All Forum Posts by: N/A N/A

How do any of you ss negotiators out there suggest we list potential short sales? What price? Most every Realtor has been listing at full value and then some. I think it should be at at least 90% of the as is value - But how could all this play a role in short sale negotiations. I usually put in my offers right away. There is only 3 months for us to resolve the foreclosure and it really isn't that much time. We have to put in our contract, gather the paperwork from the homeowner, create the ss packet, find an end buyer, show the property, etc. etc. Is 90% reasonable to start the listing price at?

Personally I don't know of any lenders that submit 1099's especially to those homeowners that have nothing. What they can do is attach a promisory note to the deal. That's all I'm aware of. Some states are allowed difficiency judgements (not my state thank goodness) - that's about it.

I personally get more resistence from Realtors over my paperwork than I do the homeowner. Just about 99% of the homeowners I deal with will do anything I need just because their Realtor didn't come up with a buyer. Works for me. But when the Realtor finds out they are furious. Many of them in my area do not think outside the box. They are stuck in the year 2003/2004 when houses didn't sit on the market like they do now. I try to work with those Realtors willing to work with me and not against me and give me the deals before they list them. I am frankly irritated with our market and how things are being done but hey I'm just one little fish in a sea of sharks.

Where are you actually located. I'm in Phoenix and I'm doing 55% on UGLY houses so I can flip at 65% to 70%. They usually negotiate but I give them a lot of back up in my packet and put up the biggest fight possible. Sometimes I get to 65% which is fine. The lenders I've been working with recently have asked me to get the BPO ordered which works out fine because I have a bigger influence and direct contact with the BPO.

Where are you located allstar

Then I'd say move on. You cannot sell the home for less than what is owed without the owner being in foreclosure. The bank won't accept your offer. So as it is, you would not be getting a good enough deal. The issue right now is the insurance and whether she has it and whether they will cover the current damages. You seriously need to find this information out.

Is the owner in foreclosure?

I wouldn't do a subject to on a damanged home such as her's unless. Exception to this would be only if her monthly mortgage payment was way way low in comparison to what it could rent for.

1) The insurance agent needs to be contacted. Find out the status of the insurance.

2) Her payoff maybe higher than her purchase price back in 1993 for a number of reasons. Most likely she refi'd. I don't recommend going off county records. The owner will tell you the balance. Get authorization to talk to the lender and ask for a payoff demand.

3) If insurance is still in place and I imagine it will be - they should cover the home. You need to contact them to find out what her specific policy offers.

Good luck!

I know the market has changed dramatically and I'm definately feeling it. Last year I would have at least 10 new investors interested in buying homes in the Phoenix/Tucson areas. Now I might get 10 a month. The competition is selling like crazy though they seem to be praying on the newbies by claiming a higher value and selling one anothers deals. I'm trying to get involved in more but has come to a cross roads. Any ideas on where to find good, ready to buy buyers?