Comments on: Investor Buying Short Sales?

By: Shawn

Shawn — Mon, 26 Apr 2010 18:12:09 +0000

We have purchased 2 properties to date that were short sales, although I believe both were same day close deals where a short sale investor had already done the leg work. Both deals went pretty smoothly and closed within 60 days. We currently have an offer in on another short sale. The listing agent informed me that the bank had approved a previous offer three weeks ago, but the buyer got tired of waiting and backed out. I’m hoping that our offer price is close to what they had already settled on and that the condition of the house and the market (there are currently 12 other active properties in the area for sale at different price points) will spur them to take our deal and run.

Overall, I think if you can work a short sale into your offer mix it can’t hurt. But like you said, don’t try to bank on them. It’s a game of patience and waiting it out.

By: Steve

Steve — Sun, 06 Dec 2009 22:42:33 +0000

With short sales it sure seems like the prices aren’t as good as the REOs. It is also very hard to get inside of them to see them.

That being said we have 10-15 short sale offers out there. I think 1:8 might be a big optimistic.

By: J Scott

J Scott — Sun, 06 Dec 2009 14:56:30 +0000

With the REO market in our area getting a bit more competitive the past couple months, we’ve been considering going after short sales and other non-traditional foreclosure properties.

While the lead-time on getting these deals closed can be several months, making the offer only take a few minutes, and hopefully the listing agent will do 99% of the work with the bank.

So, we’re considering the strategy of just making 1-2 short sale offers per week, and perhaps in a few months that will turn into a pipeline of 1-2 new properties per month (assuming we see a success rate of between 1:4 and 1:8).
.-= J Scott´s last blog ..Staging #2: Pictures =-.