Advice on short sales

5 Replies

@Frank Geiger sorry, I seen a property listed for a short sale at 56k. What should I know going in? I’m unfamiliar with the process and this will be my first investment.

You need an experienced short sale agent, which may be hard to find for the extra work on such a small price/commission.  Hopefully, the listing agent knows what they’re doing.  He should have run a prelim title report to identify junior lien holders, as tour your offer may have to be structured differently to deal with them, ie. lower purchase price as you may have to contribute additional cash to satisfy am junior lien.

There’s too much to learn for You to know everything involved.

The list price is irrelevant, the price the bank will eventually accept is what matters.

Worst case, get a contract executed, provide a legit POF or preapproval, see where the bank comes back.

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