Making Long Term offers to Short Sales

Foreclosures, Short Sales, Tax Foreclosures
1

I have done this in the past a couple of times…However, I don’t know how this will work in the current economy

My position is that I have time in making & accepting an offer. I would submitt offers to shortsales that were reasonalble but low and in my favor. I knew the offer would sit on the desk somewhere and I would not hear anything for a while. Then after about 6 months I would hear back from the agent the the lender or bank that they would entertain another offer from me.

I would then submit another offer (usually the same or somewhat better offer for myself) back to the lender using the same agent. I have purchased a few nice homes this way.

Is this still a viable option in the opion of you readers who are out there working in Short Sales…?

I know the industry has change with the economy and I have been away from making offers. I am just looking to hear what you are seeing and what you think on this. Thanks, Joe :flush

2

That is pretty much how shortsales go. That is why they really don’t work as a business model. They are like auctions fun to go to and you can pick up a deal every now and then but you can’t build a business on it. Shortsales is like a bed and breakfast compared to a Holiday Inn…it is more of a hobby thing.

3

We have very good luck with B & A , and Wells Fargo on short sales.