Short sales, or short payoffs, are when the bank accepts less than what is owed on a property in order to clean their books off and move forward.

A short sale in this economy is the way out of a pre-foreclosure situation for homeowners, and the banks have been directed by Mr Obama to streamline the process and work to help the homeowner avoid the foreclosure.

The bank will need certain documents provided by the homeowner in order to prove hardship and show they warrant the short payoff being accepted.

The bank will work from a certain 'metric' for what they want to accept, and the short sale investor or realtor will need to find that bottom, but in most situations that number is 75-78 % of the BPO figure.

The crazy thing about that metric, though, is that the banks are having to reset those figures almost quarterly due to the continued onslaught of foreclosures hitting our nation, and the home values dropping right along with that volume of distress.

Short sale investors or Realtors will need to ensure they stay close to the market, and the price and valuation changes that almost occur weekly, because the offer you make to the bank today for a short sale may be the retail price of the home in 3 months when the bank finally accepts your offer.

With the nations business layoffs & bankruptcies still in high gear, this is a great time to be working short sales, and a great time to make a ton of money in real estate, as long as you excercise caution and business savvy by makling correct short sale offers, and then adjusting as the market adjusts.

Too often I see new or inexperienced real estate investors and Realtors miss a short sale completely, or leave tons of money on the table because they don't fully understand the nuances of working a short sale with the loss mitigators at the bank.

This poses problems on a few fronts, in that you have just wasted your time (sometimes months of effort), due to a lack of knowledge, not a lack of effort.

There are firms that take that task over, and provide their decades of experience while interacting with the banks and their loss mitigator staffs.

After years of doing my own short sales, and wasting so much time on the phone, on hold, and then witnessing the new investor or Realtor get overwhelmed with the process, we've answered the call in your need for help.

We now work the short sales for you from start to finish, and let you get back to what you do best (make more deals).