All Forum Posts by: Andy Wu

The asking price of a short sale is set by the current owner and their agent and has nothing to do with how the bank values the property or what they will accept for it. There is no way to tell what the bank will do, submit your offer and see if they accept, reject or counter it.

Just try to understand bottom line of the bank and prepare the response. The foreclosure date is very close, is that a good thing for me or not.

The foreclosure sale date being close is better for the bank than it is for you. They're almost to the point where they can have ownership back and list it and get whatever the market is willing to pay. There isn't much benefit of saving them time and expense like there is early on, so unless your offer is about what they'd expect to sell it for as a REO then why would they take less at this point?

Your point makes sense. Thank you. Just hope the offer accepted.

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Originally posted by @Patrick L.:

Originally posted by @Andy Wu:

the asking price is $355000, and it sits there for 3 months.

Just try to understand bottom line of the bank and prepare the response. The foreclosure date is very close, is that a good thing for me or not.

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the asking price is $355000, and it sits there for 3 months.

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Hello BPers,

I submitted an offer for a house in OH. The house will be in sheriff sale on March 2016. The appraisal price is $390000. The house is on the market as short sale for almost a year with reducing the price several times. The last price reduction is 3 months ago. I am offering a price of $325000.

How is the chance I can get it. What is the price that the lender will let if go instead of foreclosure.

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Originally posted by @Mark Ferguson:

Originally posted by @Andy Wu:

why not just refi current one, pull cash out and buy new ones? It works similar to sell it but with much less cost.

If I refinance I would get 75% loan to value and usually the appraisal comes in low on those. My cash flow would also be lower on the house I refinance. It would increase my debt on properties that don't cash flow that great and I wouldn't get as much money out if I sold them.

Yes, the cash flow is worse after refi, but cash on cash is better.

You will not get all the money out as compared to selling it for sure (75% vs 100%). But you should think in this way: you already have one property already. The cash out money only need to buy 2 instead of 3 houses. I will do refi If I can find a lender to do them all.

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why not just refi current one, pull cash out and buy new ones? It works similar to sell it but with much less cost.

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Brie,

Your story is great. I have one question for you. In your year 3 (2014), how can you buy 10 buildings in one year? I mean how to get the down payment for those. I have trouble to get down payment after using all the home equity loan. Due to having more than 4 loans, I can't do refi.

Andy

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I am purchasing a investment property. The auditor website and list says 3005 sqft. The house is 5 split level with the lowest level unfinished.

The appraisal report comes with 2430 sqft Gross living area. 397 sqft finished basement and 140 sqft non-living finished area (due to the wall of one bedroom is not high enough).

I supposed to close it next week. I want the seller reduce the price, but seller do not agree. What should I do?

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All Forum Posts by: Andy Wu

Andy Wu has started 24 posts and replied 61 times.

Post: 529 Plan as the reserve

Post: Short Sale advice needed

Post: Short Sale advice needed

Post: Short Sale advice needed

Post: Short Sale advice needed

Post: Short Sale advice needed

Post: Should I sell my Colorado rentals and invest somewhere else?

Post: Should I sell my Colorado rentals and invest somewhere else?

Post: We did it! We hit our investment goal!

Post: House size is 575 sqft smaller in the appraisal