Looking to learn how to process and negotiate short sales

[Rich Nation]

I'm curious to know if you guys know of any good resources for doing short sales? I understand the basics but have a hard time finding any resources on how to do the actual paperwork/packets/negotiating.

Me and my wife currently wholesale, flip and have rentals but our area (St. Louis) is flooded with investors so finding properties is extremely difficult. I see short sales as an untapped way to find houses in my area so I've recently become super interested. I did take a local "guru's" course on short sales but it ended up being sub-par on explanations and was more of a basic over view. Any info or direction would be greatly appreciated. Thanks, Richard 

[Bill B.]

Are you in an area where property values are falling? I don’t see how there could be any short sales in 99% of the country. Short of someone buying a property and never making one payment they’re probably going to owe less than it’s worth and it’s just going to be a foreclosure. 

My last short sale was abbot 7 years ago in vegas where everyone was doing it. I offered $10k over asking and It was “under review” for about 6-8 months when the bank came back and said the new sales price was 50% higher, take it or leave it. 

This just seems like the worst possible market for tying to target short sales. Maybe someone will chime in saying they have a weird depreciating market where it works but I just don’t see it. And I certainly wouldn’t want to buy there.