No question about it, short sales have replaced REOs as the volume leader in distressed property purchases by investors. With the inventory levels of REOs continuing to fall, the informed investors realize they need to have multiple sources of new product. Based on input from AZREIA and Phoenix Real Estate club members, along with the Market Data, it is clear that many of the inhibitors to completing short sales have improved or are gone altogether. Banks want to dispose of the asset through short sale rather than foreclose. Lenders are responding much more quickly to offers. Pricing has remained steady for the last few months and there are great deals through short sales. There are plenty of desperate sellers right in your own back yard who would LOVE to have you fix their problem by negotiating a pennies-on-the-dollar payoff with their banks – and don’t care one bit that you’ll make tens of thousands of dollars in the process. Come here Shaun explain the pros and cons of this strategy and how to meet the challenges head-on.
Register for the AZREIA meeting HERE!