Failed 1st Attempt on Short Sale

[Sherry O.]

After listening to a ton of BP podcasts the last few months, I made my first offer on a short sale. Got rejected by the bank within a week, resubmitted offer at 10K higher, thinking this will increase my chance, but got into a multiple-offer situation, lost bid, and feeling a bit disheartened. The upside is I didn't waste too much time on this deal, and I got to experience the competitiveness of the current market. If anyone on the forum want to network or have any suggestions for how to get started in the twin cities area, would love to hear from you.

[David Moore]

@Sherry O.

I would be cautious in saying that you failed.  Your submitted two offers successfully.  If you analyze a property, and determine that 70% of market is your top offer, and you've run the numbers to know what you have to get out at the back end, and then end up purchasing it 10% higher than your max, then that would be my definition of 'failing'.  There are other properties out there.