here’s what I’ve learned on short sales from a book that i’ve read recently and a good one of the best books on short sales( hint published in 2007) when i approach a seller in distress a motivated seller who does’nt know squat about getting out of foreclosure, well first call the seller tell the seller there is a way to avoid foreclosure, tell them you can save thier credit, then ask if they owe more or a little less than what they owe the bank, then i call the bank and ask if i can pay the back payments that are due from seller lets say seller owes $100.000 to bank the house is valued at 80,000 in todays market, i call the loan dept i ask for the boss and i offer them $55,000 they accept, , i tell him the situation that i’m here to pay the back paymentsof $25,000 i’m willing to put $1,000.00 and pay off the rest within 3 days, in the 3 days I have a rehabber lined up, rehabber gives me a down payment of $5000.00 i resell to rehabber for $80,000 i give $25,000 to bank and i keep the rest.
Hi,
The who and the what and the when and the where and the why?????
I think right now you look like you are truly lost, I went back and looked at your 47 postings and your bouncing all over the board, what is it you really desire to do? Everything in real estate takes dedication and time! It rarely happens overnight, regardless of what the Guru’s tell you about becoming a trillionaire in a new york minute!
First of all a property owner in foreclosure now has to be contacted by there lender, there are in fact 3 ways, well technically 4 ways but lets just say “Death doesn’t count” so the property owners lender now has to invite the mortgage holder to apply to (1) modify there loan! Now a mortgage holder who fell on hard times, is working and has a lot of debt can declare (2) Bankruptcy! Now the third way is to put there property for sale and do a short sale!
A modification, a bankruptcy and a short sale all hurt the borrowers credit as the borrower (Mortgagee) usually is behind 30 or more days before the lender invites them to apply for a modification! A bankruptcy is a new beginning but from the bottom, it takes 10 years for a bankruptcy to clear your credit! A short sale can decrease a borrowers credit by 100 points or more by the time a short sale is approved and the property sells and transfers! In a bankruptcy or a short sale a borrower can not buy another home for 2 or more years!
Although you will ask the seller for permission to speak with there lender and they will grant it, the lender will not talk numbers over the phone until you have submitted the short sale package and the permission in writing for the lender to speak to you!
I will continue this post later!
GR
I understand the whole process. don’t beleive what you read or hear on here you hear me…
Real Estate buying and wholesaling might be easy to do in a state is filled with hillbillys and tornadoes but in my neck of the woods we have liberal laws.
I understand the whole process. don't beleive what you read or hear on here you hear me..
Real Estate buying and wholesaling might be easy to do in a state is filled with hillbillys and tornadoes but in my neck of the woods we have liberal laws.
:huh HUH?
WOW! REALLY???
Could you possibly be a little more offensive? I think you may have missed a group.
Keith
This coming from a guy who blatantly asked this board for money without even mentioning why :rolleyes
I think you need more lessons on how to really do real estate instead of acting like you know it all :rolleyes
forget about it, how you doin
people like you trying to take advantage of people who are in distress so you can buy your fancy trucks suvs cruise line vacations, should be embaressed to ask a person who is a FSBO to lower thier price on thier house thier hard working money so you can make an easy profit, those who prey on the vulnurable will pay. like donald trump the real estateinvestor this guys running for president, he’s a total moron!!!
BTW John, I am also from Massachusetts and don’t think for a second that there are no ‘hillbillys’ [sic] or tornadoes in the Commonwealth!
http://www.youtube.com/watch?v=SxHPw7qIYYQ&feature=related
Keith
people like you trying to take advantage of people who are in distress so you can buy your fancy trucks suvs cruise line vacations, should be embaressed to ask a person who is a FSBO to lower thier price on thier house thier hard working money so you can make an easy profit, those who prey on the vulnurable will pay. like donald trump the real estateinvestor this guys running for president, he's a total moron!!!!!!!
John, Are you off your meds again? :rolleyes
This one is my favorite john1234 post…
does anyone know how to do a chicken parm sandwhich lease
this is my favorite line,
I now know how to do it,and to think I just spent 3 months negotiating with b of a to buy a short sale and all I had to do was call the bank and “ask for the boss”
Umm, what did Donald Trump pay?
He filed for his third bankruptcy over a year ago to wipe out more debt and he still gets to keep his skyscrapers, casinos, helicopters, planes, vacation properties, etc.
Last week, Trump bought the 800 acre Kludge Winery in Virginia which had $28million in debt owed to the Bank of America for $6 million.
So, I ask again, what did Donald Trump pay???