An Exercise in Patience! The Short Sale!

DSC_0011When I moved to Colorado in 2010, I set out to buy a home no different than my usual strategy of purchasing distressed properties.  The only issue I had was that I was now buying for my family. We had a specific neighborhood we wanted to reside in.  Unfortunately, everyone else wanted to live in the same neighborhood too.  Purchasing a property at the Public Trustee Sale would still prove to be very competitive in this neighborhood.  It would also mean I would need to have the money in cash.  Over the years, I’ve become…particular…about spending my own money.  SOOO I needed to find another way to purchase a home at a discount.

I have never been a big fan of the Short Sale.  It has proven to be one of the most cumbersome real estate transactions to get through.  I’v helped countless others through the process, but never opted to purchase one for myself because of all the negatives involved.

Never say never! I drove by the perfect property in the neighborhood I wanted to live in…and there it was…an eyesore from the front…but dripping with opportunity.  I took the time to look up the property.  It had been a bankruptcy for over two years.  The auction dates kept being postponed.  So DSC_0010I set out to find the owner and work my way through the short sale process.

They should call it a long sale really!  It took a year and two months, but I was able to work the entire thing through.  It probably fell apart three or four times.  I kept putting it back together.  In the end, it was worth it!  I bought it for $375K…it is worth $670K today.

 

This video was tooooo long.  If you skip the first 1:30 and the last 1:20, it becomes a 3.5 minute video about short sales.  Sorry…I tried to trim it down, but ran into some technical difficulties.  I originally filmed this three years ago…but it is still appropriate for discussions on Short Sales.

 

 

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