Quick Insider Tip: VA buyers and Short Sales

Just a quick tip this morning about a way to get your VA buyers into a great deal

In the San Diego area...and just about everywhere in California...there is a "feeding-frenzy" going on with first time buyers...and the folks that are using VA loans seem to be at the bottom of the ladder when it comes to REO sales.

Now, don't get me started about how folks that served our country aren't getting a fair shake...

But...I think I found a way to get them good deals and take advantage of the short sale situation to create a positive solution for everyone.

Here's the strategy:

1. Have your buyers as completely pre-approved as possible...Everything in to the lender and DU if possible
2. Target short sales where the buyers can make a great offer...and look carefully for sellers who had previous buyers walk away
3. Carefully evaluate the short sale...is this priced at a point where it will meet recent comps?  Is this a lender with a good record of sale approvals?  Is this really a seller hardship?
4. Communicate with the listing agent...let them know you have a VA buyer...and tell them this is the solution to all of their problems
5. VA buyers...at least in this area...aren't going to get any other type of deal...they are about the only buyers that will still be there when the approval comes down
6. Why would the listing agent waste their time on other buyers that will walk away?
7. Offer to open escrow once the seller accepts...even if you are still waiting on lender approval...buyers with a deposit in escrow are more invested in the home...and you are proving that to the seller
8. Stay in close contact with the selling side and your clients...I mean twice a week at least...not being a pest...but friendly and cordial...the more you communicate the more folks stay on board
9. Have everything ready to roll the moment you get a sale authorization from the lender
10. Parlay your now great relationship with the listing agent...remember you saved this person TONS of extra work...to network and get more deals for your other VA or FHA clients!

OK...this has worked and is now working for me...if you have any tips or tactics please share!