Real Estate Investing Blog

When you’re thinking about getting started in real estate investing, chances are good that you’ll hear a lot about short sales - buying a property for less than the value of its mortgage to help a homeowner to prevent foreclosure. After all, short sales can be a great way to save when you’re buying a property, but not everything that you’ll find on the topic of short sales is good news:

(source)“The waiting is torture,” said Mark Shandrow, a Keller Williams Realty agent in Long Beach who specializes in such transactions. “The banks are overwhelmed with short-sale requests, and some make sellers wait five months for an answer.” That answer, in many cases, he added, is “no.”

Yet despite the obstacles to successful short sales — lenders holding the first and second mortgages don’t agree on the terms, buyers often ditch the deal midstream or banks nix the agreement just before escrow closes — they’re on the rise.

While the above is certainly true - at least in some markets and to some extent - there’s a lot more to it than that. For example, when you want to succeed in short sale investing, you’ll find that you are able to find options that do simplify matters some - options like building great relationships at the bank and even with some real estate agents. Similarly, you’ll find that when you are working with the right mentor you can pick up some insider tips that can help you along the way.

In other words, you’ll find that you’re able to do a lot to ensure that the short sale transactions that you choose to pursue are successful; you just need to be willing to take the right steps.

This entry was posted on Saturday, June 14th, 2008 at 4:26 pm and is filed under Short Sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.