Best way to purchase a Short Sale listing
Hey guys this will be my first short sale offer and the listing price is 70,000 I offered 65,000 all cash. The numbers work out to make a good profit on a flip but the house has only been listed for 3 days. My dad who is a Real Estate agent says short sales are a headache and can take a long time to go through. He has had some that have taken 3 months and some that have taken a year. So what do I do I really want this property?? are there any expert tips on how to get it quicker or ensure I'm being considered for the property. Is $65,000 to low of a bid?? Or should I throw my hat in the mix and move on to the next property and if it comes through it comes through. There are a lot of short sales right now in my area
Most Popular Reply
Wait for the counter offer from the lender. If their counter doesn't work for you, do what @Wayne Brooks says and submit repair estimate. I once submitted 2 estimates from different contractors for everything: hvac, plumbing, flooring, exterior stucco work, etc. The short sale negotiator was very appreciative of the excess paperwork as it gave her something to show the powers that be. We were at a $30K impasse. Those estimates got my purchase at $80k instead of their BPO appraisal of $110K.