pros and cons of short sales - need advice!

[Jake Drappi]

Hello BP community!

Like many parts of the country, central and northern NJ are blazing hot markets. Houses are flying off the shelves at very high prices. I did come across a property that seems to be well below market, but I just found out it is a short sale. I will hopefully going to see it this week, but wanted to see what opinions I could foster here on whether short sales are good options for buy and hold and hopefully carpet and paint BRRRR investing.

Thanks!

[Wayne Brooks]

Yeah, the listed price has no bearing on what price the bank will approve.  If you have the time, make your offer.  Do become aware if there are multiple liens...junior liens may require more money than the 1st mtg are willing to give, so structure your offer accordingly as guess where that extra $5-$10k will need to come from.