I have a possible short sale lined up and any tips would be appreciated.
There are two loans the first is One West Bank, and a line of credit with Boa.
I have the help of a realtor but he is not too familiar with an a-b b-c transaction. I also wonder if anyone has any dealinga with these banks and do they have any title seasoning issues.
By the way this would be my first deal.
Thanks
My recommendation would be get the book Short-Sale Pre-Foreclosure Investing: How to Buy “No-Equity” Properties Directly from the Bank – at Huge Discounts by Dwan Bent-Twyford. It really helped me out a lot and I think it would do the same for you. You can either buy it online or go to the library and get it.
You really don’t have to worry if the foreclosing banks have title seasoning issues. The only problem is if the end buyers lender does.
Summit you are correct… I wasn’t thinking. My plan is to sell as a rehab to an investor as the house has been vandalized and is missing water filtration system, and a/c fan hopefully I can get the banks to give a big enough discount.
Thanks
Honestly I would not even let there realtor know what you are planning on doing if it is there agent. You can flip the contract without there blessing on the deal. It is really easy if you are using a HML better know as a hard money lender, or if they are a cash buyer. If that is the case you will not have title seasoning issues for the end buyers new loan. If that is not the case you will run into issues if they are using a FHA or a VA loan there are only 4 lenders that I know of that lend in FL that will not require title seasoning. One West will be a piece of cake to work with and BOA right now is taking there sweet time. If you are doing the Short Sale yourself request a interior BPO and walk the broker thru the property and point out all of the problems. This will make the short sale negotiations eaiser. Right now with BOA they are asking for 8.58% of the first, so if it is a 100k first they will want $8,580 this might make it a problem with the first on the transaction because they will want BOA to take less then that. There are ways around that as well. Sorry for the long answer to a simple question.
Summit… I appreciate your response and no it wasn’t long any bit of info is always welcome, as for the realtor he is a friend of mine who will be helping me on the shortsale side with the bank. BOA is the second and the loan was for only 25,000 so I think they won’t be much trouble .
As far as One West is concerned . Does anyone know how much of a percentage will they give off, the loan is for 225,000.
Comps in the area are high as 150,000 and as low as 45,000 go figure on that odd ball. I plan to do a drive by on them.
Also how much can I play in on the neighborhood there are about 7 vacant houses on the same block although its a big block nothing less than an 1.5 acres.
Thanks
They will go off of the BPO price anyways. That is why it is so important to meet the BPO agent at the property.
thats why I’m planning on using a cash buyer. Can’t be any title seasoning issues there can there?
how the heck did I get to this forum I didn’t even mean to post that here