All Forum Posts by: Audley Humes
Audley Humes has started 6 posts and replied 91 times.
Post: Former Mortgage Company Inspecting My Property
- Real Estate Agent
- Jacksonville, FL
- Posts 100
- Votes 39
I've had this happen on several of my properties..There are companies out there that go around looking for vacant properties (even if there is a lock box on there) and change the locks, so that they can charge the mortgage company. Imo it's nothing serious, more annoying than anything.
Post: New BofA Short Sale Amendment
- Real Estate Agent
- Jacksonville, FL
- Posts 100
- Votes 39
Originally posted by Ed Forrester:
Anyone else seen this nightmare? Thoughts? Seems contrary to the rumor, BofA is not becoming more investor friendly for purchase of short sales.
I would have to agree with Scott. I just closed a BOA deal a week and 1/2 ago and it was a normal approval; with no resell for 30 days.
Post: Sean Whalen and property 23
- Real Estate Agent
- Jacksonville, FL
- Posts 100
- Votes 39
Originally posted by Joel Owens:
lol...... I'll gladly take your word for it!
Post: Sean Whalen and property 23
- Real Estate Agent
- Jacksonville, FL
- Posts 100
- Votes 39
One thing you gotta love about BP is that if someone is not who they say they are, they will definitely get exposed.
*Not saying anyone is innocent or guilty here.
Post: Your biggest mistake as a new investor
- Real Estate Agent
- Jacksonville, FL
- Posts 100
- Votes 39
Trying to invest/flip properties in a different state while still being a newbie. Guru's made it sound so easy!
Post: Bank said no to Buyer because of transactional funding
- Real Estate Agent
- Jacksonville, FL
- Posts 100
- Votes 39
Originally posted by logan1304:
WF is just a pain to work with. If they catch wind that an Investor is involved, they will make things very difficult. Not to say that it can't be done, but just be prepared to work for every penny.
I've always been an advocate for double closings, and will defend them as being legal to the end. However, after my last double closing in Feb I decided to change my business model.
Instead of using TF, from now on, I will be using private money or hard money when appropriate. I put in alot of time and effort but after 6 weeks I finally found it!
I prefer it this way, because now there is NO possible way a lender can say what I am doing is illegal. I no longer need to disclose I plan on flipping the property, because I'm not marketing the property until after I close on it. So as long as there are no restrictions in the approval letter, I don't even worry about it.
Post: Newbie from Jacksonville, FL
- Real Estate Agent
- Jacksonville, FL
- Posts 100
- Votes 39
Hello Steve,
Welcome! I'm from Jacksonville, what part of town do you reside in? I heavily sugguest going through the forum posts. I've learned a great deal here
Post: Congrats to Jon Holdman on Over 10,000 Forum Posts on BiggerPockets!
- Real Estate Agent
- Jacksonville, FL
- Posts 100
- Votes 39
Congrats Jon! That's huge!
Post: Am I the only wholesaler whos run into "The buyer agrees not to sell the property within 90 days of closing of this sale†clause on a short sale?
- Real Estate Agent
- Jacksonville, FL
- Posts 100
- Votes 39
Originally posted by Michael Greenidge:
Thanks Shari - My exit strategy was to double close with a cash buyer or sell all my shares of the entity created to buy the property. I dont intend on holding it for more than a day and I'm using transactional funding to close so I dont really have the luxury of a 90 day period. The 2nd example you gave is probably a more elegant solution in this particular case. Still, I havent heard of the bank going after someone for violating that clause. I wonder what the penalty would be?
Not all lenders have this 90 day no flip in there Approval Letters. You probably wouldn't make it that far, because I doubt a title company would insure the transaction. I don't know what the penalty would be, but I'm pretty sure that they would really try to stick it to the Investor, especially one trying to do a double closing.
Post: Listing Short Sale Flips on MLS
- Real Estate Agent
- Jacksonville, FL
- Posts 100
- Votes 39
I'm in Florida and instead of listing with my company and Realtor, I simply list with homeowner and my Realtor and attach a Listing Agreement Addendum.