All Forum Posts by: Brett Goldsmith

A short sale is selling a property for LESS than what is owed. A short sale is never an ideal situation for a seller, however it can be an opportunity for an investor to buy a property at a discount.

@Adrian ReyesThe seller is completing a short sale to reduce liabilities and to get out of a poor investment. Generally it is a good move to cut losses ( if it makes sense ) or to avoid foreclosure at all costs. 

@John K. It'd be based on paperwork signed. You wouldn't know until you were got involved in the transaction. A 30 day deed restriction is expected. A 90 day 120% cap resale value is common. It depends on what short sale program the transaction goes through.

@John K. Has the lender done a value yet on the home? I'd place an offer lower than 200k and test the water with the bank if not.  I'd account for holding costs for a minimum of 4 months as many times short sales can't be resold within 90 days for more than 120% depending on who the investor is. Closing costs on the back end seem a little low if taking into account commissions for the selling side, etc...

I'm in California and I own duplexes in Independence MO with section 8 tenants.

@Nidia C.You need a realtor as almost all investors on the notes will require the property to be placed on the MLS. I help homeowners / buyers get set up for a short sale properly on a daily basis and I'm more than open in pointing you in the right direction.

I will PM you, I deal with a lot of loan modifications. 

The servicer will order an appraisal once the short sale review is underway. Property would need to get listed, seller package put together, etc...

@Shawn Hudson Welcome to BP! 

Wholesaling short sales can be tricky due to deed restrictions? Assigning contracts in a short sale is generally not an option and you'd have to jump out of the short sale review to have the bank review another buyer as reviews are buyer specific. What is the property worth? Finding an agent is typically the easy part if there is any meat on the bone for them.