How To Turn Short Sale Failure Into Success (Part II):
If you've missed part one or part two of this story, please
read those first by visiting our blog:
(Note: if you haven't read part one and part two of the
So by now you know that we had a "short sale failure" on
our hands, but we came up with the brilliant idea of a
"release" to save this deal.
Here's how we structured it:
1. We had a verbal from the lender at $298,000 and an offer
from an "end buyer" at $320,000.
2. At these prices, there's little spread, so we went back
to the seller to place an option on the property.
3. We told the end buyer that if they agreed to pay our
"contract release fee" of $20,000, they could buy the
property for $318,000 instead of $320,000.
4. The buyer agreed (at $318,000 they were getting a great
deal on the property!)
5. Escrow handled everything for us, and here's what ended
- The homeowner avoided foreclosure
- The listing agent got paid
- The buyer got a great home at a great house
- We got PAID and we didn't even flip the house
Here's a link to download the release form if you want to
use this same strategy in your own business:
Be on the lookout next week, because we're going to be
sharing a way that we'll show you exactly how you can work
directly with us and get direct access to us and all of our
killer insider strategies just like the "release".
Until next week,
Mike & Sam
PS- The "release of contract" strategy works! Download the
document our attorney created for us here, free of charge: