New To Short Sales
Hi,
Just heard about this site and I must say it is great. I just completed a local real estate class this past Saturday. We covered topics such as rehabs, lease purchases, subject to's, and short sales. I am most interested in short sales because I come from a banking background so I kind of understand a lender's motivation to short sell. I also think it is great way to get started if you don't have a lot of money available. I've read most of the articles on this site. Does anyone have any recommendations on how to get started and maybe an affordable resource that I can use as a guide?
Thank you for the quick response. I will check out both books. Also, can you tell me what contracts or documents I must have filled out from the homeowner in addition to the short sale package from the lender?
After you check out those, and/or other reads on the subject... you will have your answer.
[addsig]
well, not exactly what I was looking for but OK.
I just bought Making Money with Short Sales. Thanks SSP, I see what you are talking about. Is it possible to do short sales even if you do not have good credit?
Ok, I have found my first short sale. and things are moving fast. I submitted the package yesterday and got feedback on it already. Here are the numbers:
Only one mortgage $124,000 (conventional)
There are two properties that sold on the same street within the last six months-$141,000 $144,000 (DOM 54)
I offered $112,500. BPO and appraiser are coming next week
I got an estimate for repair from my contractor of $8,000 including materials (new roof, paint in and out, carpet and flooring).
If the Short is acccepted then I will keep it as rental property and maybe sell it in a few years. I'm sure I can get $1,000 for it. How does this one sound?
I got three more calls yesterday and the numbers look good on 2 out of 3. The next property I will probably sell it immediately for the quick cash. Even if it's only $10,000 or so.
Is it possible to do short sales even if you do not have good credit?
Once you negotiate the price.... a short sale isn't much different than a conventional sale.
If you haven't been prequalified for a mortgage loan, better do so quick.
[addsig]