I have a short sale deal that I need help with in Houston ASAP
You did not express what aspect of the short sale you need help with.
PM me if you need advise or help. I work at a company that processes hundreds of short sales, I have a lot of experience.
Ditto. Need more info.
Isn’t Texas one of those ultra-fast foreclosure states, where you have like 21 days from the NOD to the foreclosure auction?
Yes Texas only give 21 days from the filing of the NOD.
Folks, i am stuck. I hooked up with a ‘mentor’ to help me with re investing. he said he had done short sales for 9 years and had done very well. i have fallen on my face many times attempting re investing on my own and lost a ton of money years ago. i decided to work with him. he helped me with marketing and then he went on a VERY long vacation. come to find out his methods are a little ‘risky’, bogus proof of funds and no clarity on how to ‘assign’. I sent him $1000.00 and now i am at a point of a BPO and i am clueless, and he’s gone. please help me out there. i am tapped financially and i need to learn what to do from what to say to paperwork. here are the stats
the house address is 12903 pale ivy lane, houston 77072
they owe back taxes and hoa and there are 2 mortgages
$5,000 worth of repairs needed per an unlicensed general contractor
I offered 80,562 as instructed (60% of the propert value on default listing…stupid I know)
I know Rob aka Summit speaks highly of creative real estate which i want to learn. My challenge is what do I do as I have proceeded with this as a short sale vs another method (still learning other methods).
Please help me with the following:
Assigning how to step by step including what paperwork to fill out, how to ‘change’ the name of the buyer
When do i look for a buyer (what would the advertised price be before acceptance?)
how do i prepare the hud 1? would that be part of the negotiations?
they are asking for a preliminary hud1
Also as told, i did not submit a listing agreement because i was told this would be favorable to the bank since they typically pay for this, was this good counsel?
Guys I dont want holding cost and all of that rehab expense, i just want to flip right now for cash.
Any suggestion from you experienced folks is much appreciated. The person to do the BPO has called me and i have not called back. Pending foreclosure December 1
It is paramount you meet with the BPO agent whenever is convenient for them. If possible, do your own BPO report with low comps in the area (3 actives & 3 solds). During the BPO meeting hand the BPO agent your comp research and list all the negative aspects of the property and explain the owner’s hardship. If they ask the magic question of where the value needs to come in at - have that number ready for them. You also definitely need to submit a HUD to the lender. A way I’ve addressed the listing agreement is to include it with your initial short sale package stating there is no listing agreement because you have not been able to find a real estate agent to work with since there is no equity in the property. Then also state you have been trying to sell the property for sale by owner to generate a buyer.