Posted by Blane (MI) on July 11, 2005 at 13:46:14:
If you’re going to do a short sale you’ve got to be in control, and you’re not. A bank that faxes you info on July 11 for a sale on July 12 is just blowing smoke up your butt. And I don’t know anything about this Nat’l. Short Sale Center, but I bet they don’t work for free. Pass on this one and try for one with a little more time. In the meantime, real all you can about foreclosures and learn, learn, learn.
Blane
Short Sale - Posted by Greg
Posted by Greg on July 08, 2005 at 01:33:24:
Anyone have advice on doing short sales. I have the inside track on a property that will be foreclosed on very soon. The mortgage company is sending the information to me in the mail. I have talked to the owner and she wants me to buy it. She hasn’t made a payment in over a year. There is definitely a profit to be made on this property but I just need to know how to buy and then resell this home.
Re: Short Sale - Posted by Chris (WI)
Posted by Chris (WI) on July 08, 2005 at 06:09:29:
What are the numbers? Amount owed? ARV? Repairs? How much does the owner want? What is your cash and credit situation? What do you want to get out of it?
Re: Short Sale - Posted by Greg
Posted by Greg on July 10, 2005 at 01:38:19:
I will find out the details from the mortgage company on July 11 or later(they are mailing the info.) They wouldn’t tell me the details on the phone even though the owner Faxed a letter(and that letter was accepted) to allow me full access to the records. The property will go into foreclosure on July 12. Would the mortgage company and/or bank not want me to get involved for some reason. I heard that the banks want to get these properties off their books. Hope I am making some sense but I am a new real estate investor. I have been investing for about one and a half years now. Please reply if any of you have some solid advice or insight. Thanks in advance.
Re: Short Sale - Posted by Natalie-VA
Posted by Natalie-VA on July 10, 2005 at 09:14:49:
Greg,
Your cutting it too close if the foreclosure is Tuesday. Is there a redemption period in your state? Don’t you have at least a rough idea of what it’s worth and what she owes? What else is on title?
–Natalie
Re: Short Sale - Posted by Greg
Posted by Greg on July 10, 2005 at 20:42:11:
It’s worth about $60,000 at the most. I don’t even know what the redemption period entails or whether there is one in Texas.
Re: Short Sale - Posted by ski
Posted by ski on July 10, 2005 at 20:14:13:
Are sure you are trying to deal with a short sale or just buying at the courthouse steps?? The short sale must be approved by the lender and asked for by the homeowner. You must get a short sale package sent to you either by next day mail or fax. The timing seems a little too close to do that kind of deal. Usually, once a short sale package is requested and submitted the courthouse sale wil be set back about 45 days. You must complete all the paperwork and submit it before the due date. The biggest factor is the “hardship letter” This will normally determine if the lender wil accept the entire package. Need help? e-mail me.
Re: Short Sale - Posted by Natalie-VA
Posted by Natalie-VA on July 10, 2005 at 20:53:22:
Greg,
How much does she owe? She should have been able to give you an approximate figure.
If the sale is Tuesday, you don’t have time for a short sale. Your only hope is to get it under contract and see if the lender will cancel the sale based on your contract.
–Natalie
framing home steel - Posted by framing home steel
Posted by framing home steel on January 16, 2006 at 18:54:25:
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Re: Short Sale - Posted by Greg
Posted by Greg on July 12, 2005 at 02:21:30:
Hello,
Yes, I do need help but don’t have your email address. I will know way more later today July 12. I called the bank on July 11 and they had to have permission from the owner to give me the information. I was unable to talk to the owner after I called the bank, though I did speak to her before I called. Anyway, yes I do need help and I know there is a way to make a profit on this deal. One thing I almost forgot to mention is the owner said she would be satisfied if the property was taken off her hands and she got a $3,000 profit. I look forward to any correspondence regarding this deal. Thanks to all that have helped me from Creonline.
Re: Short Sale - Posted by Cronk
Posted by Cronk on July 11, 2005 at 14:30:14:
Natalie,
Ski makes some valid points. However I do short sales all the time and the Hardship letter is important rather-it just has to be right. But the biggest hurdle most times assuming there is not a second is massaging the agent doing the bpo or the appraiser. If they don’t agree with your value the hardship letter will mean nothing. Another huge factor is gettting in touch with a competent person at the bank. Once you do they get transfered to a new department. Short sale center sounds funny, just another way to make a buck. I charge 3% which most banks will easily pay as a realtor fee, they are happy not to pay 5 or 6%. KC
Re: Short Sale - Posted by Greg
Posted by Greg on July 10, 2005 at 20:45:18:
I have the owners permission to do this and have her tel.# I contacted the National Short Sale Center and expect them to get back to me tomorrow. The owner gave permission for me to get the info. from the mortgage company. I don’t know why they didn’t tell me the info. on the phone but they decided to mail it and that was 4 or 5 days ago. I really would appreciate any help as this is getting down to the wire. Thanks in advance.