All Forum Posts by: Mark Cohen

I am sure you know that short sales can take a long time, so if you are going to lock up earnest money think about a clause in the contract (90 days) which will limit how long your money is locked up.

Quick fridge question to throw out there.

I have around 2 weeks until closing on a short sale, and the real estate agent just informed me that her clients fridge broke. Yes it was part of the contract, but she has no money to replace it. My suggestion of substituting it with the washing machine which was not included in the sale was nixed that the seller needs it and "this is just part of short sale downsides." 

Is there any other way to negotiate over here or should I just take the loss and go to closing?

Thanks! (as always I really appreciate everyone and the time you all take to answer!)

Quick fridge question to throw out there.

I have around 2 weeks until closing on a short sale, and the real estate agent just informed me that her clients fridge broke. Yes it was part of the contract, but she has no money to replace it. My suggestion of substituting it with the washing machine which was not included in the sale was nixed that the seller needs it and "this is just part of short sale downsides." 

Is there any other way to negotiate over here or should I just take the loss and go to closing?

Thanks! (as always I really appreciate everyone and the time you all take to answer!)

 The ones I have tried all required income verification.

 Just wanted to get a feel for the norms before I negotiate.

Thanks

 Still learning the lingo, I am not pulling out then at all, I purchased the first property for 40k no mortgage and it is still that way a year later. (worth around 65k in my books though not sure how much the lender cares about that) and I just want to borrow 25k against it.  

I think you are right though in that I am overcomplicating it by throwing in the original property and I should just deal with the 2 I am purchasing.

Thanks for the feedback

 Numbers are I am pulling out 25k from refi to complete purchases of 2 40k properties. I have the rest of the money (around 65k) available.

He is doing it no doc. and giving 10% and from where I have looked that hasn't been an option.

I still have a month till the closings so I do have time to keep looking.

Thanks for your input!

Hi everyone, 

I am refi cashing out 1 property to purchase another 2. I don't qualify for a mortgage yet so after much searching I found a private lender via craigslist who would give me what I think is a decent rate. Anyways, I am putting up most of the money without him (through different strategies), and now he is saying he wants a first position on ALL the properties, the one being refied and the ones I am purchasing.  Just asking bec. this is my first time doing this if that is a normal request or if I should tell him only on the one I am cashing out of?

Thanks in advance!

It was a pretty specific list. House style, years of ownership, purchase price all being factors. I actually just got my 4th call today, about to call him back. 

Around 2 weeks ago I did my first mailing to absentee owners. I was very specific in my criteria and only sent to 100 owners (will do more in coming weeks) I am a real estate agent and was not seeing anything good on mls (shocker) and I am actually looking to buy for myself as rental properties, so I figured I could give decent offers.  

Well so far 3 callers, none especially motivated, all looking for considerably more than I would be willing to offer. I had casual, pleasant,15 min. conversations with each of them, all resulting in that they should list w/an agent. (I do mention at that point that I am also an agent, and while thats is not the intentions of my marketing I would be more than happy to help them sell)

I know its a small sample size, but these sellers all thought they could be patient and get more in this current market.

I am just wondering, as a first time marketer to absentees, is it typical that most responses are non motivated looking for top dollar (aka agents) do the motivated sellers only surface after multiple mailings?