More On This Topic Soon...
What can commercial short sales do for you?
An introduction to the rewards and problems of commercial
property short sales
What you should know about how to short sale commercial
properties what some of the gurus don't tell you could hurt you
Recently more and more authors and webmasters are offering
information about commercial short sales. You hear everything
from how they are an easy certain way to make a lot of money
and can be done very fast to people stating that they take
forever and require highly specialized knowledge.
The truth is that your mileage may vary. To be successful,
become familiar with the terms used in commercial real estate.
You may be able make the big paycheck simply by flipping
the property, but both the buyer and seller have ways of
reducing or eliminating your profit if that is your only strategy.
It would be better to line up partners or hard money, close
on the property and then market it. That way the original
note holder will not be able to limit your paycheck and the
buyer will not be able to go around you. You are most likely
dealing with experienced people in both the lender and the
buyer. They may not mind you making a relatively small fee,
but there is a good chance of them trying to keep you
from making a large profit.
This story brings to my mind the old fart and his wife, lives at the top of the hill, if still alive, on Rhonda Rd in Anderson, CA.
ReplyDeleteAfter burying themselves in Credit card debt
and being refused loans, due to their credit
my staff of 4 and I spent about 2 months looking for a hard money debt consolidation loan. Finally we found a guy, sent him out and both the lender and borrower went around us. Worvington was his name..Reason for
cutting us out and giving us nothing after
helping them save their homes? WE were too
greedy. Our fee was $10,000. We were paid nothing. EAB