What is your typical exit strategy when you get a short sale done on a high end house? Since it’s not your typical bread-and-butter property, most investors will shy away from purchasing it. I would hate to think of having to purchase the house before I can flip it to an end buyer. Any suggestions?
Ben
Why treat this one any differently from a house withing your median. Go out and promote it to end buyers as a deal. If you can’t find a buyer let it go. If you do find a buyer simultaneously close it with a funded front end closing.
Remember what may be expensive to you may not be overly expensive to someone else. Never put your money tolerance issues into your buyers mind. Stay detached.
Hi Dick,
Good advice. I think some of my thoughts on this deal come from the “Fear Monster” invading my mental space, because I don’t usually deal with high-end houses. I have lots of funding sources, so it shouldn’t be a problem to fund the first end of a simultaneous close, if necessary.
One other question: I’ve heard that if a conventional buyer, as opposed to an investor, were to close on this house, I’d have to wait at least a day between funding on the first end and selling on the second end of a “simultaneous” close. Is that true?
Ben
Find an end buyer. Remember tilte seasonning? Do you know how to get around that. If not, email me.