Are you or anyone that you know behind on your mortgage? Short Sales are an option to take get this huge burden off your back. You can move on to a new life if you have fallen behind on your
Short Sales - Full of Promise or Lack of Hope
It's been over 10 years since "Short Sales" has been a regular term in the Real Estate vocabulary for those looking for a Real Estate deal.
"Short Sales" in the beginning were a huge drag on the time table because of the delays, incompetence of both the agent and the lender, other liens on the property, lenders being greedy, too many short sales for some lenders to handle, etc. When time is money in the rehab/flip side of the business, many investors will shy away from potential deals because of the time and frustration in the waiting game on a possible Short Sale approval. In my experience, with patience and good negoiation there are deals to be had in the Short Sale side of Distressed Home buying.
Some of the key things to know is the status of the Short Sale approval. If the listed property is on the market for sale and no docs submitted to the lender, then you could be in for a wait. Ideally, the Short Sale approval completed is the best case scenerio.
Since we don't live in a perfect World, then the next best thing is to know that the docs have been submitted. The 3rd party approval accepted so you have a professional able to discuss the loan details on behalf of the seller in order to get the process rolling.
If you are dealing with an agent with experience you are on the right track. If you have an agent that works the biz part time, no experience in the process you can be in for a wait and some frustration as it's key to know how the process works. Otherwise, you along with your agent are learning on the job and that's no fun. The experienced agent or negoiator will know what they need to make the approval process as smooth as possible in working with the lender.
There are lots of components to a successful Short Sale. Sweat equity into a home priced right will reap the benefits of patience. And then Big Bucks at closing when flip time comes along. If you have the patience, the numbers are right and you have the right team playing with you ~ you will hit a HOME RUN. In flipping Short Sales here at the Jersey Shore or anyway where the numbers work best.
If you happen to be looking for a deal at the Jersey Shore, please click on the link below. This diamond in the rough doesn't have Short Sale approval yet. However, priced at $165,000.00 a home of this size, rehabbed to its former beauty will sell for $299,000 - $325,000 ballpark once she sparkles and shines again.
This flipping opportunity is priced right and ready for approval.......please contact me for more info on this Pine Lake Park Princess, the Short Sale process or other investor opportunities here at the Jersey Shore.
I got into the Home Dream profession in 1992 because of my passion for Real Estate. The love of buying, selling, architecture, design, lifestyles, etc...the ability to combine them and the desire to ....
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