SHORT SALE ~ DEAL or NO DEAL?

[Michelle Joiner]

Not Sure? Received a call about a Triplex for sale initially @ $195K per another quote un-quote wholesaler, by the way his wife is a real estate agent. Supposely, the owner gave the property back to the bank.  As I dig deeper prior to submitting a contract, I find out the owner has a Lien "Yike" in the amount of $160K & per the whole sale it was reducted to $21K.  I did my due diligence and checked with the city & code enforcement states the bill is still accruing at $100 per day per for the past 3 years.  The owner refuses to hook-up the plumbing to the city sewer.  

Is this a DEAL or No DEAL?  Property located in a nice area and each unit is rented, Property needs a new Roof, Kitchen & Baths need updating.  Although, I predict the A/C & Electrical may need updating at some point not sure about the plumbing.   

Is it possible to make an offer on a short sale th

[Rick H.]

It depends. 

If you are a sophisticated investor and know how to perform your own due diligence, independent of this "wholesaler" and his anecdotal statements,then maybe you can get closer to the truth.

Now the truth may be that there is a great amount of title, financial and property improvement work to be completed. If you have the skills, the team and the capital, you might turns this into a deal. If not, keep looking.

Those who know how to market directly to sellers control the Dealflow. If you don't, you are at the mercy of other people and their systems for lead generation.