Does anyone here specialize in short sales?

I have not done any short sales but others have told me they can be beneficial if you have the patience of dealing with the banks. A bank can take months to decide if they are willing to accept less than what is owed (short sale). If you know the market value of a specific property and the bank will entertain a short sale, they could be a nice profit to be made. Good luck with investing and short sales. Believe and Achieve. - Joe

Hey Vincent,
I'm studing how to do Short Sales. The upside is that you are helping people keep a foreclosure off their credit report. According to Freddie Mac, if you use a Short Sale to sell you house, it will be on your credit report for only 2 years. After 2 years you will be able to buy a house. If you let your house go into foreclosure, it will take 7 years to get it off you credit report.
Another good thing is that you are working directly with RE Agents. So, when it comes time to have buyers either you can find the buyers or the Agent will.

Happy Hunting
charlie-d

Thank you, Joe!

Vincent

Thanks for the information, Charlie! I didn't know about the time period that it stays on your credit. I knew vaguely about the foreclosure, but nothing about the short sale specifics. Helping people out with that is a definite benefit. Ideally, you would get to the homeowners before the bank takes over the process. I guess if you have to work with the agents, a short sale deal would be more of a simple profitable resell to another buyer as opposed to doing more creative investing? Thanks again!

Vincent