Coach Collard Recollects the Past
March 13, 2010 by man
Filed under Foreclosures Chandler AZ
Coach Collard, back in late 2008, started a real estate team that focused meticulously on short sales. In a matter of 4 months, they went from nothing to approximately sixty listings. It took some time to put together the structure, but doing all of the small things like systems, models, procedures, etc. was initially a challenge for him.
Nevertheless, he had various things that he did extremely well, such as escalations and how he handled banks.
Let’s look at a certain case in central Phoenix that had a area with 38 houses on one specific road. Within this area we had a listing with M & I bank. The bank was very certain that they would not assume less than $750,000 for the house in spite of the fact that Coach Collard had an bid on the table for $680,000. After waiting a few weeks to let the bank mull over the offer, Coach started working his way up the food chain to find the response that he was looking for.
He finally found a big shot who said yes to the $680,000 bid just one day before the trustee sale. However, the buyer then requested a $10,000 discount because of the location of the house. So, ultimately the deal fell through.
What might have been done in a different way? Think about padding your HUD very well. If you don’t need the padding to conclude the sale, you could just give it to M & I bank. The other thing to reflect on is escalating more.
This is just one of the reasons that it is essential to have a collaborator. From time to time two brains looking at a quandary from different angles can turn out improved results.
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