Dealing with the cards dealt - short sales state

2 Replies

So hello BP Family! My name is Christina and I am a new to the wonderful world of real estate investing. I am jumping into real estate investing after just recently being discharged from the Army. I don't wan't another job, and I like helping people, so I figured this would be a great thing to do. Because of my training in the military, I am used to someone telling me to do 1, 2, and 3, and you just saved someone's life. I can do that with houses! Anyway, I was expecting to just start out easy and figure I would come across a bunch of wholesales and start my REI life nice and easy. Nope. I am located in the tri-cities area of Ft Benning where the boom busted and people can't afford their houses anymore. There are a lot of foreclosures and vacant houses. So after just starting my marketing, I am getting a lot of short sales clients and I don't know how to quite tackle them just yet. I hate to not help these people so I am wondering about the best strategies the family has on taking on short sales? Does it vary from state to state (I can work in AL and GA)? A system for handling these would save my life right now. Oh and if anyone wants to invest in Columbus, GA area, it seems to be wide open, and I would love to be the one to get you in this market!

@Christina Phillips are you getting leads that already in a short sale situation? I haven't done a short sale but I've heard they can take time to complete. Why not try and market to people going through pre-foreclosures? If you are able to buy their property, you are helping them avoid being foreclosed on and evicted as well as keep their credit score intact. If there is enough equity in the property, you might even be able to give them some $ to get back on their feet.

I would find an experienced and reputable short sale investor in the area and offer to partner with her for the chance to help and learn. You can be the one who does the leg work (collect the paperwork from the seller, meet the BPO agent, attend municipal inspections etc.).

The one thing you DON'T want to do is offer to help these folks and be inexperienced enough to get them into a deeper bind.

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