Bruce Norris is joined by short sales expert and President of the Short Sale Processor, Nicholas Manfredi. Bruce and Nick discuss how hard prices have been hit in the Inland Empire, different ways to evaluate homes, why Nick likes Corona as an investment area, what areas of the housing market are safe, inflation and interest rates and their effect on investment decisions, percentage of homes in Corona in a negative equity position, what conversations are like with current sellers, the journey of someone facing potential foreclosure and the option of a short sale, California and a possible depression, rent drops in the Inland Empire, the choices for someone in default, what some home owners have been spending per month on a home payment, the willingness for lenders to really help people to save their home, misconceptions on short sales, Realtors and the misunderstanding of taxation and debt relief, the Debt Relief Act of 2008, if you need to be licensed to do short sales, retail value and short sales, working with a Realtor who understands the process, reasons why lenders decline short sales, the MERS system, lenders position on borrower being behind before short sale consideration, how to attract people to short sales if not through mailers, how the Short Sale Processor works, the money to be made by helping sellers and lenders, how brokers can make just as much money with short sales as they can with a regular transaction, and finally, theshortsaleprocessor.com.
Nick Manfredi is a real estate investor, speaker and corporate business owner. He has been featured in Fortune Magazine and The LA Times, and contributed to articles in the news media including CNN Money Magazine, The Press Enterprise, and RISmedia.
In 2002 Nick established one of Southern California’s most respected real estate investment club’s The Inland Empire Investors Forum. Focused on volume, he continues to wholesale 80% of his acquisitions.
Eager to capitalize on California’s changing market Nick co-founded The Short Sale Processor LLC. As CEO of Forum Real Estate Investments Inc
Nick continues buy residential & commercial property in California and Texas. Nick resides in Southern California with his wife Susan and 3 boys Gabriel, Nathan and Jacob.