All Forum Posts by: Sean Brooks

@David Battle 

 A realtor will assist in running comps if you plan on purchasing traditionally and especially if you build a relationship to then place your properties on the market to sell for top dollar.

A realtor is your real estate expert, we knowledge about the markets.

Some of these sites used are still not pulling accurate data so the best place to receive the information is the realtor..

Check states with no income tax. The reason why I say these states, they have great job growth and that relates and impacts housing.

@Brian Ortins 

 Correct you can market the property and list in the mls but the buyer can not purchase until you've owned the property for 90 days, on the 91 day the contract can be signed.

This is a federal law which means all mortgage companies must follow the same rule.

@Greg H. 

It's a good idea to contact the mortgage company but before the government decided to create the waiver this was the standard. So their going back to the rule of making investors wait 90 days - or 91 because the contract can be signed after 11:59

The Federal Housing Administration's (FHA) Office of Single Family Housing announced that the temporary waiver of FHA’s regulation that prohibits the use of FHA financing to purchase single family properties that are being resold within 90 days of the previous acquisition, expires on December 31, 2014.

The waiver applies to all sales contracts executed on or after February 1, 2010, until 11:59 PM, December 31, 2014.FHA deems a sales contract to be executed when all parties to the contract have signed the contract, and the contract is enforceable under the law of the state the property is located. Mortgages that are made on properties in which sales contracts have been executed after11:59 PM, December 31, 2014, are not eligible for a waiver of the regulation prohibiting property flipping. FHA will not extend the waiver beyond December 31, 2014.

Section 203.37a(c) lists the sales transactions exempt from this rule.The exempt transactions include sales by HUD of real estate-owned (REO) properties under HUD's regulations in 24 CFR part 291, sales by other federal agencies of REO properties, sales of properties by nonprofit organizations that have been approved to purchase and resell HUD REO properties, sales by state- and federally-chartered financial institutions and government sponsored enterprises (GSEs), and, upon announcement by HUD through issuance of a notice, sales of properties in areas designated by the President as federal disaster areas. The regulation, including its exemptions, is still in effect.

So if you're going to flip a property, you can cannot sell it until you've owned it for 90 days and on day 91 you can sell it.

@Simon W. 

Over the last few the real estate industry has suffered from various issues. In some states, they've identified property management as an area that needs to be managed by a licensed individuals. The good thing about is that you have a person that understands the laws. If I was you I would go through the process of receiving a license or pay a profession it cost normal 8 % to 10 % of the monthly leasing.

Welcome @Michael Graham 

to BP this is the best real estate investing website out here.

Also, welcome to Delaware it's a great place to be. If you need any assistance I'm a local investor and Realtor in the area. I can share with you several different areas to invest and what changes are happening that will help. School information is the reason why people move to Delaware - Middletown has the best school system in the state. You can find that information on my site www.seanwbrooks.com

@Marc Borian   I'm a local investor and Realtor in Bear Delaware. If I can be of any assistance let me know. I have access to cash buyers and fully knowledgeable about the entire New Castle County, Kent County, and Sussex but I'm not in that area too much.

If anyone wants to invest in Delaware I can share with you what areas are profitable.

Middletown has the best school system which is good for reselling. You can check the school systems on my site www.seanwbrooks.com

If you need help in the Philadelphia market, I can assist there too.

Abraham,

You also need to know this just because they receive the letter of default does not mean that they can't pay the mortgage. It just means they stopped paying.

Example I know a person with at least 60k in reserve. He stopped paying on the mortgage and he applied for a short sale. The bank rejected because it's no risk involved. He has the money to continuing paying the mortgage. Most short sales that I'm aware of go on the MLS because the bank wants to receive offers. The bank is OK with losing money but they will not sell a house worth $500k for 50k

Now I've never done a short sale as a Realtor but I work with a lot that have. Just make sure you don't focus all your attention on this transaction because you could be missing another good deal. You might want to hire an agent --- we do not get paid from the buyer but the seller pays the fee.

Abraham

That's strange because a short sale is normally controlled by the bank (they hire a realtor) and they want as many eyes to see the property because their already taking a lost. They also want to prevent the deals with relatives and friends agreeing to do a straw purchase and then sell the property back to the original owner for less money.

Here's some information on short sales it can be a lengthy process and you have to be prepared. The bank can take forever before they even respond to the request of a short sale. 

I'm not sure why it's called a short sale when it can take a year or more sometimes to close the deal.  Each bank is different too!

http://homebuying.about.com/od/shortsale/qt/Short-...

An agent responsibility is to present all offers. He or she can suggest that the offer is too low or too high but if the client wants to write the offer - their job is to present it.

Most properties do not receive the full list price - at the end of the day the market dictates the price of the property.

If an agent will not submit the offer - you as the client can request in writing that they no longer represent you - you can contact the office where they work and speak to the Broker.