All Forum Posts by: Rob Jacobs

1.) Ask the seller to call the bank and ask them to stop that sale in lieu of a short sale or, loan modification. This is very unlikely due to timeline.

2.) If they were affected by Covid, he seller can apply for HAF, then call the lender, give them the HAF application number and again ask them to stop the sale. Still unlikely that they'll postpone the sale.

3.) Here's your best option. The seller would need to contact a bankruptcy atorney and file prior to the sale date. That will stop all foreclosure activity immediately. Then they can look into their options to save the house, sell the house and other options that may be available to them. This is by far the best chance at getting the sale postponed.

If this court date is for the judgement, you may still have enough time prior to the actual foreclosure but, you would need to pay the amount owed per the judgement in order to clear escrow. Good luck!

1 Vote

Miami, Florida

Hi Mike. Check your states law on probate. it ay not be necessary since there is a surviving sppouse. In many states, all assets go to the surviving spousse and no will or probate is needed.

If that works out, Mr. seller can sell the house and all he needs to do is send the death certificate to the bank. If they need a short sale, I've closed over 3000 in every state and i can help you out at No cost to you or the seller. Good luck!

Quote from @Mike Simon:

Hi everyone,

What options can I present to a seller who 1. doesn't have a lot of equity, 2. deceased parent is on deed. 3. no money for probate attorney, 4. House need full rehab. Parents own the house but the mother passed away a few years ago. Daughter and Father would like to sell the house but don't know what to do. Is short sale the only option for them?

Thanks,

0 Votes

Hi AShton. If you're looking at this from a wholesale perspective, you can't do anything with this property simply due to the lack of equity in the home. If you were to put this under contract as a wholsale and the seller gets foreclosed, you could and like,y will be held responsible for the foreclosure reegardless of the sellers circumstances since your wholesaling agreement keeps the seller from selling it as a short sale or other options that might be available to them.

If the seller needs to do a short sale, I can help with that and I can get the payoff changed in the process. This may give you an opportunity but, you can't flip paper on a short sale or assign it so, you'd need to work something out with the end buyer and the seller wwould need to agree to go through the short sale process. Here's my cell. If you want to go over details, hit me up. 734-224-4104

Quote from @Ashton Fry:

Pre-Foreclosure property. Seller is behind $24K and the Bank states buy out is $491K. Seller purchased home for 340K in 2005 so that buy out seems very high. Monthly payment is currently $1700. Property value is estimated $550K and property could rent for +$3000. Repairs estimated $5K. Seller not interested in monthly payments (Sub to) on first approach. Does not have family or friends that can help. Did not want to list with agent. Gave up and accepted foreclosure and submitted for bankrupcy. Seller just wants to get it out of their life.

How can I verify bank's buy out?
Is the bank buy out negotiable?
Any advice on how to structure this?

Thank you in advanced!

0 Votes

The sellers bank won't allow any assignments on a short sale. That will be denied fast and if the list agent knows wht they're doing, it won't make it past that person.

Buyers agent costs you nothing. The bank will pay that person from the closing proceeds. Look up Susanna Kunkelman. She's a short sale specialist and agent that works the Philly market. You should be represented by a commpetant agent on this deal and she'll go over the contract eitha fine tooth comb to make sure that your concerns are resolved.

Quote from @Lyle M Smith:

Hey BP - Newbie trying to execute my first deal here. I found a SFR outside of Philadelphia that is being sold as a short sale. The property is in rough shape but is listed at ~40% of its ARV. I lined up a hard money lender and ran my numbers and it looks like a promising deal.

Supposedly there was a ton of interest in the property so the listing agent informed my realtor that they would only be accepting cash offers. My hard money lender assured me that my loan would be as good as cash and he supplied me with a proof of funds to share with the listing agent. My main concern is now that I’m basically waiving any appraisal contingency but the hard money lender is still going to need to do an appraisal. I see the risk in this so I am trying to plan some exits before we submit the offer tomorrow.

In the event my offer is accepted and then the hard money lender either can’t get in for an appraisal or the appraisal comes in way lower I’ll be stuck in a cash offer where I dont exactly have all the funds. I’m assuming Im going to put a deposit down and I’ll lose it if I can’t come up with the cash when it’s due. I was thinking I could probably scratch the cash together from family but I also was wondering if I could essentially just wholesale the deal to get out clean.

Most importantly I want to know; Can I assign the contract to another buyer on an all cash short sale? Any and all other advice is welcome on the situation too. Thanks!

0 Votes

Quote from @Tim Callahan:

I found a vacant house where the owner passed away in 2015. It's been vacant since then. USDA loan on it, it's in foreclosure, but hasn't been taken back yet. Does anyone have any experience with USDA loans and who to present an offer to? It will likely be a short sale due to the condition of the house.

If the owner passed away, you would need to find the person in charge of the estate in order to do a short sale. If the estate has been settled and they agree to it, then you can get authorization to speak with USDA. After you send that to USDA, they'll tell you what you need to know in order to try a short sale.

0 Votes

Portland, Maine

Quote from @Noah Masa:

Hi All,

been looking at a foreclosure property recently that would be in a great location. After going to recorders office, it seems that the first mortgage is the one being foreclosed on, but the owner also took out a second mortgage about 6 years later from a different entity. If I were to bid at auction, would I be responsible for that second position mortgage? Is there any chance that second company can come after me?

As a buyer at auction, you will usually receive a sheriff deed depending on how your state passes title to you. The current liens stay with the person who signed for the mortgage notes and cannot pass on to you as the purchaser unless you agree to it in writing.

0 Votes

Chicago, Illinois

Quote from @Amanda Chandler:

Quote from @Rob Jacobs:

Robert Kiyosaki would probably tell you to always use other people's money for your investments and keep your cash for yourself as long as the profit margin makes sense.

Yeah, I am thinking the HELOC gives me more leverage. Where it's at now at 8% if I lock in, every 10K is approximately $65 per month.

As John said in a comment below, you might shop around and find a better rate. Ultimately it comes down to what gives you more freedom and opportunity. Good Luck!

1 Vote

Quote from @Levi Dobson:

Hello fellow agents,

I've been doing some research and it seems like there are a million ways to approach this business. I understand that building relationships is key and that it takes time to build a successful career as an agent.

As a new agent, I'm curious to hear from more experienced agents about what you wish you had done differently in the early stages of your career. What actions do you think would have exponentially helped your career growth?

I would love to hear your thoughts and any advice you have for new agents like myself. Let's share our experiences and help each other out in this industry.

Thank you in advance for your input!

If you want to succeed at a high level in residential real estate, you need to be a listing agent. It's nearly impossible to make a great living as a buyer's agent. All buyers do is run you around and waste time that you could be using to get more listings.

1.) Memorize a cold calling script that has proven results until you can say it in your sleep. Make sure it's a script that gets you listing appointments, not previews. You don't want to lie to the seller by previewing the property. You want to go to the appointment and list it to sell!

2.) Set your calling schedule for Expireds at 8:00 A.M. every morning. Call the new ones first and go down the list until you run out of people to call.

3.) Call FSBO's next until you run out of FSBOs

4.) Call FRBOs until you run out of them

4.) Call, text, email, and message your sphere of influence. Rinse and repeat every couple of months. This is the only time you should work as a buyer agent since they are friends and family. The experience is helpful but, listings are going to make you rich.

5.) Circle prospecting calls when/if you run out of the above. Pick an area that's not saturated (Is that possible?) and make it yours.

6. ) Door knock on the ones that you couldn't reach on the phone. Door knocking is great but, time-consuming.

7.) Rinse and repeat until you're filthy rich. Good luck!

1 Vote

Robert Kiyosaki would probably tell you to always use other people's money for your investments and keep your cash for yourself as long as the profit margin makes sense.

0 Votes

Quote from @Chris John:

I was a little taken aback this morning while searching on realtor.com as I noticed the first short sale I've noticed in a LONG time in my little hometown. I'm not sure if there have been others recently that I didn't notice, but this is the first one that I can remember in years and years.
Are you seeing short sales in your area?
Do you think this will be the first of many?
I ask because even with the softening in the market, I have a hard time believing that this person could be so far upside down as to require a short sale...

It's only the beginning of what I believe will be a deep decline in real estate values. There are many reasons for this, too much to write here but, in a nutshell, the economy is a mess, inflation is not under control as the fed would like you to think and the housing market along with all other markets escalated so fast and high in such a short amount of time that it created the largest debt bubble in history, it's not sustainable and 2023 will be the beginning of a long and deep recession. The everything bubble is about to pop!

2 Votes

Modesto/Merced, California

All Forum Posts by: Rob Jacobs

Rob Jacobs has started 0 posts and replied 40 times.

Post: Stopping a Foreclosure Auction

Post: Seller with little equity and house needs full rehab

Post: Pre-Foreclosure Deal Structure Advice

Post: Question about all cash short sale

Post: Vacant house - owner passed away in 2015 - USDA loan

Post: Foreclosure opportunity with second mortgage

Post: Cash or HELOC?

Post: Building a Successful Real Estate Career: Help Us Start out Right

Post: Cash or HELOC?

Post: Noticed a short sale for the first time in a long time. More to come?