Advise on Short Sales in DFW

[Jeremy Scott]

Hello all!

I have done a search on here for short sales and it seems that they can be pretty time consuming when it comes to negotiating and getting to closing. I am looking for my first house to flip in the DFW area and have come across a short sale that has caught my attention. 

So my question is to those of you that have experience (good or bad) with short sales, if the numbers look to work, would you go ahead and pursue or is a waste of time? 

Also, I would appreciate it if some of you could share your experiences with dealing with short sales.

Thanks, 

Jeremy 

[Hattie Dizmond]

Ok...so, the thing to know is the real time consuming part comes on the front end of getting the bank to agree to allow a short sale. If I'm reading your post correctly, you've located a property that is already approved for a short sale. That's a different animal. 

Now, some banks still take longer than an investor will believe is reasonable to respond to an offer, but most of them have gotten it down to 2 weeks or less. What you always have to remember is that the decision isn't being made by Bob and Sally sitting in their living room.

The lender knows what they need to make them whole on the loan. They have probably identified a certain tolerance, where an offer in that range will be accepted. Anything below that likely has to go to a committee. (Banks, particularly in the lending space, love committees!!)  

So, if this property is already approved for a short sale, there really isn't much you have to do other than submit an offer that follows the lender's submission guidelines, which generally is to be submitted with a POF.