Short Sale
WARNING! Don’t get caught up in the hype of short sales. When a bank is moving a house by taking less on the mortgage than what is owed this is a short sale. Seller receives no funds and many times the only person that benefits is a owner occupying buyer. Investors are getting in the game but before you get into a short sale you better have the buyer ready to go or an exit strategy that assumes a flat appreciation for the next 2 years.AH
Cris on 24 Apr 2008 at 5:12 pm #
short sales are a numbers game from my experiance, you may have 5-10 good ones going on, but 3-4mo down the road only one of them may get aproved with enough equity for an investor to buy and flip. There are a bunch of companies that are “specialist” in short sales now, and they will do most of the grunt work for you for a small fee because they are making 3% from the bank on each sale.
Mike on 25 Apr 2008 at 11:42 am #
I havent had too much experience with short sales, but i do know they suck and they are a lot of work.. If you are getting a bunch of quality leads from programs, like insaneleads.com offers, then short sales can be done at your own leisure if you feel like getting involved with something that requires a lot of time and attention