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There\\u2019s no getting around the fact that we\\u2019re going to see some serious upheaval in the real estate market this year. There are 10.1 million people in default of their mortgages right now. Of course, not every one of these properties will go into forbearance, but for comparison\\u2019s sake, there were 2.9 million foreclosures in 2009. We\\u2019re going to see a lot of distressed properties eventually.

Nicole Espinosa does over 100 short sales a month across 14 markets, and she\\u2019s been 100% referral-only for 3 years. She\\u2019s earned the title of The Short Sale Queen. Real estate investors who often find properties with no equity refer these homeowners directly to Nicole. And real estate agents send the short sales that they don\\u2019t know how to deal with to her. She\\u2019s a problem solver. She joins me today to talk about how you can help distressed homeowners get themselves out of a jam.

Nicole\\u2019s business advocates for the seller and deals with their debt to help them, but she also works with investors to help get them a deal. On an FHA loan, a bank will go as low as 84% of a home\\u2019s price, but only as low as 90% on a conventional loan. The hard part is when a property is nice and the investors still want a discount. Nicole has to be the one to get real with the investor about what the bank will do.

If you\\u2019re wondering how to talk to distressed homeowners, Nicole suggests avoiding the hard sell. Educate homeowners on their options and earn their business. But of course, in order to educate them, you need to understand how a short sale works. Check out The Short Sale Queen on YouTube for an in-depth look into how you can be a better transaction engineer when these houses hit the market.

What's Inside:

\\u2014How you can help out homeowners that are currently in default.

\\u2014The discount that real estate investors can get on a short sale, and how Nicole works that out with investors.

\\u2014Why can\\u2019t the banks just modify the loans and prevent forbearances?

\\u2014The best way to talk to homeowners who are under a great deal of stress and can\\u2019t handle a hard sell.