All Forum Posts by: Ayo F.

You are very right Scott. The lender wants to net 88% of the BPO.

Thank you for your response Joel, Bill and Scott! The loan is not a fannie or freddie loan. I think it is a HUD loan.

The Lender sent me HUD requirement guideline. Pls, Is there a website I could go to verify whether its a HUD loan?

The Lender is PNC....I have already put in all the short sale package on behalf of the home owner. I even have the necessary authorization for the lender to release info on the home owner. However, Instead of the lender communicating directly with me, they always contact the home owner. In fact the home owner requested that they only speak with me and she gave them my phone number, but they just disregarded the request. The BPO was done last week then they requested a listing agreement in order for them to be able to fulfill some HUD requirement.

What if I have my agent represent the home owner, but then she receives a higher offer for the property, will she have to present that offer to me or the lender?

Thank you all for your input.

So what do you suggest that I do Joel? What would you do in this situation?

Thank you!

Jon - Lots of investors have said you make money when you buy real estate and NOT when you sell. Of course, you don't realize real money until you sell. If you buy at a reasonable discount (of ARV) then you can be sure to make money when you sell. Of course, I have included forced appreciating by renovations.

smitnlit - So in your own opinion, short sales are still profitable deals? I'm thinking of only targeting $100- $150K homes. IMO, there more people in that price point than the 200s

How do you deal with lenders who require an agent in order to process a short sale? Please do you have your own agent represent the home owner? or how do you handle this situation?

Hello All,

Please I would like to know how much an investor can realistically expect to make on a Short Sale. How much are you guys averaging on your shorts? I have heard that banks are only discounting to about 83% of FMV. I have also heard that it is wise NOT to buy any property that has less than 30 - 35 % equity esp in this declining market.
Therefore, does it make sense to buy a short that is only discounted by 17% ?

Thank you!

I am an investor and in the middle of processing my 1st short sale.

Home is worth $100,000 ($90,000 for a quick sale). I have a contract offer for $50,000. Some work will need to be done on the house. I helped the home owner turn in all the SS packet.

However, I just finished talking to the home owner and she said the bank is still insisting on she furnishing them with a Realtors name and a listing agreement. They said they wont be able to process the short sale without a listing agreement as it is a HUD requirement.

Is it normal for a lender to require that the home be listed?

They are coming out on Wednesday to get a BPO.
By the way, we are processing a regular short sale NOT the HAFA program.

Thank you

Thank you Steve, I have been spending hours reading various topics here. I agree with you about networking...Someone once told me that real estate is not about location, location, location but relationship, relationship, relationship. What networking strategies have worked for you? Do you attend your local REIA meetings to network?

Danny-

Thanks for your response, I have heard that the Texas market is the best in the country right now and I was in Houston for the holidays and saw a lot of constructions going n. I also visited the heights and saw exactly what you talked about.....lots of remodeling going on.

Are you marketing (as in direct mail marketing ) for deals in houston or are you getting your deals from Realtors?

Are bandit signs frown upon by the city?

Hello All,
I just joined this forum today. I came across this forum while I was researching on the "Lifestyle Unlimited" mentoring program in Houston.

I am a new real estate entrepreneur currently based in Charlotte NC. I will be relocating to Houston, TX next month.
I used the term "real estate entrepreneur" because i'm primarily interested in flipping properties. I am in no position to buy and hold as I have student loans and credit card debts I need to pay off first.

I currently have a day time job and I have been trying to jump start my real estate business.

Please, can anyone flipping properties in Houston enlighten me about the possibilities of flipping in the current Houston market.

Also, I would like some recommendations on active hard money lenders in the Houston area or any other areas of the country that supports transactions in Houston.

Thank you all