Short sale help

[John Gray]

I have found a potential deal in my area of North New Jersey, this is a short sale with an asking price of 150k reduced from 200k. The comps in the area for similar sized homes are 350-380k. I am going to see the property this week and would like to put in an offer depending on rehab costs. This is my first fix and flip and I am looking for private financing/hard money and a reputable investor friendly contractor. Any recommendations or short sale advise would be greatly appreciated

[Wayne Brooks]

If it was listed for a while at $200k, it's value isn't any where near $350k. However, whatever it's worth, the bank will be looking for as close to FMV as they can get....it won't be an automatic give away. The bank, and listing agent, will require a POF or preapproval in order to even review the file. Submit GC estimates for any major repair items, with the contract.