SHORT SALE --- BEST WAY TO FLIP ? - Posted by PJ

Real Estate Investing
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Posted by buffy tyler on October 23, 2005 at 18:11:53:

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SHORT SALE — BEST WAY TO FLIP ? - Posted by PJ

Posted by PJ on June 27, 2005 at 03:37:00:

Lender has accepted 130k as full-payoff on existing 180k loan. House is worth about 200k. So, 70k in equity.

I have 2 ppl interested in buying the property from me for 160k, which will net me a 30k profit. However, they are both using Conventional Financing.

Problem with Buyers using conventional financing:

  1. They want to use a conventional loan
    a. buyers lender may not allow a 30k assignment fee on the HUD 1.
    b. selling bank could have problem with 30k going to 3rd party on HUD 1.
    c. Buyers want to pull cash out at closing for repairs
    (not sure how this will fly with selling lender)

So, Here are my options:

  1. Get a conventional loan myself and buy the property. Then, list it on the MLS for 180k and hope to sell it within 3 months.

If I go this route, will I have any title seasoning issues as I will have owned the house for only 3 months ?

  1. Find buyer willing to pay me 30k fee OFF the HUD1.
    (this is going to be very difficult for me to do)

  2. Lower my asking price to 140k and reduce my profit to 10k in hopes of finding a CASH buyer or someone that has 10k in cash that they are willing to pay me OFF the HUD 1.

Give me some ideas !

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Re: SHORT SALE — BEST WAY TO FLIP ? - Posted by Freddie

Posted by Freddie on September 29, 2005 at 08:02:02:

I know this posting is late but if your still in the market and come across any more transactions like this one, Just contract vendee it. It allows you to sift profits of buying low and selling high with out even taking possession of the property! good luck
-f.grippo “Creative Financing”

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Re: SHORT SALE — BEST WAY TO FLIP ? - Posted by brian_wa

Posted by brian_wa on June 27, 2005 at 13:45:57:

Where do you locate? It may be best to contact a bunch of buyers to create competition. A couple of them may be able to buy it outright using their own cash.

Brian

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Re: SHORT SALE — BEST WAY TO FLIP ? - Posted by PJ

Posted by PJ on June 27, 2005 at 15:34:48:

Im in Georgia.

I am going to run a AD in the paper.

Hopefully, I can get someone with CASH to buy it.

But, I wanted to get opinions from others on other creative ways to work this deal - since this is all about CREATIVE REAL ESTATE !