All Forum Posts by: Wayne Brooks

CJ Chen,
Check your contract, I assume you used the standard FARBAR with Condo Rider. Make sure you/your agent didn't mistakenly check the box on page 2, 5 (a) of Condo Rider that says you had the doc.s more than 3 days prior to making offer. You should have checked 5(b). Otherwise, yes you have a 3 day right to cancel the contract, after receipt of the proper condo doc.s. As for the investment-Coral Springs is a great, stable area. In this type of area, you will expect lower cap rates, better appreciation.

Agree with above. A word of caution, there is "pre approved" and there is PRE APPROVED! This term is misused a lot! Some agents say preapproved when they submit an offer, and the bank comes back with a higher "approved" price. This is Not set in stone. Preapproved means: all seller documents have been submitted, verified and the seller is approved for a short sale-in advance of placing the property up for sale. Also, the bank sets a price, with minimum net proceeds to be received, within a set time frame. B of A, HAFA, Fannie and Freddie are the most common ones doing true preapproveds.

Most brokerages, including mine, charge some type of add'l record retention/junk whatever you want to call it fee. Ours, all should be, is clearly spelled out in the listing agreement, or in a buyer's representation agreement. No fine print, up front. Some buyer agents may just tell you verbally. But, in either case it should be in the purchase contract, if not written out in another signed agreement, if on the buyer's side. It should not be a suprise, and if it is-don't pay it!

Tony,
I agree with the above comments. Also, a couple of problems. A short sale will Never close in 45 days from contract, unless it is an Actual Preapproved short sale. With Freddie, you must go this route to get HAFA. This means the owner's documentaion would have been reviewed and approved Before the property was put on the market, And at a price set by Freddie. It doesn't sound like this is the case. You always get a written Approval Letter which dictates price, terms, costs, etc.,And includes the specific buyer's name. Both agents were blowing smoke, or clueless. You must always stay on top of the foreclosure proceedings.

Sophie,
You're exactly right. I do mostly short sales, and the banks generally will cut the commission to about 4% when you have both sides.

You need to use documents from the local area. Different areas in Florida uses different contracts. Where in Fl?

Pull your credit report. Credit damage with a short sale is more related to how many late/missed payments you had as opposed to how the "transaction" was reported.

The bank only akays a deal After a purchase contract is executed by the seller and submitted to the bank. At that point it is up to the bank. The seller may, or may not, get relo money. Not your concern, just offer what makes sense to you. Anything less than the $25k will certainly cause delays, at the least.

Derek, if you asked me to continually run comps. on properties you're going to wholesale, that would imply there is no potential commission for me to earn. But, then I see you plan on "listing" your wholesale deals? I see a lot of wholesalers, normally trying a quick flip, double close, assignment, etc. and wholesalers don't normally "list" their properties. Clarify please.

The "holding on" conspiracy theory is just that. It's more a matter of efficiency, and trying to do work outs/ short sales. Fannie and Freddie account for 40% of US mtg.s.