All Forum Posts by: Jawad S.

Hello Everyone,

As you all may know, the 30 year fixed has pretty much sky rocketed to 4.75% or so.

Does anyone know if this will cause prices to drop, continue to increase, but at a slower pace, or flat line?

I know that the higher the rate the lower the buying power and the more expensive the mortgage etc etc.

Thank You!

That's right Jackie. We always try to get the banks to do an internal BPO. It seems like the listing agents and "drive-by" BPO agents are depending on each other for a fair price when neither of them know what the hell they are doing.

BTW, drive by BPOs should be tossed out of the picture. It is just b*llsh*t.

Thank you Joel. I know that it is subject to bank approval. I figure that the bank thinks that the realtor on the listing side did their due diligence and listed the property at a fair price (which in most cases the realtors do not list their properties at a fair price) which in turn effects every buyer that offers significantly lower than the listing price when it comes to the banks approval.

We have gotten approvals from banks that are ridiculously high when compared to comps.

Our most recent ridiculous approval came in at $330k when the property was listed at $334k. Comps that were in wayyyyyy better condition sold for $330k. I figure that the agent just went ahead and listed it at $334k because she wanted more commission or simply did not know how to estimate how much her listing was worth. And in turn the banks came back with a $330k approval.

Hello Everyone,

I wanted to know how much the listing price matters on a short sale? I try to buy short sales for cheap and flip them.

Will I have a better chance at buying a property I want for $300k if the list price was at $330k instead of $400k? Or does the list price have ZERO significance?????

Thank YOU!

Thank you gentlemen! I'll give everything you guys listed a shot. Hopefully I can see if there's a way around the fees that Santa Clara County charges for each NOD. I'll check out foreclosure radar dot com as well!

How can I find free/cheap Pre-foreclosure lists with the owner(s) contact number?

-Thank You!

LOL! thank you for your time and information gentlemen!

I am an investor that wants to send out letters to homeowners with NOD's. I am not a licensed real estate agent (license expired years back). Is that illegal?

Thank you!

I should've asked a more detailed question. What I meant to really ask was "After a BPO has been done on a short sale after there was an offer, sometimes banks choose to do another BPO. Is it because they feel like the first BPO priced the property too low?" I'm fairly new to this (I'm an investor looking to buy and flip short sales and attempting to buy properties at about 80% and reselling them at 100%).

Another question: I heard that most banks have restrictions about reselling a property after new ownership. As if you are not allowed to flip the property within the first 30-90 days. Is this true? if so are there any ways around it?

Thank You!

In which case(s) does multiple BPO's get done in a short sale?