i know very little about shortsales. but i am wondering if this is worth pursuing. fyi i dont have much money. so how much money do i need ?
so i have a guy who really wants to get rid of his house because it is going underwater. he said he as 85k on his mortgage but comps run at 65k
hes been hanging onto it but owes more on mortage than house is worth
hes sole owner
900 sq ft
Lot: 4,792 sqft
Built in 1945
Heating: Forced air
Last sold: Sep 2005 for $105,000
i dont know what to do from here but i will figure it out. is short saling risky? do i need a lot of money? any other advice
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.
SORRY. I COMPLETELY MESSED THIS QUESTION UP BECAUSE I WAS SIDETRACKED. I MEANT SUBJECT TO.
i really wish i could delete my own questions. my apologies
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.
- 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.
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