All Forum Posts by: Caleb Whitney

Yeah I believe that is called mortgage fraud.

Buy and resell 15 short sale properties and add 3 (paid off) rentals.

That's my thought. As soon as the homeowner asks for the package and the Realtor feels that it's a go, then we list the property. It's amazing how these two have so much action off the bat because they are both listed for 100% FMV. I was told to ensure you have a buyer by the time lender approval comes along, you should list the property at 90-95% of FMV.

I don't have an issue with this yet. I'm being proactive in case it does. My first SS property already (found out today) has an offer w/ $5k EMD. We just started the negotiations with the lender yesterday. The other one hasn't even finished filling out the SS package as we already have an interest in that one as well.

what if they accept the initial offer and we can't counter?

what do you put in the comments section of the BC side listing? I have so far:

This is a Short Sale property, can take up to 8 weeks before property is ready
NO FHA
NO VA,
NO financing requiring seasoning.

I'm relying on my realtor to bring me good properties in good locations. That is what I told them anyway. I am also sending out these properties to my investor friends.

How does this work? Are you forced to pay capital gains taxes when buying and retailing short sales? Seems that would eat up any profit. How are you getting around that?

When realtors are bringing you SS deals, what are you doing if their realtor isn't able to bring in a buyer as fast as you'd like. Let's say you're 4 weeks into the negotiations. No buyer. What about if you just receive the approval from the lender and the AB is locked up and still no buyer. What are you going to do at this point?

The agent may want to keep that offer high so that he's getting higher commissions.