Hello. I'm looking for short-sale investors. I am working on a deal presently and would like to know what you pay for leads? Thanks
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In another forum you asked for responses to your first post? is your response to ms hill, your first post?
If it is, i would say most people seek out short sales because there is an appearance that they can get it cheaper. In some cases i believe this to be true. But as in all things Real Estate it all depends on the area. In Las Vegas, for a short time they were the way to go, but the market out here has shifted and short sales in most cases are no better than a bank owned and the bank owned is a much quicker straight forward transaction so the need to pursue what is often a messy more time consuming transaction isnt necessary.
im not sure what she means by short sale investors. Im going to assume she is looking for people who want to buy short sales, because she knows of one and she wants to be compensated for passing along the lead. maybe because its not on the market yet and that could be valuable to some.
Personally I dont always understand the people who want "off market" it seems like there is a ton to make off of listed property easily accessible. The appearance of exclusivity is I think the biggest benefit to many. I will say having a willing seller that wants to short sale and has a motivation to do so is beneficial. often people think that if they know the seller the seller somehow has some input on what a property is sold for. Short sales in Las Vegas, which is where I am now, and Ohio which is where im from seem drastically different to me. In Ohio the bank was less likely to take less than market value, I think it was because they didnt really have many there. In Las Vegas, where there is a ton of them, the mentality seems to have gotten more to, get the highest and best as close to the BPO as possible and let it go....still not going for significantly less than market value.
In las vegas we can get you or any investor many buy and holds that will make money, flips are still available if you are realistic on what you want for returns. I think NW Ohio is a better avenue for flips, although the #s are way down, the percentages are better. If an investor is a cash buyer and is ok with making between $5-10k off of a flip, that can be done plentifully. Most come through the door want to buy something for $50k and sell it for $100k and oh yeah they dont want to have to co any repairs and they want to finance it with 5% down or worse yet no money down seller financing because they read a book they bought off of late night tv.
I wandered a bit there. short sales take longer than bank owned property and the negotiation is more convoluted. you can literally work on a short sale for 2 months only to have the bank foreclose anyhow. there really isnt much benefit to the seller consequently its hard to keep their head in the game when the going gets tough. bank owned is better or finding a direct link to a bank(s) and get stuff directly from them. that or buy from trustee sales.
short sales used to be second on my list and now they are last. most sellers or listing agents list a short sale way too low and that just complicates a sale.
have I helped answer?
can i ask was your question more in response to her or were you trying to decide if you were going to invest in a short sale?
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