I AM GOING TO LOOK AT A DUPLEX TOMORROW THAT IS LISTED ON THE MLS AS A SHORT SALE. I KNOW VERY LITTLE ABOUT THIS PROCESS BUT IT SEAMS LIKE A GOOD DEAL ON THE OUTSIDE. I AM GOING TO GO AND INSPECT THE PROPERTY TOMORROW. ANY HELP ON HOW TO PROCEED WOULD BE WELCOMED AND APPRECIATED.
I AM LOOKING TO ADD TWO MORE DOORS TO OUR PORTFOLIO TO GET TO EIGHT DOORS IN THREE YEARS!
Definitely use an agent who is familiar with the short sale process.
You will want to make sure that your timeline for inspections, financing etc only kicks in once you receive third part approval.
If it is a property you really want, be ready for a long process. Whatever offer is accepted by the seller has zero to do with what offer the bank will accept, if they will approve the short sale at all. Short sales can drag on for many many months and not close.
In fact, I wouldnt even bother submitting an offer unless there was already bank approval attached to the short sale.
Put your patience cap on. Short sales are speculative so they don't always work out and at times they do great though. The sellers side will do the heavy lifting when it comes to processing the short sale. Some listing agents do the work themselves with the lien holders on title and many likely use a closing attorney or 3rd party company to help them with the processing aspect. At times as an investor it's good to have a reputable processor who you can recommend to the listing agent if they don't have one.
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