Knee deep in potential short sales w/o short sale experience
Last weekend I put out a load of bandit signs around the Vegas valley. I'm noticing the type of leads I'm getting has began to shift drastically. Many of the people I have spoke with through-out this week I cannot help by purchasing their home sub to, lease option, etc. I received three calls today. One lady has a 3000sq/ft 4 br 3 bath she paid $415k for in 2007 with LISTED comps at $389k. (Probably sell for $360ish) Another lady has 1300 sq/ft 3 br 2 bath that she paid $129k for in 2001 and through a series of 4, YES 4, cash out refinances her mortgage is $235 and she is approx $10 behind, finally a young couple that has a 2000 sq/ft 4br 3 bath with a pool wants to sell "subject to" but they paid $389 and comps are around $250. Zillow has an estimate of $259. It looks like I've avoided helping with short sales as long as I can. Anyone have any experience with negotiating these deals with the banks? Are certain banks more willing to make a deal than others? Any advice you are willing to share I would appreciate.