What is a Short sale?

Wikipedia defines a short sale as:

A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property.[1] In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's Loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt.

See document: Short_sale_(real_estate)

What is a Short Sale Formula?

Short Sale Formula is a system/course developed by a short sale/preforeclosure husband and wife team Justin & Dreama Lee.

It was developed to teach investors how to create and complete a short sale pocket that will get accepted by the bank including:

· what forms are needed

· how to submit the packet and to whom

· what extra supporting documents make the difference in getting a short sale deal closed

· how to legally conduct back-toback closings once a short sale has been negotiated.

Who is Justin & Dreama Lee?

Justin & Dreama Lee got started in the Pre-foreclosure market as a part-time realtor (Dreama) and a mortgage broker (Justin) in the Washington, DC area. When they started out they put their mortgage broker and real estate agent tools to work by offering distressed homeowners the option to either list their property or re-finance it – if the owner had time and/or equity – or sell the house if neither option was available.

At the time, the real estate market was booming and a lot of homeowners had equity and could easily avoid foreclosure with these options. Justin and Dreama soon realized there was a lot of money to be made in foreclosures, but at the same time, they wanted to help people facing foreclosure.

Justin and Dreama were working full-time in their pre-foreclosure business late in 2003 and were doing quite well after a couple of deals. But they really didn't 'crack the code' until the middle of 2005. . . where they made almost $500,000 on just 5 deals!

Short Sale Formula Features & Benefits

• Discover How to do a complete short sale packet so you can go out there tomorrow and do one yourself
• Discover how to outsource your short sale deals so you can have more time to work ON Your business
• Step by step video leading you through every step of the way to outsourcing your deals
• Learn how to Legally conduct back to back closings once a short sale has been negotiated
• The bonus video training will give you some great Preforeclosure marketing traning for 2008 and beyond. This is a current stuff, not some strategy that's been developed back in 90's.
• Documents specific to different companies such as CITI Mortgage and Saxon Mortgage
• Easy Interface. The nagigation bar and the web interface is easy to navigate. Basically, you go from top to bottom to study each and every module.
• 3 different levels: Silver, Gold and Elite.
• 3 Modules: Each module has an Introduction, training audio and/or video, training transcripts and documents.
• Wealth of Information that is put together in such as way that it shouldn't overwhelm you.

Short Sale Formula Cons

• Documents are In PDF- I wish that some of the documents, like the hardship letter was available in word document so you could easily edit homeowner's name and such.
• No Overall Process Map- I wish there was an overall process map of the entire short sale process. This is just my personal opinion. I'm a visual person and like working with process maps. Either way, the course covers the entire short sale process.

In Conclusion

Short Sale Formula is probably one of the best short sale courses out there. Not only it saves trees by being an online course, but you don’t have to wait weeks to get it. You can get access to the course immediately and start learning the in’s and out’s of short sales.

Short Sale Formula also provides you step by step training in variety of ways including audio, video, and written transcription. Since different people learn in different ways, this course covers all of the learning areas for the best comprehension.

As for the price, let me just say this. If you apply what you learn in that course, as many Justin Lee’s customers have already done so, this course will pay for itself hundrefold. It is an investment that can help you become financially free and J.O.B. free. Just one short sale can pay for at least 10,20 of those courses.

My favorite thing about this course is the fact that is teaches you how to outsource your short sale so you can do other things like working on your business or vacationing in Hawaii.

And last but not least, there is a full blown Short Sale Formula Video Review of the entire course you'll be able to view. This video review points out some good and some bad aspects about the product. It also gives you an inside look at the course itself, which I think is pretty cool. Basically, you can see some areas of the course right in the video.

Good luck and I hope the Success will follow you in your life.