All Forum Posts by: Account Closed

Bad roof will more than likely kill a deal if someone goes out to look at it. Appraisal just talking about an aged roof is difficult to get around. Depending on the bank you might have a leg up as an owner occupant.

Don't wait for it to "hit the market" if your heart is set on this. Contact the REO department, get the listing agent's information and send the contract directly to the listing agent using them as the buyer's agent. You also might want to try to get in touch with the asset manager directly and send the offer to them. It can be done, but it is a lot of work. My expectation is that this house needs enough work that they aren't interested in dealing with a loan.

Uphill battle...good luck.

Currently have 2 appraisals (one when i purchased the property) showing a 140k+ value. Buyer has a contract at 140k with heavy seller concessions. The first appraisal came back with a 145k value. Because the property is a flip and within the first 90 day window the lender required a 2nd appraisal. The 2nd appraisal came back (on the day of closing no less) at 125k.

Now normally, i wouldn't be so annoyed. But this house is a 2100 sqft 4/2 in move in shape. A house 7 doors down, in same quality/age/shape but only 1600 sqft sold less than 90 days ago for 133,500. What kills me is the entire appraisal looks like he was trying for a low value.

What are my options besides lowering the sales price 15k. The buyer has no extra funds to pull from. Lender wants to dispute the appraisal (which is fine), but i'm thinking i need other options.....helllllpppppp!!!! :)

The right answer is more than likely what Jon said above...however ponder the following.

How likely is it for this person to actually pay to take you to court?

What is the actual possible loss in dollars you might have to pay if everything is deemed your fault and you have to correct it.

What is the cost of hiring a lawyer at this point, and what if any value does he even provide pre-lawsuit.

So with that said, I usually subscribe to mindset of letting the car wreck happen and then I start calling the tow truck.

You can put math to work if you can answer the above questions. If in theory it is a 5,000 dollar risk, with a 10% chance of it actually going to trial and you losing your only looking at a 500 dollar cost here. If the lawyer costs 500 to talk to him now and he may only help you offset the above risk 50% of the time than the cost of the lawyer isn't in theory worth doing yet.

If you however just need to sleep at night, the lawyer may be the cure for what ails ya.

Thanks for the humor.

Why not just buy the property direct from the mother and use a mobile notary to close it. If she signed a new POA she is obviously somewhat on board with the situation. She can pay the son and whoever else on the hud and net zero if she wants.

In regards to paypal, file a dispute within the paypal system and also with your credit card company. I use to be part of power seller elite (3 million+ in gross sales a year) The paypal system favors the buyer and will lock up the funds quickly.

BTW if he isn't a lawyer or realtor taking 20% of the deal i'm pretty sure is a third degree felony (practicing real estate without a license) Least in florida it would be. If he has a bar license there should be a hotline to call to file a complaint and a fund to handle any judgements against him.

I'm missing something, why did this become so difficult though. Seems seller didn't want to sell, just wanted your 2k.

it's common to charge a storage fee, or transaction fee on top of whatever commission is earned. I wouldn't join a brokerage as an agent if i had other options, nor would i ever pay that to an agent if i was using one. That said, is what it is if you want to use that agent in the future. Should of been disclosed though at the time of writing a contract or sooner.

Depends on the bank if you will run into a problem with their addendums.

Little confused...

You want a realtor to do a listing agreement and process the short sale, or do you just want a listing agreement and you want to deal with the bank on behalf of the seller.

I'm a bad realtor, but a decent investor. Have MLS access in the lakeland area and can value a property fairly well if it isn't old/different.

For me i can't handle the 90 day seasoning plus the 30 days for the lender. Our rehabs take a week or less usually and we are typically under contract in 45 days.

I use to have a FHA lender that could close on the 91st day but our last deal took 160+ days total to close and I lost my desire to walk that path again, least for now. Too much cash laying around lately it seems with buy/hold landlords.

Sorry, I should of said out of the last 30 deals we might of accepted 2 FHA offers...My experience doesn't reflect how to close an FHA loan. I typically avoid them at all costs do to the time line on my deals.