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Author Topic: Will the banks?  (Read 10810 times)

Offline INVESTOR111

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Will the banks?
« on: August 08, 2006, 03:55:53 pm »
i posted a question regarding documents about a short sale but i have 29 veiws and no replys if someone can please take the time to respond or atleast let me know once u do get a short sale and the bank agrees do they provide the documents or do u need to get them somewhere else.

thank you

Offline green queen

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Re:Will the banks?
« Reply #1 on: August 09, 2006, 01:29:45 pm »
you have a long road to go.

A bank will never take just a P&S agreement to short sale a property.
They will require finanicals, bank statements, W2's, tax returns, repair lists comps, HUD1 statement showing what they will net.

and that is just for starters.

You will need to convince the bank that your offer ( which I presume you are offering less than what is owed ) is in the banks best interest to take it now than go to sale and maybe run the chance of taking the property back into REO, which will incur them massive holding cost which = loses.

TG

Offline INVESTOR111

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Re:Will the banks?
« Reply #2 on: August 09, 2006, 09:18:56 pm »
Thank you so much for taking the time to respond, but my main concern is to actually learn the whole process you just mentioned in detail. Do you recomend any of the programs they sell that teaches you all about short sales? or are they all a waist of money and time its something I need to learn on my own?

Offline Loanman24

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Re:Will the banks?
« Reply #3 on: August 10, 2006, 04:50:35 pm »
Some advice on learning the FC biz....short sales should not be the first strategy that you learn....get your feet wet with the various other types of foreclosures....I learned the biz from a Company called "Dream Big"
you can go to their website at www.youdreambig.com. You can purchase their program. If you are in So. Calif, you can attend their workshops....
Hope this helps...it did for us....!!

Offline blueboxer

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Re:Will the banks?
« Reply #4 on: August 11, 2006, 02:35:14 pm »
Here are 2 great books about short sales.

"Make Money in Short Sale Foreclosures" by Chantal Howeel Carey / Bill Carey

"The preforeclosure Property Investors Kit" by Thomas J. Lucier

I read both and a week later, I am working on a short sale. If you dont have the money to spend hundreds on a course, by these two books.

They cost be $45 for both. You even buy them for your local bookstore, read them and take them back. I wouldnt recommend it because you'll need to refer to them.

Good Luck!

Offline INVESTOR111

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Re:Will the banks?
« Reply #5 on: August 14, 2006, 01:46:29 pm »
thank you

Offline ritoab

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Re:Will the banks?
« Reply #6 on: August 14, 2006, 03:06:37 pm »
I found a book by Tom Butler's and it has been the best of all the books i ordered.
Its call short Sale Magic. this book gives you step by step and examples of how to do the paper work.

It didn't cost me much of anything. Not to forget all the coarses I order that the minimium cost was $300.
It adds up.

As to what deals to do first, I think it depends on the person. Some people like myself are better at negotiating with banks. It really doesn't matter where you start aslong as you find something you are good at doing. Your confort Zone that is!

It you really need help and you are trying to do shortsales I would be glad to help. Just contact me.
I am not promising a miricle but I will do my best.

I just had to respond to someones point because I see too often old school investers trying to persuade newbies not to step in tough fields before you get your feet wet. As you know this business is a risk no matter which direction you pursue. It should matter whether its a rehab, flip, shortsale or wholesaleing because you could get screwed either way. Just make sure you what ever you dol, know it well.

Thanks all for listening

Rito

Offline Caveman

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Re:Will the banks?
« Reply #7 on: August 16, 2006, 02:51:05 pm »
Rito,

I am new to investing, but did Tom Butler's book help ?  I understand
a little about short sales last year from a Realtor / investor, but he
told me that when the bank does the short sale they already have investors
waiting to take the deals.  How can you step in and get the deal before the
others do ?  I am sure you would have check out liens, 2 nd, 3 rd mortgages
before making the deal.  Any advice would be helpful !

Caveman

Offline ritoab

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Re:Will the banks?
« Reply #8 on: August 16, 2006, 03:45:23 pm »
Caveman,
I've read some many different books and articles about investing til my brain was tired of reading.
As you know i spent a lot of money. Prior to that I went to the school of hardnocks( Just doing what I could and I didn't have the resource that are available to you right now and of coarse I failed.
What I discovered was reading those books did not give me step by step understanding of everthing. Some information have to come for just doing the process.  Also you will have other investors telling you their story. Just don't worry about that as to what process works for you. As to the comment about once a bank get a short sale other investors are waiting to take the deal. That is not what happens and if it does it is illegal. You have to find people in pre foreclosure negotiate with them and request a short sale package from the bank. A loss mitigation officer does not have time to prepare the package so i don't see how they could even do a package for and investor. Don't listen to everything people say find out for yourself. That includes me too. Every situation is different and its our job to come up with creative ways to close the deal.

Just dont worry everything will be alright.
Get with owners in pre forecloser
Sign a contract
Get your release of information agreement signed by seller and get in contact with a loss mitigation officer asap and start there.
If you read Tom Butlers book it gives you all the steps for a shortsale.
You can still contact me and i will give you a doc without all the mombo jumbo crap. A straight forward process.
Thanks
Rito

Offline green queen

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Re:Will the banks?
« Reply #9 on: August 17, 2006, 09:17:16 am »
GOOD LORD, I got into trouble for promoting my coaches on the forum.

At least if you give them info put in a private messgae or email.

TG

Offline Caveman

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Re:Will the banks?
« Reply #10 on: August 17, 2006, 09:18:08 am »
I appreciate you responding.  Tom Butler mentioned that he suggest
meeting with the agents at the house when they come to do the BPO
(best price offer) and letting them know things wrong with the house
so that the BPO would be lower.  Slick trick ! I can see that the
competition would be less in doing short sales in comparison to the
foreclosure market.  Interesting !  Thank you for helping !  I am still in
the learning stages.

Caveman  

Offline green queen

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Re:Will the banks?
« Reply #11 on: August 17, 2006, 10:05:07 am »
Yes caveman you are... BPO is BROKER PRICE OPINION

Offline ritoab

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Re:Will the banks?
« Reply #12 on: August 17, 2006, 11:02:53 am »
Green Queen,
get off of Caveman back.
Why even comment?
We are here to help others and share ideas.
Don't be so mean.
Rito

Offline kdhastedt

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Re:Will the banks?
« Reply #13 on: August 18, 2006, 12:18:45 pm »

<<GOOD LORD, I got into trouble for promoting my coaches on the forum.>>

First, green queen, you didn't "get into trouble", you were simply told not to do it...(twice)

Second, you were told not to do it because you were blatantly advertising for your coach's business and his "foundation"...these posters have violated no rules that I can see.  They are just offering their opinions on various published books.

Keith
Moderator
I have CDO...it's like OCD but in alphabetical order - the way it should be!

 




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