All Forum Posts by: Phil Z.

Unfortunately your agent doesn't really understand short sales too much? :(

- The bank needs an EXECUTED CONTRACT. Not an 'intent to buy' letter.

- On a Short Sale contract your dates should be '_ days after short sale approval'.

- You shouldn't have inspections prior to approval (unless you're really impatient)

- The short sale bank does not care when you have the inspection.

- Your lender probably won't even process your loan application until you have short sale approval.

In my opinion, two hours away is way too far. I would consider 1 hour if it was a REALLY REALLY good deal.

My suggestion would be to mimic how the Banks fix and resell their foreclosure properties.

1) Get a good local listing agent to watch over the property and get contractor bids.

2) Require 3 bids for high priced items.

3) Require before and after photos of the work before payment.

Your asking if their is a cost efficient way, but it sounds like the only way is to 'blow-out' the back of the house with a master bedroom & bath. It's going to boil down to simple numbers. Whats the cost of the addition? Will you make the same or more money than just remodeling the 2/1?

Many of my Short Sale clients don't read their mail. And rightfully so. Snail mail today is comprised of only bills and advertisements.

They are a pretty good bank to deal with. Just call and make sure they have all the documents.

Your not going to get the right discount for a profitable flip unless the property needs major repairs and is valued with only cash investors in mind, or the appraisal comes in mistakably too low.

Agreed 100%.

Welcome Robert, great to see another CT Investor.

If your having trouble making payments you can see if the servicer has a loan modification program for investment properties ..

I wouldn't expect you to be able to refinance for any more than 50-70% LTV, if at all.