Lender · Fort Lauderdale Florida, United States · Member since 2025 · 36 posts · 35 votes
Hey all, quick question.....what is the latest on Short Sales? Meaning are they a viable option right now? I began investing in 2003, and did a ton of short sales in Vegas during the "depression", but have not done any in years. I ask, because I might have a strong candidate for one in Miami. Feedback is appreciated!
If you search the forums Vegas market update someone did a market report for last month. I THINK the number for the entire valley was under 10, or maybe under 100? It was some fraction of less than 1%.
Bank owned (REO): 9 for sale. (or 0.0016% of all homes)
Short sales: 15 for sale. (or 0.0026% of all homes)
Foreclosure started: 18 for sale. (or 0.0031% of all homes)
The article title was simply clickbait. Each location has its own unique market conditions, and national averages do not reflect the reality of any local market.
Link to the entire post and someone to follow if you’re investing here
Thanks for the feedback. I wasn't referring to Vegas specifically. There is a deal I am looking at in Miami. But after doing some research, I see that Short Sales haven't really made a comeback yet.
We haven't bought one since 2015, mostly because the market has been rising for so long so homeowners have always had equity. I'm curious too to see if they make a comeback, but I doubt it will be like the wild west back in 2010 - 2014 when the bank approved every short sale offer they received.
I have several short sales now, and they are picking up especially in Florida. They are certainly viable, as they always were, but there are much more now than in the last few years. I anticipate that number to increase, especially now that school is back in session. People tend to ignore their problems over summer breaks.
Most of my recent short sellers either did some Covid era loan workouts and lost all their equity in the process, or simply bought around the peak in 2022 and now need to sell but lack the equity to do so as the market has been correcting.