Real Estate Short Sales?

CardMinger · #1 10-01-2007, 01:37 AM

Has anyone had any sucess in doing one or many of these?

Just wondering if anyone has any experience with this and if its worth trying out in todays market with all the foreclosures and REO property it seems like it would be good pickings for short sales.

Thanks,
CM

spex x · #2 10-01-2007, 10:02 AM

[ QUOTE ]
Has anyone had any sucess in doing one or many of these?

Just wondering if anyone has any experience with this and if its worth trying out in todays market with all the foreclosures and REO property it seems like it would be good pickings for short sales.

Thanks,
CM

[/ QUOTE ]

Doing a short sale in the current market is pretty easy. It takes slightly longer than a traditional purchase sometimes, but that's ok. A lot of banks are dying to get those non-performing assets off their books, so they're giving some pretty solid deals.

However, I will say that just because a bank is selling a property short doesn't mean that the property is a good deal. If the bank has a mortgage for 150k on a property, but they're selling it for 100k, it may or may NOT be a good deal. It depends on what other comparable properties are selling for. To get good deals you have to buy for BELOW MARKET VALUE. Buying a property short for market value doesn't count.

AceLuby · #3 10-01-2007, 11:29 AM

I'm in the process of a short sale right now and I have to say that the longer waiting time sucks. I've been waiting on an ANSWER to my offer for over 10 weeks now. Try to find ones w/ only a single bank (no 2nd mortgages as the 2nd bank ALWAYS takes a ton of time). You can get a good deal usually, but I wouldn't expect to be moved in in a month.