All Forum Posts by: Steve Babiak

You're quite welcome.

Although I am not so thrilled about the "off topic" forums, they exist for just the sort of discussion that has been presented in this thread with a big chunk of the posts prior to the one I placed to try to get back on topic. I just wish that those "off topic" posters would take their discussions to the "off topic" forums so that those who are here for the REAL ESTATE discussion do not have to be subjected to the hijack of the thread. I don't particularly care to point at any one individual or post, since there is a group who participate in this "off topic" activity.

Sorry for hijacking the thread for this post. And sorry for shouting ...

NOW, LET'S TRY TO STAY ON TOPIC:

Sounds like Nick wins the "blonde award" for the day ...

That question has been raised more than once in other forum sections on BP; it's not specific to short sales - it's generic to all real investing.

So here are some links to other BP threads that you might find helpful. A search of the site forums might get you even more alternatives.

http://www.biggerpockets.com/forums/48/topics/9211-what-online-comparable-sales-resources-do-you-like-

http://www.biggerpockets.com/forums/48/topics/3080-finding-comps-for-a-area

http://www.biggerpockets.com/forums/48/topics/2021-finding-comps

http://www.biggerpockets.com/forums/12/topics/28821-pulling-comps

http://www.biggerpockets.com/forums/34/topics/32875-lender-s-appraisal

http://www.biggerpockets.com/forums/12/topics/10826-where-can-a-get-good-comps-and-marketvalue-on-homes

http://www.biggerpockets.com/forums/12/topics/39786-sales-comps

http://www.biggerpockets.com/forums/12/topics/14794-what-do-you-use-for-online-comp-research-

http://www.biggerpockets.com/forums/12/topics/22356-what-website-do-you-use-for-comps-and-arv-

http://www.biggerpockets.com/forums/48/topics/9818-methods-of-looking-up-comps

http://www.biggerpockets.com/forums/48/topics/30688-understanding-zillow-

Folks,

This is not the "off topic" forum; it's the rental forum.

And the thread topic is:

Try to understand what that means...

Ivan,

Don't forget to show your "appreciation" by voting!

MikeOH,

It might help if you supply the "missing link".

I see in my state that it can take months for the bank to get the actual sheriff's deed, and to clear title issues; before they can go to closing, the normal real estate purchase process (using a realtor) will require those to happen.

So the deed might not be recorded to the bank yet, or there are other title issues to clear up. I posted elsewhere where one REO foreclosed in March 2008, finally got under contract in Mar 2009, and it still has title issues; the bank has filed "quiet title" lawsuit finally.

Item 3 is not "title insurance" as another post here has stated; it is mortgage insurance, sometimes called PMI by most people. The mortgage insurer might be upset that they have to pay out a claim because the REO owner agreed to too low of a price. This item is one where again the bank may be unable to perform at closing, and so it is covering itself with this wording.

The other two posts are correct regarding the approval by committee; this is one of those clauses that makes sense to the bank. They don't want some asset manager to agree to a lowball price because they have a connection to the buyer in some way; this committee approval hampers this kind of shadiness.

Hope that clears things up for you.

Found some links that might help.

FHA inspection checklist:
http://www.appraisaltoday.com/images/Odom_FHA_inspect_list.pdf

FHA Reference Guide Repair Conditions:
http://www.hud.gov/offices/hsg/sfh/ref/sfhp1-22.cfm

Too much internet on your mind? Should be "blow your minds" - correct? :mrgreen:

workerdrone - Well said! All investors need to understand that they are partly helping others with problems when they offer to purchase property.