All Forum Posts by: Dee Xixi

I learned of the term this morning on reading a blog but i am already interested on it. I am a totally novist, I want to know who's lending out there for this type of purchase and how the process unfolds. Any investors with experience I think this new for me. Please share some ideas.

Thank you Will, i kinda figure that but i wondered. i guess if i make my agent contact the bank i have a better chance

I was on Realty Trac and under the REO section i saw some houses not yet listed with an re agent but with a transfer value price on them. I wonder if i can contact the bank if they will sell it to me for that price and the process will unfold. I am not sure if it is doable and which department from the bank i would have to contact?
Thanks

Well you have couple options:
Private money lender
Hard money lendey
Partner up
If it is not a reo ask the seller for owner financing or may be a wrap around, also you can try a lease option to purchase at a later time

is there any methods i can use not to have to be qualified for a new loan nor the 20% that i retain the property. I think by reading some of the comments, the best exist strategy is to short sale, perhaps i can make some cash but i am wondering any other method than loan mod or sub2 that can allow me to keep it.
Thanks

I am trying anything i can to keep for myself but if it is not possible, i might as well short sale and get myself and the owner some cash. The owner wants nothing but 20K. i dont know, should i give him his doc back or what.

Thank you Jon, Yes it is true. I am kinda falled in love with the property.
Do you think it is worth it to tell the owner that i am going to listed on MLS with an agent?

I am working with a homeowner that missed 6 payments for a total of $18k. The mortgage is around 365K and the home also worth in the same ballpark. The home is in a great neighborwood, I would like to keep the property for myself. I dont want to short sale because i wont be able to find the down payment to buy it . The owner absolutly wants to be out, but it wants 20k. he gave all the docs and stuff .I was thinking about a subject to then try to do a loan modification but want to know if is the only way to do it. or any other ideas please