Flipping a short sale in San Diego

3 Replies

Hello,

I have a short sale that I am going to pursue and flip.  I will be the listing agent on the property.

I have heard their can be issues being the agent and the buyer on a short sale. It is a FHA loan through Chase. Only one loan and HOA is current. I have also heard getting discounts on a FHA short sale is not likely.

If anyone has some advice or personal experience with any of the above that would be much appreciated.  

You won't be collecting a commission as the buyer on an FHA short sale. You'll need to get an ATP from the lender for the short sale which will set the price. Not a great model, trying to collect commissions as the buyer on short sales. Also it's much tougher now to get enough discount on a short sale to flip it, as opposed to a few years ago when the banks were buried, and deals fell thru the cracks.

@Patrick Parry , one of the short sales we bought last year was in Vista. My wife is a Realtor and the bank made us get another agent to represent us. They wanted an arms-length transaction. You might consider doing this right from the beginning because it added more time to our transaction.