All Forum Posts by: Phil Z.

High net worth individuals may be in a hard place for a short sale if they still have money/assets.  This is because banks can get a judgement for payment of their losses even after foreclosure.  If they are basically heading toward bankrupt then they have a better chance.  If they complete a short sale they will receive a 1099 for the difference ($1M) and may be responsible to pay taxes on that 'phantom income'.  Many times they don't, but everyone's situation is different. so you need to suggest they discuss with their tax advisor first.

I would give a short sale a try because you never know what the lender will decide.

Doesn't sound like you have a motivated seller on your hands which is critical to getting a good deal.

It really doesn't matter too much.  You just have to get the point clearly across that you buy houses in poor condition.  Have 'We Buy Houses" in bold or large letters.  Postcards usually work fine and are much cheaper.

You really need a Termination Agreement signed by both parties because contract dates are actually not absolute unless it includes special verbiage like "time is of the essence".  The original buyer could claim they have a legal contract even though they did not close on time.

I think 'Investments' is more professional for someone who buys/sells real estate.  If you offer other 'services' like Short Sales or Loan Modifications, then Property Solutions might fit better.

I would use the local Board of Realtors Contract and make sure it's assignable.  It usually will have a clause whether it is or not.  If it says it requires sellers approval before assignment, cross out that text and make it assignable without seller consent.  You'll also probably want to put in the additional terms asking for a key or interior access for "showing investors, lenders, contractors, or future buyers"

If you really aren't sure  what your doing, I would consider bringing a solid buyer along for the initial walkthrough.  Otherwise you really need to know how to estimate complete Rehab Costs and conservative After Repair Values.

When it comes to wholesaling, you generally want to AVOID Banks and Realtors unless you're experienced.

$106k and $120k is really not that far off.  If there is no realtors involved maybe you can show the same 'net'?

Real Estate Investor Meet-Ups is a good place to start.  You'll find a lot of newbies, but there's usually 1-2 seasoned investor looking to network.