Ideal Short Sale? SSP
Hi,
I have been studiously ignoring short sales in favor of flips because they seem so complicated and seem to take months! But lately, I've become determined to figure them out because I suspect that I am walking by a LOT of at least potential deals--35% discounts on props for a wholesale flip don't grow on trees!
Can you tell me, what does an ideal short sale look like?
It seems so confusing: I need comps high enough so that I can sell after the short, but low enough that the bank won't refuse to short. I need a property with enough things wrong with it that I can use them to drive down the price, but not so many that I can't make a profit after the short.
And what's the typical discount on a first?
SSP, although these questions don't suggest it, I've spent the last couple of days going through a lot of the posts on this forum and I've got to say that you are extremely helpful and generous with your time and I appreciate it!
Thanks, SSP. There is good money to be made quickly in flips and assignmens. My problem is the many more deals where people are upside down in their properties and all I can do is walk away.
And I think most of the other investors that they will talk to are just like me--they don't have the knowledge to do these deals as short sales.
But UNLIKE me, they will probably continue to be unwilling to do the WORK to get these done.
For now, I intend to actually flip some of my short sales to an investor that I've made contact with. I was shocked that anyone was paying fees for these deals, and in fact, my payment is contingent on a successful short. But so what? The chance of something is always better than a certain nothing.