Stacey was really excited. It appeared that finally her first real estate investment deal was going to come together. She had located a motivated seller that really needed her help, and the property was ideal for a short sale negotiation with the bank. Eagerly, she contacted lending institution’s customer service line and asked to be connected with the division that handled short sales. After many transfers and long periods of time spend on hold, she finally reached a loss mitigation specialist, and explained that she wanted to negotiate a short sale on behalf of her motivated seller.
However, the loss mitigation specialist informed Stacey that she was unable to negotiate with her at the present time. In her eagerness to get started, Stacey had neglected to get legal approval from the seller faxed to the lending institution. While Stacey did remedy this situation, she was unable to get a timely response from the lender in the future and the seller ultimately succumbed to foreclosure.
So what did Stacey do wrong? She had the money to buy. She had the property in her sights. She even knew the best way to buy the property given the current situation. However, she was not prepared to deal with the “professionals” on their terms. This is one of the biggest stalls that can happen to new real estate investors. They have the energy, the dedication and the know-how. However, when it comes to actually talking to banks, they simply do not have the connections or “speak the language” that will get a response from these harried, hassled and impatient lending bodies.
If Stacey had a coach on her team instead of just a manual from a real estate investing seminar on short sales, that short sale deal would almost certainly have ended differently. Instead of asking for the wrong person and showing up unprepared when she finally reached the right loan officer, she would have already known what she needed to have in hand in order to successfully negotiate a short sale. Even better, she would have saved herself a great deal of time and stress by having someone in her corner telling her what to expect, who to contact and how to handle them.
Real estate Coaching is one of the most beneficial educational investments that you can make in the real estate arena. A custom coaching program can save your deals, and keep you from making decisions that will hurt your finances in the long run. A more experienced eye can streamline your real estate investing process until you fully understand the in’s and out’s of the business, and help insure that your deals happen, and happen in a way that generates wealth rather than heartache.
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Peter Vekselman has been successfully investing in real estate since 1996.
He has completed over 1200 real estate deals, owned a construction company,
been a private lender, and owned a property management company. Peter
currently works with clients all over the US helping them achieve riches in
real estate investing. For more information please visit
Real Estate Investment
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