All Forum Posts by: Lee V

Hey Jeff, can you pass those lenders info to me?

And in regards to HML, im new to this whole thing but I see it as an excellent way to get funds.

12-15% is not the problem if you got a good deal. Your exit plans should be short term when borrowing HML. The main thing with HML is the points upfront. My lender charge 5 points which is a lot if you dont have a good deal on hand.

Hi Mitsu

Exactly my point.Hardship isnt that hard to prove. I mean she has a recent divorce so I guess that could count for hardship. Either way, I dont really care what she wants to do after she leave this house, Im interested in getting my hands on this house prior to putting it in the market and having competition.

Im not getting what you are saying? Commitment and Sincerity? She can no longer afford her home, buying and moving to new home with her new husband.

She is going to probably let this home go into foreclosure or listing it as a short sale with a realtor. Im just saying is there an opportunity to get in, prior to listing it with a realtor, so i can purchase it as a short sale from her. ? Thanks for the reply.

I forgot to mention in my first post that she wants to buy another home, but not on her own. She is planning to buy with her new husband. I'll get the specific about her loan as soon as she feels comfortable with it. I know she is attached to that house. Thanks for all the help, and Nick, I'll definitely contact you if we get this thing rolling.

Another questions, can you get HML to buy a property that is not listed yet? How about a conventional mortgage?

Hi Ryan

Can you shine some light on how an investor can start negoiating with the bank to purchase a house from a owner in distress at current market value ? Is a realtor needed?

One of my employees told me today that her mom is planning to let her house go into foreclosure. She states that her mom wants to buy another home before starting to miss payments.

Now, I see this as an opportunity. HOw could I go about initiating talks with her lender about purchasing this home as a short sale? Do I have go throught a realtor ? I know that there is an authorization form that the homeowner can sign and allow me to start discussion with the lender, but how do I purchase this without a realtor?

------UPDATE----------

So after not willing to budge from my price of 62k, the seller called and we "verbally" agreed to 62k. She sent over their REO ademdum and so on... I signed all the paper work, sent it to her and continued on with my home inspection, hoping to closed in 14 days.

Well we got a call from the seller and she was all upset. She for some reason didnt read the offer carefully and didnt see that i was using a Hard Money Loan. She told the asset manager that this was an ALL cash offer, now it seems like they want to back out of the deal.
They wont sign their part of the purchase agreement, even thought they sent the contract over, stating that on Feb 4, a verbal agreement was made between me and the seller and I had 10 days to do my inspection. I signed everything, sent it over. They even had the pre-approval letter from my HML along with my original offer. Now my realtor can get a hold of them and we get no response??? (been 2 days)

Do we have an agreement or not???? They dont have my earnest deposit but is there something I can do to them if they back out?

Yea...worked in this pizza joint for 8 years from senior year in highschool throught my Master in college and became great friend with the owner. He said one day.... Lee you would be great running a shop, so I did. Love it! but man.... hard work.

Trying to buy as much rentals as possible also. Working on my first one right now....

I graduated with my Master in Social Work/Counseling.... decided not to do that.

I opened a pizza shop... and now trying to get part time into real estate investing.

working on my real estate license also.

wierd...i know....

Okay, i know we talked alot about Hard money, and how to go about getting out of hard money, but can you get a Heloc or equity line of credit to pay off the HML?

I take it that the HML will be on the title and there will be some sort of record showing that you owe a certain amount to that lender.

Does a bank take into account the money you owe to the HML if you want to get an Heloc off of that property?