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All Forum Posts by: Sean Dougherty

Sean Dougherty has started 53 posts and replied 96 times.

Post: SHORT SALE SPECIALIST vs REALESTATE AGENT

Sean DoughertyPosted
  • hilo, hi
  • Posts 98
  • Votes 6

My agent is experienced in shortsales and has helped me tie up multiple shortsale deals. But numerous have also fallen through. What are the benefits and differences of involving a specialist?

Post: Disputing a BPO and negotiation with private investor

Sean DoughertyPosted
  • hilo, hi
  • Posts 98
  • Votes 6

Hi all.

I've had this deal under contract since Dec 8th 2020. Lender had BPO done February and came in astronomically high. BPO is 480k on a home that is not worth more than 300k. The realtor who did the BPO is not even from the area and gave inaccurate comps. Very difficult to comp as it is a run down house in a upscale area. Home also has many issues with unpermitted additions that have been red flagged by county building dept.

My agent has disputed the value, giving our own comps and details. That was over a month ago.

Other that value dispute on the BPO is there anything else I can do?

I am 100% sure an actual appraisal will come in at a more reasonable price. Note holder is a private investor so an appraisal is not the norm. Can I request an appraisal? If I ordered my own appraisal would it be accepted by investor?

My RE agent has helped me on multiple shortsales, but I have the feeling he may not be doing everything he can. If I paid a shortsale specialist what could they possibly provide in this deal?

Thanks all.

Post: Inacurate BPO and negotiation with hedge fund

Sean DoughertyPosted
  • hilo, hi
  • Posts 98
  • Votes 6

Hi all.

I've had this deal under contract since Dec 8th 2020. Lender had BPO done February and came in astronomically high. BPO is 480k on a home that is not worth more than 300k. The realtor who did the BPO is not even from the area and gave inaccurate comps. Very difficult to comp as it is a run down house in a upscale area. Home also has many issues with unpermitted additions that have been red flagged by county building dept.  

My agent has disputed the value, giving our own comps and details. That was over a month ago. 

Other that value dispute on the BPO is there anything else I can do?

I am 100% sure an actual appraisal will come in at a more reasonable price. Note holder is a private investor so an appraisal is not the norm. Can I request an appraisal?  If I ordered my own appraisal would it be accepted by investor?

My  RE agent has helped me on multiple shortsales, but I have the feeling he may not be doing everything he can. If I paid a shortsale specialist what could they possibly provide in this deal?

Thanks all.

Post: Probate/shortsale/foreclosure...all at one time!!!

Sean DoughertyPosted
  • hilo, hi
  • Posts 98
  • Votes 6

No, no counters. Offer has not even been presented to the bank. Manager of the estate has refused to submit offer to bank.

Post: Property in probate/forsclosure

Sean DoughertyPosted
  • hilo, hi
  • Posts 98
  • Votes 6

No not a reverse mortgage. And to be clear, 5k is due only upon close of escrow. Home is not yet on the MLS. I contacted them when probate and foreclosure opened.

I have bought numerous short sales and banks have never rejected my rock bottom price. Each time they have countered and more often than not we were able to work out a price.

It seems in estates best interest to allow this process to play out. Here in Hawaii county, short sales often are quicker than foreclosure. In addition foreclosed home usually sits for a year or more before bank flips it and re sells. Most times these homes are not being maintained and deteriorate during that time. Hard to think why administrator would not present offer.

Post: Probate/shortsale/foreclosure...all at one time!!!

Sean DoughertyPosted
  • hilo, hi
  • Posts 98
  • Votes 6

No, 5k is only if deal goes through. There is no equity in the estate, it is insolvent. Short sale is being allowed and encouraged by administrator because in many cases the short sale process can  be quicker than that of foreclosure. And given the fact is saves a home from sitting and rotting for years before bank re possesses and sells. 

Given that criteria, why would administrator not present "any" offer to the bank and allow negotiation to happen there? 

Post: Probate/shortsale/foreclosure...all at one time!!!

Sean DoughertyPosted
  • hilo, hi
  • Posts 98
  • Votes 6

Interesting situation: I have an offer in on a probate property. Property is in foreclosure. No equity in home and a special administrator has been assigned by court as the PR. Thus this deal would be a short sale. Administrator has told me he will submit my offer to lender if I pay his flat fee (5k) and include proof of cash funds, (home in unfinanceable). I have done so, along with providing contractors repair estimate on the home .

Now administrator is saying offer is too low and he will not submit. Considering this is a short sale and he is getting his flat fee in any case, why would he not allow the offer to go through and for the bank to negotiate with me if price is too low?

The estate will gain nothing by rejecting my offer, rather everyone will gain. Am I missing something here?

Post: Property in probate/forsclosure

Sean DoughertyPosted
  • hilo, hi
  • Posts 98
  • Votes 6

Interesting situation: I have an offer in on a probate property. Property is in foreclosure. No equity in home and a special administrator has been assigned by court as the PR. Thus this deal would be a short sale. Administrator has told me he will submit my offer to lender if I pay his flat fee (5k) and include proof of cash funds, (home in unfinanceable). I have done so, along with providing contractors repair estimate on the home .

Now administrator is saying offer is too low and he will not submit. Considering this is a short sale and he is getting his flat fee in any case, why would he not allow the offer to go through and for the bank to negotiate with me if price is too low?

The estate will gain nothing by rejecting my offer, rather everyone will gain. Am I missing something here?

Yes. All good points. Problem is even though smaller local banks may have issued the mortgage originally, almost always they have been sold off or assigned to larger corporations or hedge funds, especially once they stopped performing. 

Which is why I am trying to find maybe a back door (personal connection with borrower and good rapport with the foreclosing attorneys) to these larger banks in order to buy a deal or two at a time. Has anyone ever had any success in some type of "creative one off deals" with the larger lending institutions?

I am an investor in distressed homes, mainly pre-foreclosures. Long story short...it has become quite a headache dealing with both the home owners through the entire short sale process and then the rehab of the homes. Which is why lately I have been researching note investing.

I have already located and and am in contact with almost all distressed home owners in my county. I have details of all of their mortgage notes, history etc. I have contacted and have good relations with all the prominent foreclosure attorneys as well.

My question is:

Is there any way I can use these tools already in the box to give myself a head start in note investing? I know standardly banks do not sell off one or two notes at a time. But if I had connections both with the property owners and the respective foreclosing attorneys and thus also had access to each individual property's assigned asset manager, could deals be made through that avenue?

Considering they have a buyer come to their doorstep with seller and foreclosing attorney on board, willing to pay for a non performing note,  could it sway lenders to sell?

Any answers/comments/advice is appreciated. 

Aloha from Hawaii