Many buyers have been disinchanted to make offers on Short Sales
because of several factors. The first is the reponse time of which
I'll address in this paper. The response time has been the biggest
factor with both the buyers and agents, waiting 30-45 days is
ridicules but currently thats the scenario because each party
must agree to the final outcome at this stage in the foreclosure
process. Primarily the lenders/Banks response
time is the problem and if two banks/lenders are involved there is a compounding
factor due to the fact both must analyize their position and decide
how to proceed. In addition many Licensees have no experience
and getting a conclusion is like re-aligning the stars. This said,
we suggest that a realistic approach be taken, and if you are looking
to purchase for yourself as a primary or second home vs. investment
property, during this foreclosure process ( Short Sale ) vs waiting until the Bank
completes the foreclosure process and is Deeded the property
back. At this time the property becomes known as an REO(real estate owned)
in the financial world. look at previous sales and do a comparable
analysis of properties that have sold in the area or similar properties
adjacent or near the subject property. Compile this info coupling it with
an offer approximately 20% below the comps and if you deduce
that its a great deal; then you'll see a better response because you
haven't started so far off that the lender doesn't even respond. We have
Buyers' that have purchased successfully and reduced their tension
with a sound and measured Offer using this model stategy.
As an Investor you should use the shotgun method and just
work the numbers to secure a sound investment.
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