Let me know your thoughts I'm scheduled to have a meeting with a buyers agent tomorrow, to discuss foreclosed properties and short sales.
I need some pointers on what to negotiate, ask for during this discussion with the buyers agent since I have never done a short sale before. I have the notes you provided me from our previous coaching call such as: 1). get authorization form from seller, 2). call bank and ask for Loss Mitigation Dept. and 3). request short sale package from the Loss Mitigation Dept.
I'm looking to wholesale properties. Can I wholesale a short sale as long as I've negotiated the terms? Does it work the same as the distressed sellers facing foreclosure deals. As far has making an offer on a short sale with the bank, do I go about it the same way when coming up with an offer for distressed sellers going to foreclosure, i.e., using valuations to determine market value and offering 85% of market value?
Please advise. Am I mixing apples and oranges? Thanks.
You certainly can option the short sale and close simultaneously. It takes some work, but you can do it. As to the BPO offer the banks quiet secret is they will take 82% all day. I recommend looking at the comps closely to see if you can get below that number hopefully more like 60-65%. Be certain to look for comps that appear to be other REO or short sales. The best way to tell is, the comps seller data will be a bank or LLC rather than an individual.
I helped another ICO Team member on one like yours yesterday. Pull 11650 Osego, Zip 80640. Look at comps 3,4,5. Note closely the seller on each comp.
You are definitely juggling only oranges, just keep your hands moving.
To your Success!!!
Support @ ICO
Better Data, BIGGER PROFITS$$$