How To Turn Short Sale Failure Into Success (Part I):So the other day, I sent you an email telling you about a
short sale deal I was on the verge of losing.
In fact, if you haven't read the first part of the story
(if you missed that email), then please STOP reading this
email, and check out my blog for part one of the story:
If you don't read part one of the story, the rest of this
email won't make any sense.
Now back to "part two" of the story:
I felt sick to my stomach knowing that this deal was about
to die, and there was nothing I could do about it.
If you've been investing for a while, in this crazy, ever-
changing short sale world that we live in then I'm sure you
know this feeling.
Anyway, as I left the office that day, knowing that I was
just going to have to bow out of the deal, a light bulb went
off in my head.
I could record an option on the property...
I was going to have to go down to the county courthouse, and
fill out a document to get the option recorded. I was going
to have to get it notarized, and the whole process just
reminded me of how frustrating it was going to be to do all
of this "work".
And that's when the lightbulb went off!
I realized that I was going to have to do some "work" to get
the option released.
And why, if I was going to have to do this "work", shouldn't
I be compensated for my time?
Shouldn't I be compensated for releasing my option, and my
interest in the property? I mean heck, my team had already
done all of the work getting this thing negotiated. In fact
the listing agent was loving me right now, because I'd done
all of the hard work for him.
And what about if I had the buyer "pay" me for my work, and
"releasing" my option on this property, so that they could
close in my place?
Well I contacted my attorney, had him draw up some documents,
and the next thing I knew we were on the phone to the buyer,
and about to save this deal and make it work for everyone!
There's a lot that goes into exactly how I structured this
"release", so in my next email to you, I'm not only going to
break it down for you (step by step), but I'm also going to
check with my attorney and see if it's okay to just *GIVE*
you my option release document.
PS- Make sure you keep your eyes open for my next email, as
I'll reveal everything to you inside of it. The subject of
that email will be:
"How To Turn Short Sale Failure Into Success"
PPS- Just so you know this strategy actually works, here's
a copy of the check (and note the date on the check, we only
*JUST* close this deal...this strategy works!)