Short Sale Marketing

[Account Closed]

Hello, everyone. I will be closing on a short sale property on or before May 30th, 2011. My exit tactic is to wholesale this one as I'm currently in the process of starting my first rehab next month, and possibly another this month. I've already begun talking to end buyers for the short sale, but when is a good time to aggressively market this property? Wells Fargo is the lender I'll be closing with.

[Michael G.]

I would get a realtor to run you a report on REO preoerties that sold for cash within the last 6-12 months in the same neighborhood your deal is in. Take that list of properties to the courthouse and look at the deed transfers. Those are the real players doing real deals in the market. Not tire kicking Craigslist reponders that want to talk your ear off about RE investing ( Sorry I digress). You will see some of these players have bought 2 or 3 houses in a year. Send them a letter basically saying "I saw you bought houses for cash. I have a fixer available. Please call or e-mail to discuss" That will help you stack your buyers list nice and high. Its better to have 50 cash buyers in your pipeline than to go looking for a cash buyer at crunch time.