All Forum Posts by: Maryann L.

Investment Info:

Small multi-family (2-4 units) other investment.

Sale price: $204,250

Negotiated short sale

What made you interested in investing in this type of deal?

Homeowner called me due to foreclosure

What was the outcome?

Short sale closed

Investment Info:

Single-family residence other investment.

Sale price: $295,000

Negotiated short sale

What made you interested in investing in this type of deal?

Homeowner called me due to foreclosure

What was the outcome?

Short sale closed

Investment Info:

Single-family residence other investment.

Sale price: $135,000

Negotiated short sale

What made you interested in investing in this type of deal?

Homeowner called me due to foreclosure

What was the outcome?

Short sale closed

Ron S is right.  It's either bank owned or short sale but can't be both.  I agree, you may need to "incentivize" them to leave and that may be a cash offer, so give them X to vacate by a certain date before you pass papers, but I would NOT under any circumstance pass papers and have them still living there. Too risky.

Investment Info:

Condo other investment.

Sale price: $1,200,000

negotiated short sale

What made you interested in investing in this type of deal?

Homeowner called me due to foreclosure

What was the outcome?

Short sale closed

What @Wayne Brooks - that's why we always do title searches up front, in the middle and sometimes at the end of a sale.  Negotiate the credit card debt to a fraction of what is owed and usually have the listing agent add that into the sale somehow for the buyer to roll into the sale.

Hi Tom, sometimes.  Sometimes a value dispute works and sometimes not.  An appraisal usually is much better, but obviously in my case above, where the BANK hired their own appraiser and then decided NOT to use the appraisal....well there isn't much you can do about that.

Investment Info:

Large multi-family (5+ units) other investment.

Sale price: $713,400

Negotiated short sale

What made you interested in investing in this type of deal?

Homeowner called me due to foreclosure

What was the outcome?

Short sale closed

Investment Info:

Single-family residence other investment.

Sale price: $283,491

Negotiated short sale

What made you interested in investing in this type of deal?

Homeowner called me due to foreclosure

What was the outcome?

Short Sale closed

@Denise Evans  I have to say I'm withv@Wayne Brooks on this.  I'm in the New England market.  There is no rhyme or reason to the pricing at ALL.  For instance.  I am working on a PHH sale now.  Full blown appraisal done (by the bank), on what I would consider a tear down property that came in at $240,000.  The appraiser was dead on in my opinion.  Appraisal was done on 2/27.   PHH sent it to their "internal reconciliation" system - Altisource - which is in bed with Ocwen which also owns PHH and suddenly the reconciled value on 3/4 = $400,000 without EVER having stepped foot in the property, so as much as I would love to believe there is some amazing mathematical system in place that spits out a number for the banks threshold to buy, sell or whatever, I can't see it.  I've worked in short sales over 10 years, and honestly had good luck for the most part overall with Ocwen too, but this one of course is going to be a challenge.  I would say a lot are like this and for the person above who stipulated that Fannie Mae short sales are always overpriced, well, that's true.  They will even tell you that if you get to someone higher up at fannie mae.  They want ABOVE market value and Freddie Mac started doing it towards the middle of last year.  Can't wait to see how and if COVID really starts affecting the real estate market as I havent seen it yet.