All Forum Posts by: Julia Deck-Russell

Update/status ? 

Dan Orner may be able to help you in Butler or give a good recommendation. 

Ben Bauer in Cincinnati.  /Hamilton Co.  

I’m curious on two levels- 

1) just to see how this process goes and turns out

2) we could maybe buy your interest now if you want out

Chad - how is this process going ? 

also, I've been reading https://portal.hud.gov/hudportal/documents/huddoc?...

It states 87%. I'm confused why everyone keeps sharing different percentages Of appraisal that FHA will accept on the short sale?

I don't know what their timeline is for tiers nor if NET to them includes commission to agents? Or they will pay agent out of net proceeds? 

And what's a good reason for a variance ? 

Brett - THANKS for responding and I want to know more please - 

what is the timeline to drop into the lower tiers?

And I'm not familiar with a variance (how do I submit?)  What should I cite?

I was told 82% NET after 90 days on market from time of appraisal. Is that incorrect then?  

please advise.  Details very much appreciated. 

And thank you both for your input and replies. Very much appreciated.  

I work on numbers only. Not emotionally attached to any property  was just wondering about if bank reply is their bottom number. The agent doesn't want to resubmit for me. 

Since I posted , I've learned that for now, that may be their bottom number. But the appraisal is only a few weeks old. After it sits on market for 90 days from appraisal date- if they don't get what they want, they will reconsider offers. FHA can accept 82% of appraisal.

While I've done several purchase, fix and flip, I haven't bought a short sale. I am currently negotiating one. I made an offer seven weeks ago. Cash, no contingencies, close immed. 

There was an offer $10k higher than me than needed financing. The bank/seller wanted them but they dropped out. Now the bank has finally responded with a "net offer acceptable to satisfy FHA" which is $3k higher than our initial offer- which wasn't a net offer. Is that their true bottom line?

The listing agent isn't a short sale agent/specialist. Very nice person who says she cannot resubmit an offer that doesn't meet the net offer counter (which was an email from the bank). She wants a HUD with a net of the banks amount they stated in email.

My title company created a HUD with the net they want on line 504. However now the agent is saying it needs to be about $7500 higher to cover commission etc.

My questions are:

Am I able and will the seller/bank consider an offer lower than the net they've stated???  (There is one other cash offer but it's $1k less than mine. ) worth trying?  CAN the agent submit (she doesn't think she can)

The appraisal is $13k higher than they are saying as net they need. 

Thank you for any experienced input!!  Julia 

You should join REIA to network and learn all you need to know to properly wholesale. It provided a wealth of info to me when I first started.

Warmly, Julia