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Forums » Make Deals, Find Partners, Mentors & BirdDogs, etc. » whats make an excellent short sale

whats make an excellent short sale Subscribe to whats make an excellent short sale

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Tag Tags: short-sales qualification education investors


James Moore

Real Estate Investor · det, Michigan


Forum_avatar_avatar-jaymoney30

Aug 17 '09, 02:42 AM

Hi everybody!!! I have a two part question. I am new to ss game & i have done some homework on ss. i have a couple of agents sending me listing for homes 500k or better. My question to everybody is what qualification should i be looking for besides the house is over leverage & the second q. is what is the equation should I use to submit my offer's to the lender for an starting offer?

Edited: 06/26/2010 at 09:23AM


Justin S.

Rehabber · Chandler, Arizona


Forum_avatar_avatar-wheelhouse

Donor Pro

Aug 17 '09, 03:47 AM

what qualification should i be looking for besides the house is over leverage

James, the best short sales are the ones you and only you control. If you are getting your leads off the MLS, then it is VERY difficult for you to control the deal. An agent typically will not relenquish control to an investor. They just like us, they want control and want to get paid.

So find your leads through direct mailing, bandit signs, etc. You typically do not want any agents involved on the A-B transaction.

is what is the equation should I use to submit my offer's to the lender for an starting offer?

50% of after repair value minus repairs is a good starting number. Most banks will not reject this and have some sort of counter to you.

Good luck.

Edited: 06/26/2010 at 09:23AM

Small_wh_logo_full_1600_350_black_cJustin S., Wheelhouse Properties
E-Mail: wheelhouseproperties@gmail.com
Telephone: 4806780446
Website: http://www.wheelhouseproperties.com
Realtor, Re-modeler, Cash Buyer


James Moore

Real Estate Investor · det, Michigan


Forum_avatar_avatar-jaymoney30

Aug 19 '09, 09:56 PM

thanks justin for your advice. how long have you been doing short sales & what is the avg. time on the short sales that you have done inthe past & 1 more question do u know a reputable loss mitigation company that will look out for my clients so the lender want come back & try to get a judgement against them after the deal is done.

Edited: 06/26/2010 at 09:25AM




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