Potential SFH short sale opportunity for 1st property

[Stephen Mackivitch]

Hi BP!

I have came across a potential short sale opportunity on a single family home. The seller has been unable to sell the home for the asking price of $200k which is what they say is owed and they are likely going to consider a short sale if it will be allowed by the lender. I see this as a potential opportunity to get into a distressed home under market value.

-For the first investment is this a bad strategy?

-What the pros/cons that others have experienced?

-Questions to ask to home owner?

I appreciate any help in advance. I have read about buying Short Sales in Bigger Pockets text and am curious to learn more about this opportunity.

Thank you!

Stephen

[Brett Goldsmith]

The person who is processing the deal wants to try to purchase it? Not much you can do without getting your offer excepted. I suggest being super flexible with seller to accommodate their timing, moving, etc if they live in the property. I don't suggest closing till it's vacant though. That typically is a value add.