All Forum Posts by: Michael V.

I am just surprise that this guy has not gone to jail yet. Hopefully this thief gets what is coming to him soon.

I've read this article on the OC Register regarding an investor who would Quitclaim Deed a house with or without the actual seller deeding the property to him.

How is he getting away with this?

http://www.ocregister.com/news/hanloh-245587-court-home.html

I got a BofA approval letter on Feb 17th and Line 10 is still there.

Thank you for all the great information. I have done BofA short sale negotiation before and have seen that line item #10 regarding it too. I did not know you can do that with a title rep calling them up and not insuring if they do not remove it.

BTW Ted, do you do funding for 31 day flip too? I have 2 that will do it but always looking for better and cheaper options.

Thanks!

Thank you Scott and Bill. This is great information you guys are sharing with me. I will talk to a RE attorney regarding disclosure and writing the right language in the PA so everyone involved will know what my intent is.

I will keep everyone posted on how the deal progress.

Thank you

It really depends on the negotiator if you have built a good relationship with him/her. I had an awesome BofA negotiator that kept the file open when I found another buyer a day later which net them higher too.

But, I had another negotiator closed the file and started over too. I would carefully structure my question to ask if they will keep it open and not close the file if a buyer walks.

Good Morning Bill

I will have my LLC in the contract and have another agent representing the LLC. I will be negotiating the file of course.

I think to make is transparent, there a clause in the contract stating the LLC is a investor? Or should they just figure it out themselve when they see the LLC on the contract?

To my understanding, this will be just a normal short sale purchase since the LLC will be on title for 30 days before the flip. I believe it is very similar to buying trustee sale then flipping it right away without repairs needed which Ive done before.

Background:

One of the agents in my office just got a nice short sale listing. I plan to make an offer of 600k and market value is around 740k. I will get funding and the deal to close 31 days after I close the A-B transcaction since it is a BofA loan on the 1st and 2nd loan.

My question is do I need to have any special language in the contract to make it transparent that I will be flipping the property? Should I use the standard Realtor contract with an added addendum stating everything I need to state or option contract?

This will be my 1st time working a short sale flip.

I do have a direct lender that will work with me along with title and escrow.

Any help will be greatly appreciated.

How would go you about having an end buyer first before negotiating a short sale? Would you create a buyer's list first of rehabbers, retail buyers, and such before even considering it?

If so, would you share how you would go about it?

Michael

Ive been to one of their meetings before with my broker and man was it one huge show. They gave us their marketing material about being in Success magazine and whatever else magazine they were feature in.

I have to wonder if any of them actually do any real estate deals at all since all I hear from them is promoting the NRU. The people I talked to just promote the university just like everyone else that is new. No one I talked to ever done a transaction yet cuz they dont have the money too. Figures :roll:

Anyways, I love how they promote their business over craigslist as they are "guru" looking for students to mentor. What a load of S***