Well today I closed on my first short sale deal, 3rd deal overall. See below videos.
The neat thing about this deal is that the seller was so appreciative that we were able to take this problem house off his hands. He owed about $80k on the house, which is way more than it’s worth. It’s in pretty rough shape as you can see from the videos. We made an offer to the bank of $10k. They countered with $15k which we accepted.
Besides all the obvious things that I’ve learned about inspecting properties and how to do rehab estimates, today I got a lesson in how much it means to be able to help people who are stuck with houses that are a burden financially to them. Yes we will make a profit from this, but now this man and his wife are going to be free from a burden that not only was a financial hardship to them, but also a mental stress. The seller told me if he had pockets full of cash he’d be giving it all to me. Of course the whole reason he needed to sell the house was because he didn’t have pockets full of cash, but it really meant a lot to me that he was so thankful and that I could be part of helping him.