wholesaling short sales

[Account Closed]

so i have a guy who really wants to get rid of his house because it is going underwater. he said he as 85k on his mortgage but comps run at 65k

hes been hanging onto it but owes more on mortage than house is worth

hes sole owner

2 bed

1.5 bath

900 sq ft

private septic

public water

no liens

Lot: 4,792 sqft

Single Family

Built in 1945

Heating: Forced air

Last sold: Sep 2005 for $105,000

should i try to wholesale this through a shortsale? how do i go about it? what is the process

thanks

[Rob Pene]

short sales DO take forever but its one of those things that once you get it done, you move on and work on more deals, then when the check comes in, its like a nice surprise bonus :)

but you essentially run your scenario by the agent (find someone who specializes in short sales though) then the agent should be able to direct you from there.  also, another option would be to find a buyer directly who would be willing to work the short sale with you (create a short sale presentation, do the dirty work like working with the agent bc they'll more than likely have a short sale agent on their team, etc)...its a lot easier that way AND you'll be able to begin building a relationship with that buyer for your future deals :)