What properties and conditions are best for a successful short sale? Properties that have had a NOD filed, and the amount owed is near or above FMV?
I have no experience with short sales and have a limited knowledge about them, and I’m trying to learn as much as possible. Thanks for any help.
My favorites for short sales are outdated properties that have large 2nd Mortgages in place. The 2nd is easy to short typically as they know they will not be getting much if anything at all in the sheriffs sale.
I also like the properties where the amount owed is near or above FMV. If you do the SS right, you will create equity!