Do you do short-sales out of State?

Foreclosures, Short Sales, Tax Foreclosures
1

So, what I’m wondering is how many people work short-sales out of State and what might be involved in that? As in, you live in Utah and want to work a short-sale in Nevada. Has anybody done this? How succesful was it? What was involved? I can see how it might not be too difficult to do a short-sale in a state next door neighbor to you. What about many States away? Like living in Texas and short-sale in Florida? What does everyone think about the possibilities?

Dean

2

bumpity-bump
No body does short-sales out of your own State?

3

Don’t do short sales at all…and would never but that wasn’t a selection option.

Keith

4

I would do them out of state for someone else (realtor / buyer / investor), but I would not put in my own contract site-unseen.

5

Hi Keith,

Why do you hate Short Sales?
Have you done them before?
Have you had a bad experience with SS?
What is your favorite way to invest in RE?

6

Please tell me where that I indicated that I “hate” short sales…

I said that I “Don’t do short sales at all…and would never”…

This is not the first time I have been asked to explain myself in regards to SS. If you want to do short sales, fine - knock yourself out. I don’t do short sales- why is that a problem? Do I have to? Does not doing them make me a bad person?

I have no interest in doing short sales - it ain’t my bag. I have no plans to ever do one – not now, not ever, NEVER (to quote the old Andy Williams show).

When I invest in RE, I buy cash at a discount, fix up, put a renter in, refi and get my cash out, and do it again.

Keith

7

Many people negotiate short sales for others, regardless of where they are located. But the real money isn’t in negotiation, it’s in learning how to build a short sale business where you as the investor either buy and hold or buy and flip property depending on the needs of your business, and the discount that the bank approves.

You should look up The Short Sale Manifesto, which provides a good overview, mostly substance with a little sales at the end.

8

Keith,

My friend, I was just asking, because I like to learn from others. I am not asking you to explain yourself, I was simply hoping to learn from you. If you had a bad experience with short sale, I would love to hear it and that is why I ask.

Thank you for replying.

9

I don’t buy where I can’t supervise it myself. A house purchased as a short sale is very likely to need a lot of repair. That’s hard to do from a couple of states over.

Locally, the banks won’t let them go for cheap enough to be worth while. The only ones I’ve seen go really low aren’t properties I want to own-- which is why they go cheap: nobody wants to own them.