Short Sales are not easy by any means and too many "johnny-come-lately's" have thrown their hat in the ring to try and become overnight experts.
The ol' take as many offers as I can and shop them to the bank is not performing a short sale properly. A short sale is a long process, involves shrewd and calculated negotiation skills, and a great deal of theatrics.
We won't even look at a deal unless we can buy it at a minimum of 30-35% BELOW what would be considered current market value. Our success rate, even at the 30-35% or more discount is over 80%.
In today's market you have to be skilled and there is no way you can be an expert by taking a free one-day seminar at your local board. Well you can, but you get what you paid for it and your income is relative to your knowledge.
Here's a hint, the most important part of the process in obtaining a sizeable discount must be completely managed, choreographed and supported by relevant, irrefutable evidence that allows the lender to accept your number. Influencing the BPO is vital to your success in Short Sales.
Here is another caveat that we abide by as well. We will never get into a deal unless our office is doing the negotiation and we will never get into a deal if the agent involved has had any contact with the bank other than to get a name and a number. Too many agents have no idea what they are doing and don't even realize they are in a negotiation.
We have classes that teach both the agent and investor the 5 profit centers on a short sale. Do you know them? Here's another hint, the board does not tell you how to increase your profit.
Wishing you well in your short sales endeavors and remember always...THE BANKS DO NOT WANT THESE PROPERTIES!