All Forum Posts by: Jason Kramer

thanks for the response. Looks like the trustee is forcing the sale. 

this is what i got in an email today from my agent. 

"

Your offer has been accepted by the Trustee assigned to this property. Please notify your buyer that final approval must be obtained from the court and the loan servicer prior to closing this transaction. The asset manager on this file will notify you upon receipt of these approvals.

"

i do not know if the bank valuation has been done or not.

This is my first short sale and there is a lot of information regarding short sales on bigger pockets and lot of other sites but i am even more confused after reading the articles and trying to compare what stage of the short sale process i am in.

I submitted an offer on Short sale through my agent.  after 2 weeks  of going back and forth the chapter 7 trustee signed the purchase agreement. now My agent says  it is in the short sale investor approval stage. and it is a waiting game till the Bankruptcy court approves the short sale.

almost all the articles i read says it takes months for the bank to approve the offer , in one of the  email communications  the sellers agent  that  "the trustee is recommanding the bank to accept the offer" and we should get the response in a day or two. 

couple days later , the Trustee signed the purchase contract.  does this mean the Bank approved the short sale ?  

can any one help me understand what a "short sale investor approval" is . The sellers agent said it can take upto 120 days.   is it really going to take that long or 120 days is the max time line? 

also  are short sale investor approval and Bankruptcy court approving the short sale the same ?

TIA

thank you. @Lora.

I am a land lord, and i manage my properties. i use tenant cloud for tracking my income and expenses for individual properties.  i cannot save a transaction without selecting a property if i have to add an expense.  which is ok if the expense is related to any particular property. 

is it possible to add expenses in tenantcloud without selecting a property. like general expences where the expenses is not related to any particular property. for example state filing fee or mail box charge etc which applies for the company as a whole and not to any particular property.   

Thanks.

I used a credit union to finance a rental property . I bought the property on my Llc . So it’s a commercial loan . I felt it is easy and fast to deal with local banks/credit unions than the big banks .

i was driving around the town doing nothing on my day off. Heard one of those ads on radio"do you want to filp houses with no money down, be part of our team bla blah attend our free 2 hr seminar" .

attended that 2 hr seminar/sales pitch for fortune builders . i was so impressed by their marketing , i signed up to their 3 day seminar ($200) thinking i would learning anything and everything about RE investing and start flipping houses from day 4. 

they want me to shellout 30k and join their mastry program .  instead i used that 30k to  make downpayment on a rental property. 

this was 1.5 years back. now i own 6 rental properties.  either way that 3day/sales event helped me make a decision that flipping or wholesaling is not my cup of tea and decided to start buying rental properties .    

while researching about fortune builders i ran into biggerpockets . which is by for the best source of information you can find on RE investing.  

My tenant wants to put a storage shed in the backyard. The tenant is paying for it. I do not see any problem with it . Can I say yes ? Am I missing something? I am planning to call my insurance and see what they say? Anyone had similar situation? Please advise. Thanks in advance

Thanks Tim

My Property Manager collected the rents but she did not pay me. so I terminated the property management contract. Now she owe me the rents and security deposits .she is not answering my phone calls, texts or emails . She also lied to me about her broker. she has been operating property management company without a broker. I filed a complaint against her in DBPR .  I want to sue her for the money she owe me and I also want to file criminal charges against her for stealing my money.  Anybody know any good Attorneys good at Landlord rights ? 

also appreciate any suggestions on how to get my money back with out going to court.

Brian Sealy of sealy team , Benchmark property management are good