Thursday, November 12, 2009

Real Estate Investing: Short Sale Time Lines

Hello Everyone:

I was asked a question yesterday and I thought I would share it with you. I was asked:"How long do short sales take to complete?" Wow! That's a loaded question...
But the answer is at least 3 months! I know that's not what you wanted to hear, but that's the truth! Be prepared to be in it for the long haul; that's why it is so important to have multiple deals in progress. If you count on one transaction to put food on the table, you might be losing a few pounds; if you have several deals in the pipe you will have a better chance of consistent cash flow.

Remember, you should always keep the lease option strategy in the back of your mind when dealing with pre-foreclosures...

Until next time be well.

James Gage