All Forum Posts by: Dick Green

Hmmmm...California the once125% LTV state.

I'm curious as to why a lender would accept a short sale contract containing an "or assignee or subject to" provision? These guys are wanting to maximize profits. I hate to rain on your parade but simultaneous closings on short sales is a real stretch.

I'm not saying it's totally impossible but, I have never heard of it thru traditional lending. It may be possible with private money on a rehab.

The first issue is the fact that it's short. Where's the profit to fund the transaction. If there's profit the current lien holders are going to want it. In most cases they won't allow an existing owner to make a dime.

As for the new lender....If the property doesn't meet value, traditional lenders won't loan enough on the transaction to create a profitable spread.

The second issue that comes to mind is schedule "A" on the title. Schedule "A" will need to show you as owning the property before you can sell it. You can't sell a property that you don't own. If you add your name to the title prior to the end buyer you become subject to the no profit rule.

Is the buyer selling short due to an upcoming foreclosure? How much time do you have? Does the property need work? How else can you make money in this transaction?

Check with some of the pro's in the short sale forum. Off the top of my head....I may be wrong but, personally, I don't see how you can legally flip a short sale for profit using traditional lending.

Like previous posts mentioned...depends on the market.

I agree with starting the process as FSBO to see what type of traffic I'm getting. Keep track of potential buyers so as to ask for exclusions later on. Make sure it's priced in line with the market. Check with an appraiser and ask if he's willing to do a quick desk review to help you set the price point. Or, check with a couple agents ask for CMA's. Be upfront and let them know that you're going to attempt to sell it FSBO at first and, if it doesn't go after a short period, you will be looking for a good agent. Ask them if they will give you a discount on commissions.

Talk to some lenders to become familiar with available programs. Have a mortgage person lined up who can quickly prequalify potential buyers. Sometimes if you find a good mortgage person, they'll handle a big portion of the transaction's oversight so that you don't need an agent. Talk to a title company and obtain a fee schedule maybe even a preliminary title report. Obtain and review a selling contract, seller's disclosure, financing addendums along with any other property specific disclosures/addendums.

If after a few weeks you don't see the traffic that you want seriously consider MLS at a discount or with a full service brokerage. Make sure to include some type of exclusion for leads that you may have already generated. I would also ask for a performance clause in my listing agreement under special provisions allowing me to cancel the listing for any reason prior to receiving an acceptable offer (without penalty). If I don't see the results that I'm looking for I don't want to be locked in.

I'd ask a couple of appraiser for an opinion. It really depends on the area. Being a 5 bedroom, I would look at it from the perspective of whether or not I could quickly liquidate it. Is this property's proximatey to the busy street a negative enough to deter a family from purchasing it? If so, I'd equate a considerable negative value to it.

Once again, it really depends on location. If you like, pm me and I can send you market data on the area. I don't need the address....just the subdivision.

In Houston we're seeing huge discounts in some areas and stability/appreciation in others. What's the rest of the neighborhood doing? What shape is it in? What's the structure like compared to homes in the area? Who was the builder? What are the terms of the sale? What are your plans for the property? These are some of the questions I would ask.
Good Luck!

Welcome to the Group.
This should probably be moved to the landlord forum:

I was at the courthouse earlier this week. They are so backlogged and many of the defendents did not show up. The main reason behind the eviction hearing is to determine highest, best, interest and/or possession of the property.

Hi Owen,

Welcome to the site. You'll find some great information here at the site. You should be able to make some quality contacts here as well. Make sure to share and learn at the same time.

I read a good book a few weeks ago. I believe it was called "Commercial Real Estate Investing for dummies." I picked it up at the library. It was a pretty easy read.
Good Luck!

Hi Anthony,

Welcome to the group. There's a wealth of information here at the site. The members are knowledgeable and helpful. Also your local library will probably have some good information. I recently checked out the following from the library. It was an easy read.
http://tiny.cc/pcfOV

Hi Lynn,

Welcome to the group. I can't wait to hear of your experiences in developing. I'm glad you joined, you'll surely be a great asset to the site. Jump right in....

Looking forward to chatting with you in the forums.

I thought intelligence was defined as the ability to learn and know; quickness of understanding.

Listening to her, and reading more about her I feel that Palin seems to possess those attributes.

Plainly speaking, her views are closer to those of mine own than those of the current administration which makes her more intelligent in my eyes.

My gauge of whether or not a person is intelligent may not be the same as yours. There's other variables that I take into consideration to determine intelligence these variables may be of no importance to you. It has to do with a person's stand on issues that closely concerns me, one's moral fiber, one's views about our country, views about human life, views about God views about my guns, views about immigration, views about family structures. And I should have added wisdom to my statement.

There's tons of real intelligent people that I plainly disagree with. Likewise, occasionally, I encounter people who are intellectually challenged who I seem to automatically like and agree with.

Wisdom is something I look for. How does an individual apply his or her intelligence.

Intelligence which lacks wisdom in my opinion can really be dangerous. If I were hooked on drugs and the person that I bought drugs from conducted business in such a way the it insured I would never be caught or arrested, I would consider him intelligent. Yet am I or this same person wise?

If my goal was to connect the dots of an oncoming global system and the subjugating of U.S. sovereignty then yes, this is a very intelligent administration. Likewise, is it wise?

Understand...I'm old school, respect the President, Pray for him and his family and all those who have been given positions of authority. God Bless them and help them to make sound decisions.......Believing that the office and position deserves respect.

Yet, also in this free country we have the right and a system in place whereby we can strongly oppose and disagree with actions and decisions made by those who have been given authority over us. I'm what's called Loyal Opposition and under this administration like no other in history I'm considered an 'endangered species.'

Also....I'm a little suspicious of the such a large portion of the world jumping onboard and following behind one man. All kinds of alarms go off in my non-conforming head.

I voted for Obama for three reasons.

1. the conservative party had made a real mess of things and had moved so far to the left that I really didn't identify with them anymore.

2. McCain and Palin were slaughtered by the press and were out flanked so many times that it was ridiculous. Take for example when McCain suggested to post-pone the debate so that he could go back to Washington to work on the economy. Obama said that he didn't want to, so the media chewed McCain apart. It was as if the republican party threw the election.

3. I thought, what the heck....1st black president, he seems intelligent. He seems like a good family man who must want the best for his family. One man can't do that much harm. Maybe it will be a good move for America as a whole. Maybe we will gain a negotiating edge in our foreign policy positions. Maybe Obama by virtue of his name and color will stand a better chance talking to these nuts that want to destroy America. I bought into that whole Brotherman concept....you know what I mean. He can't be that bad, even a lot of whites are voting for him.....even Oprah supports him. Heck, I'll give him a shot.

Well, what a huge mistake. I humbly apoligize to all Americans for my temporary insanity.

America, we have a big problem but we are strong and I still think we will be o.k.

I'd vote for a rifle carrying Palin in a heartbeat. Give me my vote back and let me re-cast it. This is the most vunerable I've ever seen America in my 54 years of citizenship. Even our citizenship doesn't mean a hill of beans.

I overlooked too much when I voted...starting with the so called Rev. Wright who openly condemned my Great Nation.

This guy has blind myrmidons who carries out his bidding. If you say anything negative about him, you almost have to prepare for a fight.

While he's traveling the world apoligizing for America, no one is complaining about North Korea's shooting missiles at us, Iran seeking nuclear weapons, Iran's recent fixed election and repression of protesters, U.S. open borders, socialized health care, expansion of the executive branch, appointment of an internet czar and other numerous czars.

Obama wants to create a national security force containing the youth of America. Did you read the DHS report on right wing radicals? Also no one has noticed that while he's traveling the globe telling the rest of the world how we (Americans), are too proud and consume too much of the worlds natural resources, he hasn't yet reached out to Israel, actually he seems to be totally leaving Israel out of the equation. Read some of the news coming off their presses, they are getting real suspicious. That another topic.

So yea....I'd vote for Palin. She seems intelligent, fairly honest and hard working. Her views are much closer to mine than those of the current administration.

There is such a brainwashing going on that free elections may be in danger.

Pray for America!

Hi Arlu,

Welcome to the site. Check into the threads about marketing. You'll find them jammed packed with some good techniques.