Bob Vieira
Bob Vieira has been a guest on Collecting Keys, the real estate investing podcast hosted by Mike DeHaan, Dan Austin and Dylan Koch.
The Art of Buying Short Sales with Bob Vieira of Universal Short Sales
Short sale specialist Bob Vieira of Universal Short Sales explains how short sales work: a seller behind on payments and underwater on the mortgage gets bank approval to sell for less than what's owed, with the deficiency forgiven. He walks through where the leads come from, why the third-party appraisal (not negotiation) sets the price, how to influence that appraisal with repair documentation, and which states produce the most opportunities.
Key takeaways
- A short sale requires two things: mortgage delinquency and negative equity. Banks never bring these to you — unlike REOs, short sales are b-to-c deals you source off market.
- There is no price negotiation with the seller and effectively none with the bank. The lender hires a third-party appraiser and accepts whatever that appraisal says, so the work is document collection, submission and follow-up (Bob's team runs a 12-step process).
- Qualify a short sale lead by confirming up front that the seller is NOT motivated by money — they can't share in proceeds, so a seller who wants cash will waste your time.
- Focus on as-is value, not ARV. The best discounts come from the most physically distressed properties because you can 'tell the story' to the appraiser with itemized construction estimates, as-is comps and even a paid inspection report.