There are some great deals out there for investors looking to buy distressed properties—foreclosures and even short sales. But, there are a few things that investor buyers need to be aware of when looking to purchase short sales.
The investor who is buying a short sale and then plans to ‘flip’ or resell the property immediately needs to be cognizant of the terms and conditions of the short sale approval letter. Certain mortgage servicers (such as Bank of America, Chase, and Wells Fargo) place limitations on the terms and conditions of the short sale approval that may impact an investor buyer’s ability to immediately resell the property for a profit.
Flipping is not for the faint of heart and flipping a short sale is even more difficult! Like any other business, if you do your homework, and make smart business decisions regarding your short sale purchases, there is money to be made. The Ventura Real Estate market has its share of short sale deals and we have seen some very successful flips.
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