  There is a question box on the teleseminar page.

I am looking forward to having one of America’s leading short sale closing and title experts on the line with me this Wednesday evening, January 20th at 6pm PST/7pm MST/8pm CST/9pm EST.  Get your questions ready, and I’ll “see” you on the call!