Information on short sales

4 Replies

I'm new and located in norfolk Virginia. There is triplex here with a great price but its under short sale. $75k for 3 units that could easily get around 750 per unit and also including an empty adjacent lit. From what I found it can be a long daunting task to close on these deals. So i dont really want to pursue this for my first deal. However, i do want to learn about it for the future. Anybody have experience with short sales?

@Brandon Wade I've done a couple short sales before. You end up waiting awhile (around 6 months) for the bank to approve the sale. The bank will most likely not give you any money for repairs. These deals can work out really well because most investors do not want to wait that long to get an answer. Good Luck

@Brandon Wade : I wouldn't let the short sale deter you if everything else makes sense. It's coming near the end of the year and the bank may want it off the books. Remember, you can always retract your offer if the bank drags their feet. I live in a short sale and when I was looking for homes, my realtor kept me looking until the bank set a closing date. My realtor also did not have me do anything until the final two weeks before the closing in case the bank changed their mind. In addition, short sales are "as is" so an inspection is for my purpose and my lendor only.

If it is listed at $75k probably the agent thinks $75K is an amount the bank will accept.