All Forum Posts by: Alice Foster

Thanks so much, I'll try it. I'm curious do you also list bank owned properties? When I made an account on the lender's platform there's a section for accepting/requesting BPOs. I always thought you had to have some kind of personal connection with a lender or lawyer.. but I'd be interested in trying to get REO listings that way if possible.

Thank you for the replies! I've been able to negotiate some of the liens down, but didn't know about the judgment initially, it's from a creditor that's now permanently closed so it appears that would be pretty difficult. The offer is close to market value, but since I also brought the buyer the numbers only worked with the 3% commission. If we list it with 6% there's no way we'd get an offer that will pay both the lender's full payoff amount and the judgment/liens. 

I was wondering if the buyer could pay to have them released outside of the contract, or if that's unethical in some way? We'd need to submit a new offer as a short sale for that to work. If they'd require us to list it at the amount he owes, we'd definitely get offers above that amount but again would be facing the same issue, so I can see how it's in the bank's best interest to take possession..  

I'm a realtor dealing with pre-foreclosure and wondering if it's possible to make this work as a short sale. Scenario (changed the numbers slightly to keep it simple):

Seller owes 200k to bank. Liens and judgments for 20k. Offer at 215k with 3% commission 

I assume the mortgage must be paid before any liens or judgments if the owner sells before they go into foreclosure. So if we have an offer for over what he owes the bank, is it even possible to negotiate a short sale to take into account the liens and judgments? Basically offering them 7% under what he owes? Or will they let it go to auction before considering that.. 

I understand house hacking with a FHA loan will only work for up to 4 units, I'm wondering if it's the same for conventional?

I'm still learning and just exploring my options. I'm considering partnering with someone to buy a larger property (8-12 units), I'd use it as a primary residence but not sure if the lower down payment would still apply in that case. I've also read conflicting information about the required percentage down for owner-occupied properties with conventional, is it still 5% or has that increased? 

Thanks Jeff, with a business credit card, I assume that needs to be connected to an LLC? I'm partnering with someone now to buy a commercial property with my current LLC, but could make a new one.

Thank you Wyatt, for some reason that hadn't occurred to me! I was thinking the only way to extend the payment would be to delay the closing, but that is a great idea. Not sure if they'll accept it but worth a try. 

I can't qualify unfortunately (self-employed with less than 2 years of tax returns).

I'm hoping to buy an investment property (duplex or triplex) with owner financing and wondering what if any options exist to find a loan to cover part of the down payment? Aside from friends and family-hard money lenders or bridge loans? 

Ideally I'd save up but hoping to make this happen quickly and don't have the full amount. Any advice or ideas appreciated