All Forum Posts by: Michael Sessa

Hello. I have a question. I'm working on a short sale that is approved at 135K (Seller owes 400K) We found out there is a Social services lien on the property from when the seller was living in VA housing suffering from PTSD. Is it true that DSS, being a government agency, will possibly remove this lien from the property itself if we can prove that there is no equity and that the seller is getting NO proceeds from the sale? I've heard that unlike smaller independent companies who put liens on properties, social services won't be stubborn and hold up the sale. Please Advise.

@Bill Gulley Hello Bill. I have a question. I am working on a short sale where the seller owes 400K and property is appraised at 135K which the bank is accepting. 

We found out there is a social services lean on the property from when the seller was in a VA home suffering from PTSD. Is it true that, if we show DSS (since it's a government agency) that there is no equity in the property and that the seller is getting no proceeds, that they will possibly remove the lien from the property itself since they will get nothing if it forecloses anyway?

If you move their personal belongings there could be serious ramifications. So your best bet is to allow the eviction to still take place which would take care of the personal property without liability. Or you could contact the tenants and have them sign a personal property waiver. Otherwise if you cancel the evection and they refused to sign a personal property waiver , you would have to do what's called a personal property eviction (an eviction for personal property) Which is a waste of time and money especially if there's an eviction in place.

@Matthew L. They prefer to sell homes to end users believe it or not, but ultimately they will counter highest and best to all parties involved. Most times I would say the highest number wins, investor or end user.

They prefer to sell homes to end users believe it or not, but ultimately they will counter highest and best to all parties involved.  Most times I would say the highest number wins, investor or end user.

Hello, I am a Fannie Mae Broker on Long Island. The bank lists them as coming soon when they are a few weeks away from actually listing them. Normally during this period they are coming up with a list price. At this time they have already owned the property for quite some time. Unfortunately , you definitely can't make a deal with them before it's listed. It doesn't work that way. There are 100 people like you licking their lips as well; the bank wants the most they can possibly get and will allow it to be seen by everyone which is why they created homepath. Also, every homepath property has a "21 day first look period" where the bank will not entertain offers from investors. The property is only opened up to an investor if it doesn't first sell to an end user within the first 21 days. Any investor offers will be immediately rejected until day 22. Keep your eye on it. Also, if it disappears after "coming soon" that means the bank has to back track and take some additional steps before marketing it. They could be clearing title, doing repairs, etc. But they definitely didn't sell it.

I would consider moving to New York. There are tons of deals here.

Farakh Zaman I would consider moving to New York. Real Estate here is incredible.

What's going on. I live in a West Islip. Tax Assesor will give you a copy of the tax bill showing name of owner but you need to find where the owner currently resides. Send a letter to the address of the boarded up home and if they have forwarding address it will reach them. Check public records online to see if they have registered at another address. Sign up to a skip tracer , they are costly monthly but very efficient. Lastly, one of the greatest sources of information are the neighbors. Knock on their doors or send them letters that you want to buy the house across from them that's been sitting vacant for years. They will love you for wanting to bring the house back to life and give you any information they have on where he owner is.

Best way is to throw up  ads on Craigslist and Zillow for Investment properties that you may have had in the past or properties that don't really exist. Don't put an address, just a town and a description. You will get tons of investor calls. Tell them the property they called about isn't available but that you have another great deal for them. Then sell those contracts.