Starting Out Short Sale Advice | Short Sale Strategy
Hello BP community,
I have been doing marketing recently to target property owners that are interested in selling real estate, I tend to be running into quite a few upside down mortgages and short sale pre - foreclosure options. I'm working with two in the 10 day period that I have been doing marketing.
One is a house that is LTV is greater, and the person that is doing the loan mod or discussing it said the bank offered the property to him for $50,000 to buy outright through a short-sale. Based on the comps, the property needs to be purchased @35k to turn some sort of profit after fixing it up. Tax records state the total value of the property is $129,000 but it seems to me its way over estimated after seeing the photos the place is distressed.
The other option i'm working on is another distressed 90k property that has a 120k loan and the person wants out just interested in getting some sort of start up money for the first last and security in the new place.
I have a feeling if I keep marketing the way I am I will be getting a bunch of these. And my question is what is my best method of turning these into some sort of profit.
In Addition some more info;
I'm a Realtor
I have funds to buy both outright, cash, I also have investors that will be interested in taking them off my hands.
Thanks in advanced. :)