Comments on: Short Sale Killer: Elimination Beats Short Sales… http://cawholesaledeals.com/blog/799/short-sale-killer-elimination-beats-short-sale/ California & Nationwide Wholesale and Bargain Real Estate Sat, 14 Aug 2010 19:41:54 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Anne http://cawholesaledeals.com/blog/799/short-sale-killer-elimination-beats-short-sale/comment-page-1/#comment-901 Anne Thu, 25 Feb 2010 19:28:08 +0000 http://cawholesaledeals.com/blog/?p=799#comment-901 Hi Walt: How did falling market prices hurt your short sale? When I have had short sales on my desk and the market has fallen, I just lower my offer to the bank. Of course, timing is key; enough time needs to have elapsed since the last BPO that the bank will agree to do another one. But, even if you have cash, you shouldn't pay more than the property is worth. . . Hi Walt:

How did falling market prices hurt your short sale? When I have had short sales on my desk and the market has fallen, I just lower my offer to the bank. Of course, timing is key; enough time needs to have elapsed since the last BPO that the bank will agree to do another one. But, even if you have cash, you shouldn’t pay more than the property is worth. . .

]]> By: Walt http://cawholesaledeals.com/blog/799/short-sale-killer-elimination-beats-short-sale/comment-page-1/#comment-900 Walt Thu, 25 Feb 2010 08:05:56 +0000 http://cawholesaledeals.com/blog/?p=799#comment-900 Short sales can be a challenge regardless of which side you situated. I have had 2 short sales fail due to the falling market prices. Very interesting deal. Key is to have cash and not flip out about falling values when we are at the bottom or close to it. Short sales can be a challenge regardless of which side you situated.

I have had 2 short sales fail due to the falling market prices. Very interesting deal.

Key is to have cash and not flip out about falling values when we are at the bottom or close to it.

]]> By: Anne http://cawholesaledeals.com/blog/799/short-sale-killer-elimination-beats-short-sale/comment-page-1/#comment-899 Anne Wed, 24 Feb 2010 19:05:43 +0000 http://cawholesaledeals.com/blog/?p=799#comment-899 Hi Thomas, it's Anne here. I am actually closing more than 90% of my short sales, and by closing, I mean I buy it and re-sell it the next day (two back-to-back closings--you are familiar with the model). Anyway, I don't mind if you scare investors away from the short sale niche, because there are many out there who don't really know how to do the short sale business correctly--and, even worse, don't seem to CARE about getting proper training to do it legally. We hear about these folks all the time from our escrow agents, and from real estate agents who are too scared to bring us short sale properties because of the "one bad apple" who is giving all short sale investors a bad name. We want to base our business on referrals from agents who know where the deals are, but once a realtor has heard about a deal that went south because of an a) ignorant or b) unscrupulous investor, they become very cautious, almost paranoid. Some agents are so afraid of investors that they would rather let the house go to foreclosure than let an investor buy it. So, let's PLEASE ask all the investors who don't know what they are doing to GO BIG (Get Educated and Honest) or GO HOME. Thank you, Thomas, and have a nice day! Hi Thomas, it’s Anne here. I am actually closing more than 90% of my short sales, and by closing, I mean I buy it and re-sell it the next day (two back-to-back closings–you are familiar with the model). Anyway, I don’t mind if you scare investors away from the short sale niche, because there are many out there who don’t really know how to do the short sale business correctly–and, even worse, don’t seem to CARE about getting proper training to do it legally. We hear about these folks all the time from our escrow agents, and from real estate agents who are too scared to bring us short sale properties because of the “one bad apple” who is giving all short sale investors a bad name. We want to base our business on referrals from agents who know where the deals are, but once a realtor has heard about a deal that went south because of an a) ignorant or b) unscrupulous investor, they become very cautious, almost paranoid. Some agents are so afraid of investors that they would rather let the house go to foreclosure than let an investor buy it. So, let’s PLEASE ask all the investors who don’t know what they are doing to GO BIG (Get Educated and Honest) or GO HOME. Thank you, Thomas, and have a nice day!

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