All Forum Posts by: Gabriel A.

I heard hard money lender do refis also, maybe see if any hard money lenders will do it for you

Thanks for that info @Landis Whitehurst.

I live in NOVA so its not too far, about an hour nd change drive. I'm looking in bmore because I'm not looking to spend half a million on a property. My target price is homes between 60-90k with ARV being around 160-190k.

So I found out 140k is owed on the mortgage, and she owes 40k. She said only ever receives the bill for the 40k and its assigned to a debt collector.

So as I mentioned she tried 3 years ago to do a deed in lieu, which was rejected, and about 2 months ago another interested buyer submitted a short sale offer directly to the lender and the seller hasn’t heard anything since. 

Why would the lender, who isn’t receiving payments let a property sit for 3 years and counting, deny the deed in lieu and not respond to short sale offers? What the hell are they waiting on? Why don’t they start the foreclosure process? And isn’t foreclosure more expensive for them than accepting a short sale?

Oh wow 40k assignment fee thats awesome. 

Thanks for the insight and the positive feedback @David Braut i’ll keep digging and see what comes of it And in the mean time I’ll get right back to calling my list. 

@Tom Gimer should I just reach out to a title company and have them run the title to see what all is owed? 

@Tom Gimer yea when I was searching for properties on the MLS I was shying away from short sales. I came across this property from cold calling.

Part of me wanted to just do a little due diligence to see exactly what I uncovered. The seller said she's been trying to get rid of the property for 3/4 years and sounded like she literally would sell it for nothing if she was able to.

Ok thanks @Mark Pedroza.

When she mentioned someone put in a short sale offer a month ago but she hasn't heard anything back I'm not sure I understand that.

And what exactly am I supposed to do about the title on the property that's not "clean" ?

Ok I can do that I have the company she has the loan through. I'll call and ask for the total amount she owes and the current status of the loan. 

Is there anything else I should ask them?

I'm a rookie investor and started cold calling yesterday. Found a property thats going for tax lein sale in Baltimore in the next few weeks. The lien is about $400.

I called the lady and she said she's been trying to get rid of the house since 2015. She found out it was sold to her with an unclean title, she hasn't mad any payments on it since 2015. Said she attempted to do a "deed in liue" but was denied. She said the mortgage company is going through chapter 11 bankruptcy and someone put in a short sale offer a month ago (not sure how that works) but she hasn't heard anything back. She said she has no clue whats going on with the bank.

She badly wants to sell, says the property has never been profitable for her. She said she overpaid for the property and bought it for 173k in 2008. The ARV is about 140k right now. I posted this in this forum because I'm not sure if this property is in the pre-forclosure stage or how I find out what going on with it.

I'm a new investor and I have no clue what to do. Any help and advice is welcome. 

@Ehsan Rishat thanks for the feedback regarding Listsource. The data I'm collecting is very useful and I have VAs doing all the tedious work. I just need a way to filter for my preference.

If Listsource is very efficient I guess I can pull data from them filtering out for my price preferences and the compare it against my data. Thank you.