Short Sale - Tips and Experiences

[Jake Peetz]

I am considering a short sale property. Do any of you mind talking about a deal you’ve done? I’ve heard they can take a while, need a contractor involved and bank dealings. Looking for some examples to go off of. Thank you in advance!

[Wayne Brooks]

A couple of common mistakes.....

Don’t expect a huge discount.  The lender is not desperate, they’ll be looking for what they believe is the best price to limit their losses.

Do a prelim title search.  If there are junior liens the 1st position lender often will not offer enough to them to satisfy them, so....the buyer needs to understand they may have to kick in additional money to satisfy them, so structure your offer accordingly.  The first lender will never lower an approved price to offset this.