All Forum Posts by: Cornell M. Dayne

I'm sure a ton of books could be written on the subject, but the only problem is that none of the books that I've read have this stuff in them. Thanks for the advice on fraud. As an appraiser I take it extremely seriously. No problems with that.

JB

I've noticed, as an appraiser, that a lot of people in the DC metropolitan area are severely upside down in their houses. For example, I once appraised a house where the owner had refinanced in 2005 in to a neg am loan. Needless to say that by the time he the time came back around to refinance the home this year the home value had fallen and the mortgage had ballooned. He owed 415K but the FMV was right at or around 310K? Is this an advatage to a short sale investor or should we steer clear of these?

Hi guys!

I'm a little new to the game, and just trying to figure out the ins and outs of the process before fully committing myself.

I just wanna know exactly how one goes about getting paid for a short sale. I've read that an assignment clause is one way but I've also read, according to Thomas Lucier, that 99% of the time the lender won't accept them. I'm also aware of double closings/settlements but I'm wondering if closing costs will have to be paid twice and if you guys who've done it even see that as a problem?

On the flipside I've contacted a real estate expert named Judson Voss who told me that some banks don't like properties to be wholesaled at all so they won't allow anything except a realtor commission. He went on to say that others are ok with it being called a marketing fee, which is what he normally uses. He said that in general I should ask the bank and if the end buyer is getting financing I should ask their mortgage broker how it needs to read on the hud.

With all of that said , what do you guys typically do in order to wholesale your short sales and get paid at closing? Please include the details, if you can, of the hud-1 for the short sale package (how it reads) and the purchase contract (assignment clause or other). Any and all advice is greatly appreciated.

JB

Hi guys!

I'm a little new to the game, and just trying to figure out the ins and outs of the process before fully committing myself.

I just wanna know exactly how one goes about getting paid for a short sale. I've read that an assignment clause is one way but I've also read, according to Thomas Lucier, that 99% of the time the lender won't accept them. I'm also aware of double closings/settlements but I'm wondering if closing costs will have to be paid twice and if you guys who've done it even see that as a problem?

On the flipside I've contacted a real estate expert named Judson Voss who told me that some banks don't like properties to be wholesaled at all so they won't allow anything except a realtor commission. He went on to say that others are ok with it being called a marketing fee, which is what he normally uses. He said that in general I should ask the bank and if the end buyer is getting financing I should ask their mortgage broker how it needs to read on the hud.

With all of that said , what do you guys typically do in order to wholesale your short sales and get paid at closing? Please include the details, if you can, of the hud-1 for the short sale package (how it reads) and the purchase contract (assignment clause or other). Any and all advice is greatly appreciated.

JB

Hi guys!

I'm a little new to the game, and just trying to figure out the ins and outs of the process before fully committing myself.

I just wanna know exactly how one goes about getting paid for a short sale. I've read that an assignment clause is one way but I've also read, according to Thomas Lucier, that 99% of the time the lender won't accept them. I'm also aware of double closings/settlements but I'm wondering if closing costs will have to be paid twice and if you guys who've done it even see that as a problem?

On the flipside I've contacted a real estate expert named Judson Voss who told me that some banks don't like properties to be wholesaled at all so they won't allow anything except a realtor commission. He went on to say that others are ok with it being called a marketing fee, which is what he normally uses. He said that in general I should ask the bank and if the end buyer is getting financing I should ask their mortgage broker how it needs to read on the hud.

With all of that said , what do you guys typically do in order to wholesale your short sales and get paid at closing? Please include the details, if you can, of the hud-1 for the short sale package (how it reads) and the purchase contract (assignment clause or other). Any and all advice is greatly appreciated.

JB

Hi ya!

I'm a Virginia native now residing in the DC Metropolitan Area. I stumbled upon the website by virtue of the credit crunch and its impact on my business as a rea real estate appraiser.

Although I correctly predicted todays current affairs, I was unable to see myself in the portrait. (I must have ducked down when the photo was snapped!) Myself and some other guys are on here trying to learn about possible investment strategies. Any and all communication is welcomed. Cheers!

c.