Hi Derek,
I average roughly 1-1.5 short sale approvals per month and if you have a seller willing to cooperate and let you try to buy the property go for it!
You will need a realtor since the banks require the property to be listed so if you have one then reach out to them.
(Great way to starting building a realtor-investor relationship)
The bank makes the final decision regarding price after they order either a BPO or Appraisal or both depends on the lender.
The short sale process takes usually takes 90-120 or longer days depending on the sellers cooperation and how fast the agent works with the bank submitting paperwork received from the seller but ive seen them go 6-12 months :(
One warning really try and screen your seller to make sure there not using you the agent to just buy ore time in the property you must take there word on this but hopefully they have good intentions.
The uglier the property for me personally I only love properties that look like the guy from lord of the rings (The Precious)
Sorry for the lengthy reply just wanted to be thorough.
Good luck!
Some investors in short sales (SREC for example had a bunch of stuff on it, although I think they've moved on to other things: http://www.strategicrealestatecoach.com/). However, if you don't specialize in short sales, I don't think it's worth your time. If you know a real estate agent who does short sales, recommend them and make an offer that would net you a great deal and see what happens. But I wouldn't spend much time on it.
Hi Derek,
I average roughly 1-1.5 short sale approvals per month and if you have a seller willing to cooperate and let you try to buy the property go for it!
You will need a realtor since the banks require the property to be listed so if you have one then reach out to them.
(Great way to starting building a realtor-investor relationship)
The bank makes the final decision regarding price after they order either a BPO or Appraisal or both depends on the lender.
The short sale process takes usually takes 90-120 or longer days depending on the sellers cooperation and how fast the agent works with the bank submitting paperwork received from the seller but ive seen them go 6-12 months :(
One warning really try and screen your seller to make sure there not using you the agent to just buy ore time in the property you must take there word on this but hopefully they have good intentions.
The uglier the property for me personally I only love properties that look like the guy from lord of the rings (The Precious)
Sorry for the lengthy reply just wanted to be thorough.
Good luck!
- If the neighborhood is worth $65k .. you probably need to purchase at around $25k minus repairs.
- The amount of money you need depends on the strategy. If you have little/no money then you are probably looking to wholesale, which can be very risky for a wholesale newbie.