Everyone thats ever attempted a short sale knows that there is nothing short about the whole process…. as was the case for the short sale we just closed on today. I met with this homeowner about a year ago…. January of 2009. It took two appraisals and 12 months time, but we got Bank of America to approve the deal and we finally closed on it.  We got a really good deal on this property, as is the case with most of the short sales that we buy, so it is definitely worth the wait. My strategy with short sales is to just jam them into our pipeline and sit and wait. I never know when they will get approved, or even if they will get approved at all….. but its always a pleasant surprise to get that call or email with an approval.  

This is another one that we started work on before we even owned it. A little risky, but we actually received the short sale approval letter in December and they gave us over three weeks to close it….. which really surprised me because usually they are drilling you to close within 10 days.

Heres a look at the property, located on Ravenwood St in Springfield;

You’ll notice that this house had an active roof leak, which is always a plus when you are negotiating a short sale because the bank knows that no FHA buyers will be able to purchase the house. Use this as ammunition to drive the price down. 

I think we may have another short sale very close to approval. Should be another good deal, I’ll post more about it as things materialize.