I just locked down my first short sale. I followed Mark's "Blueprint" almost to the letter and it worked fabulously. I wanted to find a house for sale that was 15% below the median priced house in my city of White Bear Lake MN. (it actually ended up being 10% below...but close enough for this purchase) Another parameter was I needed to buy the house below market value, ideally at least 15 - 20%.
I found the house on the MLS. It had been on there for over a year. But, the owners dropped the price dramatically just to get some attention...and they definitely got my attention. The 4 bedroom, 2 bath, 1800 SF split entry house was on the MLS for $163,000. I immediately called my agent and got in to see it that day. I made an offer 2 hours later for $165,000. The bank told my agent they would not accept anything less than $178,000. I made an all cash offer 2 hours later and the bank accepted! I made at least $35,000 in equity overnight! I'm going to rent the house for $1,600 which will net me almost $700 month !
This whole process took less than 5 days! I couldn't believe it.
Thanks Mark for the "Blueprint" !!!