What you need to know before you start a short sale.
As investors, we at BREIA specialize in short sale properties. After buying and flipping hundreds of short sale properties, we have learned how to protect ourselves from wasting time. A short sale is only as successful as the seller is willing to participate. A homeowner that has had multiple postponements of foreclosure sale dates might not be worth your time. As the Foreclosure and Short Sale departments at the banks don’t communicate, you need to do your research BEFORE you start the short sale. You could lose the deal in the middle of the short sale if there is an auction date set and we are not able to postpone the sale. We had this issue with a property in Miami Lakes, and we were not able to get an approval because the property was sold at auction despite our attempts to postpone the sale.