All Forum Posts by: Jim S
Jim S has started 17 posts and replied 243 times.
Post: New stipulation on Countrywide Approval
- Real Estate Investor
- Virginia, DC &, MD
- Posts 261
- Votes 71
We just put our final offer in on a short sale and there was not any holding time stipulations. I wonder if its just a CW thing?
Post: Realtor gets snippy, thinks my offers are too low !
- Real Estate Investor
- Virginia, DC &, MD
- Posts 261
- Votes 71
Originally posted by Tray B:
I get the impression some of you don't realize the amount of time and effort that goes into making a offer. You need to check into it before you run off at the mouth. It takes alot of work to submit an offer that covers all the bases and protects the buyer. If you think its so easy, go get your license and make your own offers. Otherwise, pick a good agent/broker and explain your situation and/or goals and work together as a team to make both of you money. You will save yourself and the agent alot of wasted time and energy if you do this.
Even if it wasted 2 hours of her time for a $5,000 commission- I'd say that is a pretty good return. I don't know about you but $2,500 per hour is nothing to complain about.
No matter what business it is there is always wasted time. It's a normal part of doing business.
Post: Question about REOs
- Real Estate Investor
- Virginia, DC &, MD
- Posts 261
- Votes 71
Originally posted by Phil *:
With an above average credit score and some serious down payment- most lenders are very interested.
Post: Question about REOs
- Real Estate Investor
- Virginia, DC &, MD
- Posts 261
- Votes 71
Originally posted by Heather Pelletier:
That's what I assumed. I didn't know if the bank that owns the property would be more generous with financing because they want to get rid of it.
Heather
Where the bank becomes more generous is when the property sits on the market for 90+ days. After 90-120 days they usually send it to an auction company. If it comes back unsold- that's your time to score a good deal.
Post: Multiple mortgages
- Real Estate Investor
- Virginia, DC &, MD
- Posts 261
- Votes 71
Fannie Mae will only allow you to have a total of 4 properties including your primary residence in your name. If you have a partner on the title then it counts as one property for each of you.
You will find most mortgage lenders will follow this rule as it makes the mortgage easier to sell off.
Post: Constant Contact vs Get Response
- Real Estate Investor
- Virginia, DC &, MD
- Posts 261
- Votes 71
I use Constant Contact and have been happy with it and its ease of use. All your work stays on their server. You can try it free for 60 days. We send out email blasts 1-2 times per month to over 25,000 people. I have found their templates very easy to use and change.
Post: Property Foreclosed, me booted & want to file in small claims, please advise
- Real Estate Investor
- Virginia, DC &, MD
- Posts 261
- Votes 71
Sounds like there is nothing to claim in court but the hassle of moving.
You probably will end up chalking it up to one of the risks of renting from a private party.
As my lawyer always reminds me... "It costs a lot to be right".
Post: EMD for REO's
- Real Estate Investor
- Virginia, DC &, MD
- Posts 261
- Votes 71
One great strategy is to check DOM and see which properties are languishing on the market for extended periods of time. These are the properties that the banks are the most motivated to get rid of at a bigger discount.
Post: Management company
- Real Estate Investor
- Virginia, DC &, MD
- Posts 261
- Votes 71
Locally I've encountered 8-10% plus you pay all the expenses.
Post: Flip this House
- Real Estate Investor
- Virginia, DC &, MD
- Posts 261
- Votes 71
Originally posted by Derek W:
Other than that its very believable. LOL