I believe it’s a perfect storm for fix and flip investors like me to gobble up what the retail buying public doesn’t want to digest – short sales.
There’s also enormous political pressure on the banks to execute short sales instead of foreclosure. It’s less expensive AND less harmful for everyone involved. The trick for us fix and flip investors is to have multiple offers out at all times.
I suggest you build a team of Realtors that are constantly scouring the multiple listing service for possible deals. If you are serious, have cash, and can make decisions quickly there will be no shortage of agents willing to work with you. But, you must make the situation a win-win.
If a Realtor finds a deal for me on the MLS they get to write the offer AND relist the property when the rehab is complete. I also respond within 24 hours to any prospective deals sent my way.
For more on finding short sale diamonds in the rough check out this video: