Short Sales

[Account Closed]

I have heard horror stories about short sales, but see a lot of them in my demographic that could bring in a great cash flow if I decided to make the move. My agent says they just take time, but I have heard of people losing time and money if the sale gets rejected by the bank. Can anyone in South Jersey give me any feedback on their experience with short sales? Thanks in advance 

[Elizabeth Colegrove]

I LOVE short sales as an investor. When we did it for a primary, it was dicey (we were homeless) but SO worth it for the price.

I wrote a great article (although I am biased) on short sales for the bigger pockets blog. 

http://www.biggerpockets.com/renewsblog/2014/11/17...

@Elizabeth Blazina  

In the 4 short sales I have closed in the NUMEROUS others I have worked on including the 3 I Neck deep trying to close. None of them require inspections or appraisals until you have the bank approval. Very few even require ernest deposit. 

While they can take a crazy long time as investors they can be amazing "vehicles". They are my favorite. Since they are already swindling feel free to not jump on the band wagon. *smile*  JK

Let me know if I can help!