It has been quite some time between posts. Some of you may have thought I died, or dropped off the face of the earth. Well that is not the case. The short sale business has really went through a transformation over the last two years. A year ago it seemed as though everywhere you looked someone was touting themselves as a expert in short sales. Now the tough environment has weeded out all of the wannabes and only the shrewd and courageous, have continued to play in the short sale market.
Have no fear Joe Realtor, we are no threat to you. We are not interested in buying short sale properties at their current alleged market value. That is suicide. Our expertise is to look for properties that can be purchased at severely distressed values and then sold for much more employing a few dollars and a little elbow grease.
The lenders are still difficult to deal with and in order to succeed you need patience perseverance and ingenuity. Anyone can get a short sale approved for the alleged appraised value. If that is what your looking for, just call your Realtor. You may be committing economic suicide, but that is your option. In order to really get the bargains you need to know how the lenders value the properties, and what you can do to present the lender information that will apprise them of the realistic value of the property, That is something no real estate agent wants you to know because they make their money based on a percentage of the sale price.
Stay tuned for more information in the coming weeks on how to make money with short sales in today's environment.