HOW DO YOU HANDLE REAL ESTATE AGENTS WHO HAS FORCLOSURE LISTINGS AND YOU WANT TO DO A SHORT SALE?
The new agent i have is not aware of short sale or creative financing but has the listing-WHAT DO I DO he said the property asking price is $112k in a gated quiet neighboorhood of $150k FAIR MARKET VALUE HOMES-WHERE DO I GO FROM HERE? thanks ahead to the expert who will reply-YOU PEOPLE ARE PRICELESS :-S
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If the asking price is $115, and the FMV is $150, why would you want to try and short sale this?
What are your plans after you buy the property? Holding or rehab and selling?
We just flipped a property. Bought for $115, flipped to another investor for $122 and he will fix and sell for $147. We made $7K, and didn't have to do any reapirs!
Kristy
Who currently owns the property? Short sales only work in a preforeclosure deal, where the homeowner is behind and facing foreclosure.
If the property is already a REO, or bank-owned, a short sale isn't possible. The bank becomes the seller. You'd make an offer just like on any other home.
In either case, since a RE agent is involved, you should be able to just tell them what you are willing to pay, and have them do the legwork for you. That's what they get paid to do.
Roger
THANKS ROGER:
BUT THIS AGENT told me he will only take or entertain no offer under $112k-without the repair cost--should i go for it? He also would not tell me what the bank appraisal was-he said that was private-is this true (about a appraisal being private to them only)?
Should I make the offer of $112k and ask for 60 days to close and flip it to new owners or investors?
Ralph