Mortgages & Creative Financing

Every Short Sale Opportunity isn’t Worth Chasing – More Time – Bigger Checks

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3 Articles Written
It is no secret that the business of buying real estate directly from the bank prior to it being foreclosed on is both in style and highly lucrative. The issue a lot of “Short Sale Specialists” have revolves around making the deal work on the front end. Time is our most valuable asset as Real [...] View the full article: Every Short Sale Opportunity isn’t Worth Chasing – More Time – Bigger Checks on The BiggerPockets Blog. This content is Copyright © 2017 BiggerPockets, Inc. All Rights Reserved.

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    Michael Creel
    Replied over 11 years ago
    Many of the best homes the banks have are sold-off to the big boys in bulk. Whats left are the beaters. I often have clients that ask me what I think about them buying a home at auction (a bit different than a short sale). People don’t realize they’re buying a home sight unseen, occupied by angry people, no inspection, no real appraisal opportunity, and they will need cash in about 3 days or less. If the house turns out to be junk, forget about suing. It’s an as is deal. Not the best way to buy your first home.
    Steven Boorstein
    Replied over 11 years ago
    Nice article that I think should be given credence to. Whether it is a Bank REO or a distressed sale, the ugly houses are the ones that potentially offer the most profit. People can see past paint and carpet. They can’t see much past damaged systems, drywall, etc. Michael also makes a good point about sheriff sales. Buyer beware. If you are purchasing site unseen, especially where the owners are being kicked out of their home, you might be in for something that you don’t expect if you are the successful bidder!
    Franky Hilker
    Replied over 11 years ago
    I agree we buy bulk reos and scraps (SFR) single family residence and the most profitable properties are the ugly, stinky, smelly run down property in a good to great location with a low crime rate and decent school district. We have some spread sheets I thinks posted in the article section of our company website that gives you a good base line to start your real estate investing career. You can go to simonvolkov.com and click on the articles to see if it is still posted.
    Franky Hilker
    Replied over 11 years ago
    I agree we buy bulk reos and scraps (SFR) single family residence and the most profitable properties are the ugly, stinky, smelly run down property in a good to great location with a low crime rate and decent school district. We have some spread sheets I thinks posted in the article section of our company website that gives you a good base line to start your real estate investing career. You can go to simonvolkov.com and click on the articles to see if it is still posted.
    Motivational posters
    Replied over 11 years ago
    Nice article that I think should be given credence to. Whether it is a Bank REO or a distressed sale, the ugly houses are the ones that potentially offer the most profit.
    television
    Replied over 11 years ago
    If you are purchasing site unseen, especially where the owners are being kicked out of their home, you might be in for something that you don’t expect if you are the successful bidder!
    virtual hosting
    Replied over 11 years ago
    I believe this thing.And always like this word.Thanks for the right saying.
    Sue
    Replied about 11 years ago
    Purchasing site unseen, I cannot even imagine. Maybe if you have lots of pictures and I mean LOTS…to include maybe a video as well of the property and surrounding properties. You should also be familiar with the location or have a trusted and knowledgeable realtor or friend who can scoop out the location for you.
    Las Vegas Short Sales
    Replied about 11 years ago
    Interesting take… I’ll let you know when we have some really ugly short sales for you. Right now, the ugliest ones are the REO Homes.
    Jon C.
    Replied about 11 years ago
    Many short sale deals don’t ever get approved. Many agents and professionals are trying to do short sales without any training or experience. Educating yourself about short sales can help you pick which deals are worth the time and effort.