Short sales and newer homes

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I recieve 3-6 calls per week on pre-forclosures. (2-3 months behind) These properties are 3 years or less of age, do not need much if any repair, and owe what they are worth. When we offer to buy cash we pay 80% LTV.
The question is: Are these short sale candidates, and will mortgage companies give much discount on such a new house without damage? I wanted to know these facts before we purchase more info on the how-tos of short sales.


  • dshnaidman14th March, 2003

    Just curious, how do you get 3-6 people call you a week? What kind of Marketing do you do?


    Debbie[ Edited by dshnaidman on Date 03/14/2003 ]

  • dansails15th March, 2003

    I have the same question? How are you getting these calls. I mail to preforeclosures and get no, zero, nada response. Like they are anxious to get to the auction. What's the secret? Very frustrating

    Dan in Cleveland

  • Tim_Cleveland15th March, 2003


    Hey Dan, what part of Cleveland are you in? I am a beginning investor on the east side (heights area) and curious about folks who might be using creative means to profit in RE in this area. Sounds like you are in the foreclosure/preforeclosure marketplace, but what other type of investing do you do? Sendme an e-mail if you want to



  • JuanRestrepo15th March, 2003


    Sometimes these homes can be discount ed just from the simple fact that they have no equity and especially if you have newer homes in the area.

    This is the case you must bring up to the bank. "Brand new homes for similar prices makes the older home less desirable and less marketable."

    Hope this helps,


  • sire15th March, 2003

    I have been working a large neighborhood, just posting signs up the streets.

    Juan thanks. Have you been doing short sales? What type results have you had with newer homes?

  • mel15th March, 2003

    Sire---Just so Juan doesn't have to brag on himself---he and Sharon are authorities on the short sale transaction as are Dwan Bent-Twyford and Bill Twyford---Sharon & Dwan have courses here on TCI---and I hear the bootcamp they all do is AWESOME.
    Mel[ Edited by mel on Date 03/15/2003 ]

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