so i have a guy who really wants to get rid of his house because it is going underwater. he said he as 85k on his mortgage but comps run at 65k
hes been hanging onto it but owes more on mortage than house is worth
hes sole owner
900 sq ft
Lot: 4,792 sqft
Built in 1945
Heating: Forced air
Last sold: Sep 2005 for $105,000
should i try to wholesale this through a shortsale? how do i go about it? what is the process
do you have a realtor on your team? I'd reach out to someone you know or get a referral from someone you trust and run it through them...at least explore more options with them but shortsale is definitely a clear option
what exactly would i be running through them? the property where it is located?
i talked to a partner about it but he said it would be a long process if it hasnt been started.
so how do i begin the process? even if it doesnt work, i just want the experience.
this guy is basically screwed i think if this doesnt work. so it is worth a try i guess. any suggestions?
short sales DO take forever but its one of those things that once you get it done, you move on and work on more deals, then when the check comes in, its like a nice surprise bonus :)
but you essentially run your scenario by the agent (find someone who specializes in short sales though) then the agent should be able to direct you from there. also, another option would be to find a buyer directly who would be willing to work the short sale with you (create a short sale presentation, do the dirty work like working with the agent bc they'll more than likely have a short sale agent on their team, etc)...its a lot easier that way AND you'll be able to begin building a relationship with that buyer for your future deals :)
most real estate agents dont want to work with me because they dont make any commission on wholesales. how do iget them to want to work with me? do they need to be a real estate agent AND an investor?
yea, that'll be a hurdle finding good real estate agent that is investor friendly...if you go to reia meetings you might be able to find some investor friendly agents OR you'll be able to find buyers who have agents on their team you can then work with
okay thank you rob. ill figure it out
@Account Closed suggested, you want to find an agent who specializes in short sales, because there is a lot to know about them and you don't want someone to try to figure it out on your deal.
In my area short sale needs to be seasoned 90 days before it can be resold. Maybe there is a way around it but I dont know. Also, around here I believe you need a significant deposit and clear proof of funds. Maybe you can hand the deal over to an investor and collect a finders fee if his offer is accepted.
thank you robert that is true. i asked them that if they ran comps for me i would pay them if i closed.
as to a shortsale. i was jsut reading moreon it. it said that if they arent behind on any payments, it is most likely going to get declined. so it looks ilke a shortsale is not an option seeing as he has no liens
any other options for this guy? i want to help this guy out but it doesnt look like it is going to happen......
is he screweed?
i am looking into a subject to.
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Unless the bank has agreed to the sale price, you're going to have a helluva time wholesaling a short sale.
Sub 2 is definitely something to look into but this property is so old and so far under water not sure about this deal. Listen to Aaron in podcast #37 say you need equity AND motivation.
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