Getting the Deed

Getting the property deeded to the investor is not as bad as many homeowner think and can even help in the short sale process. I understand that many homeowners might be hesitant to give their deed to someone they hardly know, but the benefits do outweigh the negatives. If a homeowner is in foreclosure and does not have the money to pay their loan, than what do they have to lose? If you let the house go into foreclosure, the bank takes the property back and has the deed anyway. What I do as an investor is take the deed to the property strictly for the purpose of having better leverage to deal with the bank. Rather than giving the deed directly to the bank and having a foreclosure on your credit, it’s in the best interest of the homeowner to deed me the property and let me conduct a short sale, so that their credit is saved. If the short sale does not work, I will deed the property back to the homeowner and let them turn it over the bank. If the banks decide to accept my offer then I already have the deed and the homeowner is no longer needed and is free and clear of all responsibilities. I understand that it is a very hard concept for homeowners to grasp, but with so many investors conducting short sales, it really does help in negotiating with the bank.

It’s a new day, new deal, new opportunity

Mike Sebeniecher, Texo Properties (TexoNC.com)