Are short sales good avenues for deals?

Buying & Selling Real Estate
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Are short sales good avenues for deals?

Rod Desinord
Real Estate Agent · Pompano Beach, FL · Member since 2015 · 249 posts · 73 votes

I was curious on some of your opinions on this matter. I notice where I am from people are weary of them. Trying to figure why...

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Sid Leibowitz
Contractor · Glen Cove, NY · Member since 2016 · 209 posts · 89 votes
9y

May I suggest thatb you take a crash course in real estate sales? You do not havve to become a salesperson to take the course. It takes about 75 hours and about a couple of hundred $. You will learn this process and why it takes a long time for foreclosure. It is more complicated than you may think. Know the law before throwing yo money out there. 

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  • Robin Watson
    Real Estate Agent · Columbia, TN · Member since 2016 · 34 posts · 16 votes
    9y
    One disadvantage is the time it often takes to close. My brother is under contract for two short sale properties. They've both been delayed twice. One has been under contract for 16 weeks. Sometimes you're dealing with more than one mortgage company, and they both have to agree to the price.
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  • Sid Leibowitz
    Contractor · Glen Cove, NY · Member since 2016 · 209 posts · 89 votes
    9y

    May I suggest thatb you take a crash course in real estate sales? You do not havve to become a salesperson to take the course. It takes about 75 hours and about a couple of hundred $. You will learn this process and why it takes a long time for foreclosure. It is more complicated than you may think. Know the law before throwing yo money out there. 

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  • Rod Desinord
    OP
    Real Estate Agent · Pompano Beach, FL · Member since 2015 · 249 posts · 73 votes
    9y

    I know the law FYI, what i am saying is it seems that those types of listings people stay way from when there might be deals there. Time seems to be what scares people away. I listed a shortsale for a past customer of mine and it was bought by an investor who turned around and flipped it. But before the execution of that contract many were afraid of it.

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  • Kenneth GarrettPro Member
    Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
    9y

    Short sales are time consuming. It takes patience.  I had one take 15 months.  Its a long process but you can get good deals by getting them under contract.  I currently have two under contract, time frame is 12 and 8 weeks respectively.  I continue to purchase properties and when the bank is ready I will take them.  If others are scared off by them that's just fine by me, less competition. 

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    9y

    From 2008-2012 short sales were a great opportunity to get a deal. Banks had a hard time valuing the properties in a quickly changing market, and had a glut of REOs to deal with.  These days, I think they are mostly a waste of time.

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