Short Sales- How Do You Find Them?
I have two questions for the experts
1) how do find short sale canidates?
2) Is it a good fay for newbies to get into the market?
I have two questions for the experts
1) how do find short sale canidates?
2) Is it a good fay for newbies to get into the market?
You don't necessarily pursue short sale candidates... you'll run across them from time to time. Not so many in Sellers' markets, but, as the economy continues to worsen for the New Jersey, if not the American working family, we'll see more and more short sale candidates.
Is it a good way to enter this business? Not really. But it's something you'll have to learn to do if you want to continue in this business. There are 100 ready, willing, and able speculative investors for every easy deal... but comparatively few are successful at short sale acquisition. It's more work.
the "work" aspect dosent bother me its the risk that is scary. Dont have a problem preparing reports and having verbal fight with banks
There are pretty attractive margins for shortsales, but it is trickier to get started in it.
You may want to check out one of Ron LeGrand's courses to learn the ropes or find a local mentor.
Generally speaking, you need funds lined up to make attractive cash offers to banks. You need to know how to find sellers and deal with them as well as banks and brokers (for BPO's). Additionally you must know how to market the property to get rid of it quickly and avoid title and seasoning issues.
Not impossible, but much more complex than sub. to.
In short (no pun intended), you'll see bigger profits, but it will take you longer to make a dime than if you were to go about it in other ways.