Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 10 years ago,

User Stats

14
Posts
0
Votes
Phoebe Hodges-Carter
  • Investor
  • Chicago, IL
0
Votes |
14
Posts

I don't know how to find an investor for a short sale deal

Phoebe Hodges-Carter
  • Investor
  • Chicago, IL
Posted

Okay, 

I have the opportunity to submit a price on a short sale that is ABOUT to be listed in the really great neighborhood on Chicago's South side.  When it is listed I want to be ready.  It's a 2/1 approx. 1,200 sq. ft. with a partially finished basement and 2-car garage.  The resale values are great and there are less than six (6) homes for sale in the neighborhood.  

The bank is looking for $100k for the property and it does need updating (e.g. kitchen, bathroom, basement needs to be taken down to the studs and bath/bedroom should be added in my opinion)  With that said I'm thinking an addition $70k would be needed to cover reno and closing costs.

Comps for the area are $150k for a 974 sq ft property, $226k for 1,700 sq. ft. property and $252k for 1,665 sq. ft. property.  After mapping out all the addresses the property I'm interested in sits in the of the neighborhood and in no way is on the periphery.  

All the people I've been meeting at REIA and Meet Up meetings and I thought had money to invest don't.

1. How do I shop this and I don't know where to go to shop it since I've tapped into the network of buyers I thought I was building??

2. I guess another question would be is if this is even worth pursuing???

Loading replies...