All Forum Posts by: Amir Saeed

Hello

I am an investor and my wife is looking forward to get a Real Estate license. We both are interested in MRIS access. If I am correct after she passes her state exam she has to join a broker to get the MRIS access?. We live in MD.

Can someone please suggests any tips...Thanks

Yes I do but they are hesitant in giving access to MLS since they are paying for it. Do you know of any other way to get access to MLS.

I am looking for some method of exporting the properties for sale to excel by zipcode. Is there a way currently that allows exporting data from Trulia, Redfin, Zillow...etc. Any tips would be nice.

Hello

I am looking for a contractor to work with on a rehab project. I live in MD (Montgomery County) and target the neighboring counties. Please suggest a site or few that you know are good.

Hello all

I am new in Real Estate investing business. Specially in short sale. I am currently working with some realtors who are daily emailing me properties out of the MLS based on certain filters I have recommended. There are many properties that are a potential shot sales candidate. I usually pick out few of them and look over them every weekend. So far I have not picked any. Some of the properties are total dump, and some are really nice.

I am confused in what to pick and what not to pick. My goal is to fix them and flip. I am aware of the the short sale process as it can take long time. I am finding properties which are listed below the market value. But are they sufficient enough to make a reasonable profit? How do I know?

E.g I recently saw a property that was listed for short sale for $50k. The comps are around 70K after ARV. My concern is that in this situation what if the repair value exceeds the comps. How can make sure that I do not go over the comps basically putting my self in negative. Maybe I can negotiate with the bank and bring the sale price down. This way I can have less risk. I also thought of taking contractors to the property so I can have a rough estimate. I guess I a m a little hesitant to move forward. Can someone please provide any tips on how to develop a strategy or how YOU do it...thanks.

In short sale when there is only one realtor for the buyer and seller. When the realtor lists the property in MLS. Does he have to list the property at a FMV (considering other comps). I on the other hand (buyer) can make an offer based on what the property value is worth FMV minus any rehab cost. Is this true.

e.g Lets say the property ARV value is around $200K. Can the realtor list the property around $150K. On top of that if I make an offer of $100K. Do I have to justify my offer (repairs...etc). How the bank looks at all this?

Any tips would be nice....Thanks.

I have a short sale prospect that I am working on. I was going to use my realtor for both buyer & seller. My realtor was going to do all the paperwork and the negotiations.

The seller has indicated they want to use their own realtor and title company ( I am not sure why?). If this is the case then my realtor will only be passing my offer to the seller's realtor, moreover the seller realtor will be doing all the paper work and the negotiation. Can some one please provide some tips on how it will work or can work...Thanks..

You mentioned that you want to go to the court house. Mostly for SS to happen, the loan value has to be more than the market value of the property (borrower is underwater). You may want to check the loan values of the properties you want to target at the court house. Sometime its advantageous for the bank to go for a foreclosure and auction the property at the court house. Also you will have to work very quickly to make the bank stop the foreclosure process.

I have a short sale prospect. This will be my first short sale. I have already started initial conversation with the lender on the loan. From reading and some experience looks like the lender will require a package from me (buyer and seller) requesting different documents. I will also be working with a Real estate agent.

At what stage the bank will be doing the appraisal. Would it be after the bank has the package from me or during the short sale process anytime.

The property needs lot of work. Basically I can call it a total rehab. I have also read the bank do offer sometimes discounts on the property value. E.g (not real numbers). If the property FMV is around 150K. I am looking to offer around 60K. If I can justify repair estimates of around 50K. This still leaves a difference of around 40K. Can the bank consider an offer of 110k on a 150K value property or I have to be exact with my offer FMV minus Rapirs.

Do you think its a good idea for me also to get my own appraisal done. If yes what value can it provide since I will be strictly negotiating on the bank BPO estimate.

Any tips would be appreciated...Thanks

I have a short sale deal worked out. I am looking for the very initial forms that are needed. Basically a contract between me and the property owner that he is willing to short sale the property if the bank approves it. The release of information so that I can talk to his lender about his loan. Can someone please provide a standard template or direct me to any site where I can download them...Thanks..