All Forum Posts by: Account Closed

Fannie more than likely won't discount the property at the sheriff's sale. Fannie will however honor any lease that's put in place and more than likely put the house up for sale during the same time (with you still in it). They of course do offer tenants the ability to buy it at list price first though.

Least thats what they do in my area. Or of course offer cash for keys and give you a few weeks to vacate.

You might want to try a homepath loan, being it's a fannie property it might be a little easier than a typical loan.....no idea though how the bankruptcy plays into that.

We list for fannie in florida...and it DRIVES ME CRAZY tenants act like this is news to them the day i knock on their door.

Can someone please explain to me (I prefer with small words) why california landlords would consider a 1% or 1.2% deal and in florida we can't seem to convince people to move forward when the deal is north of 2.5%

We missed a step, does he have an accepted offer yet?

Throw out an offer, use the bank addendums (their counter offer even if they accept your price) and inspection period. THEN document every nickel and dime you plan to spend. Even if you offer the 75k, they accept it and then you dump the contract, at least then you know what to resubmit at when you get your ducks in a row.

Granted, this is a great learning experience, but it's almost like a 8th grade writing assignment I had about what I'd do if if i won the lottery.

I'm not a short sale guy and I'm pretty sure the above is why. Worse than dating...

When I look at REOs, if i can't get a bank to give me the price i want i simply move on. Do you guys treat short sales different?

So many fish in the sea, if she isn't putting out, move on.. I'm sure if you fight this out for 3-6 more months you can grind off 10-15k, but it would seem to me that you would need this at like 120k or less?

zabasearch.com is what my budget liked the best :)

I can't think of a bank that stops a double closing outright. All have work arounds depending on the case.

Worst is I guess fannie that causes a 90 day deed restriction for profits over i think 20%...for a wholesaler though 20 points is fine i'd think?

Just read your bank addendums really closely once you get an accepted offer.

Put an offer in at 75k telling them you will give an escrow deposit on acceptance.

I don't know which seller you have, nor your market but if they are accepting 60 cents on the dollar up there, i'd love to place a few bets.

Having a crappy monday, so sorry if i'm taking it out on you.

Got a weird situation, not sure where to go with it. I would of thought a local bank can handle this, but they keep looking at me like i'm crazy.

I've got a client who has maybe 400k liquid cash and another 300k in property (all paid off) credit score is maybe in the mid to upper 700s. Has another business thats profitable, but I'm not sure what his taxes look like for the last 2 years.

He needs to fund about 30 houses at a time. Typical situation is a 100k appraised home at roughly 65k purchase price. Typical loan would be paid off in 120 days or less. We have done a few dozen of these deals already, so he is seasoned.

Hard money rates aren't a huge concern, but paying heavy closing costs or points would be hard to justify.

Help :)

Why not just fire your realtor and submit a higher offer with someone else. Blame it on their silly advice.

As for appraisal contingency, he doesn't need it really with it being a financed offer. Just makes sure to use the financing contingency and it covers all sorts of other stuff within.

May want to check the clerk of the court to see what they owe, it might give you a better grasp on what is going on in their head.

Run your numbers and be realistic.

In my situation, paying points is REALLY expensive but the rate doesn't bother me so much as I'm out of my flips typically in 100 days.

With 1 point/12% i'd be all over that. That said, if i was going to take a year to do something i'd be a little more nervous at 12% and the points wouldn't bother me as much.

The best advice I ever received from anyone is the following.

Let the math tell you what to do. Your job is to simply figure out the correct #s to feed your calculator.