Short sales - anyone have any experience with them?

xmacro

Toombes

Sorry, misunderstood the title. I was going to suggest you PM Enfidl...

BigT06

There are a lot of variables involved, brother. Depending on the 5 year projections for the area, buying a place at 30% of the original cost is typically a good move. Again there are MANY variables. But thats exactly what I did. I bought my house for 38% of the build cost.!!

marineatbn03

I have had a little experience with short sales in Florida, and they are hit or miss. Really comes down to what the bank has invested in it and what there bottom dollar is. I have seen more short sales go through in the last couple of years because the banks have become humbled. I knew a family that owed 270k, got a offer for 242k and the bank turned it down. It ended up going to auction, with no sale and the bank had to sit on it for two years. So they are more inclined to take a reasonable offer now days.

danielzreyes

xmacro

Not at all; I'm looking for the good and the bad. I already knew short sales can take awhile to close, but this is all new to me so I'm looking for any info I can get, and this post helped a lot

Rob1110

danielzreyes

Heavy

Heavy

Oh yeah, get an inspector that you trust as well. You don't want to burn up your instant equity repairing a bunch of stuff you weren't expecting to have to deal with. Expect to deal with some repairs/upgrades, determine what they will cost you before you buy and do the math to make sure it truly is a good deal.

xmacro

Much appreciate all the advice guys; keep it coming if you've got anything