All Forum Posts by: Brett Goldsmith

Call them or door knock once that's appropriate again. Come from a place of wanting to help them find solutions. Most distressed homeowners want to talk about keeping, getting more time, or money. Many times you need to be there for them while they go through the motions of trying to keep. If they can't keep, most will eventually sell.

That doesn't change anything about the transaction without context besides the fact that the borrower is in distress. Go for it if you like the home and everything else checks out. 

Happy to help if you come across anything and want a 2nd opinion on the investment. Feel free to PM me if you want me to introduce you to a bank that I typically use when I get financing.

Welcome. Here to help if you ever have questions regarding distressed  homeowner solutions, distressed asset resolutions, or anything RE investment related. 

If you're purchasing it, it seems wise to have people handling the transaction for you if it's a short sale. It's not going to be any additional funds out of your pocket and you will have people doing the work for you, supporting you, and hopefully watching your back!

@randy, I sent you a PM. Do you own any other properties? You should be looking into if you qualify for insolvency. If you own other homes though with equity or have a lot of assets, you should consult with a CPA about what sort of tax liabilities you may have. Happy to recommend you my CPA if you have concerns. I can send you the IRS link to insolvency too so you can review if you feel you may qualify. 

In LA, you typically need a larger down payment to make the deal work or you need to find truly a great deal that you can subject-to or walk into with substantial equity. This is why many people look in the IE or other cities opposed to the city or more expensive area's.

Servicer typically pays the back due property taxes. Probate fee's likely won't get paid by the servicer. Some family members like to try to purchase the property as a short sale so it's worth them to go through probate. Others who have insolvent estates may just walk away. Really depends on goals. Happy to help you, send me a message anytime. 

Depends what the 1st thinks the home is worth. Sounds like potentially after closing costs an offer at 160k almost shorts the 1st. You may want to submit a lower offer and see if the 1st allows a short sale so you can potentially contribute money to the 2nd since it sounds like they may want more than what is being offered to them at an offer of 160k?
Structuring the deal depends on time frames and everyone goals. If the home is in foreclosure with a sale date that will pop back up after the moratorium is lifted it may be risky to attempt a short on the 1st.

Does SLS not think it's a short sale. is that why it's a pain? You'd need to do a new review with the 2nd lien and get it reapproved. Obviously it's in the sellers best interest to avoid a short sale with the 1st lien if possible.