All Forum Posts by: Dave Grosse

Also, how much is currently owed on the property? And I would doubt that the bank will discount "more" if there are no back payments/ late fees. they are just going to be looking at what the BPO comes in at and what they think they can get as REO vs. short sale.

One more thing - has your realtor or the listing realtor ever done a short sale? If you are wanting to get the best deal possible I highly recommend that you gain the services of a professional negotiator.

Ali - the very first short sale I attempted was not behind on payments, but we were able to show the bank that time was running out and that the owners could no longer afford the property - they had been making the house payments on credit cards for 6 mos! The bank was wells fargo and they would've given an approval if Bank of America didn't screw us over, but thats another story.

I agree with Nate that the bank will not make any repairs, although if you present your case correctly, they should give you some discount. I certainly wouldn't expect them to make a concession for a privacy fence as that is more of a cosmetic/ personal preference type of thing. If all of your comps have a fence, then you may be able to use that as a very, very small bargaining chip. cracks in the foundation - is the home structurally unsound because of them or can they just be patched up?

Has anyone gone through John's material? I like what he has to say in his blog and he has inspired me to at least consider mobile homes - thanks to Nick Johnson for introducing me to johns blog.

If you have, how does it compare to Deals on Wheels by lonnie Scruggs?

Thanks - Dave

Thanks clifton - now the question is am i dealing with BOA and equator bs or Mellon?

Thanks Daniel, that's what I thought. Any idea why Bank of Ny Mellon is showing up as the one foreclosing on the place, but the guy tells me his lender is BOA? I wouldn't doubt it if he just didn't realize that BOA may have sold his note. Time to dig deeper

So I've been working on this deal for several months. The homeowners had been granted approval to participate in the HUD pre-foreclosure program back in NOv 2009.

The file switched negotiators once or twice and this last guy tells me a few weeks ago that if the homeowners had ever filed a bankruptcy, then they would be dis-qualified for the program. I replied that they did file bankruptcy before they ever missed a single payment and that their home was not included ( of course BOA already had the discharge papers that i faxed them in the very beginning) and that I had written approval already for them to be in the program and do the short sale.

the negotiator hasn't responded to me - sent email and left voicemail on feb 9, 16 and today.

has anyone come across something similar or can anyone point me in the right direction here? I would just drop the deal but we have a buyer ready to wait as long as it takes.

has anyone bought and read john fedro's book? and is deals on wheels the BEST place to start or is it outdated?

Dave

does anyone know if they are a subsidiary of BOA? I have been skipping right over any NOD's with BOA/Countrywide listed as grantor. Spoke with a guy today where Bank of NY Mellon was listed on the filing but the number he gave me was for Bank of America and he said he thought that was who the lender was.

Thanks

Hi Danielle - On average your short sales will take 60-90 days from the day you submit your package to the bank to closing. So, I would look for the areas where the houses are selling within that time frame. (you should be marketing the property for sale as soon as you get a contract on it) you could ask for extensions to get more time to close once you get an approval from the bank, but you don't want to get stuck without a buyer after you did all that work.

I am a very strong believer in having a realtor on your team, especially in the beginning. I had my realtor figure out what areas sold the most homes, what areas sold the quickest, and what price ranges sold the most often and the fastest.

In my areas, the best prices are $100-$125 and $200-$250. $150-$175 was ok too, but not the best. Not sure why but properties in the $175-$199 range just sit on the market waaay longer than the homes on either side of that range. If you can find all that info on your own and have the time then do it yourself, but otherwise hook up with a good realtor(read that: one who understands what you are doing on these deals and can get them sold in time)

I'm finding that the higher value properties aren't responding nearly as often as the lower end when I send them DM as an investor. I'm thinking I'm going to have my realtor mail to those properties and see if i get a better response. I have a feeling that demographic would just feel more comfortable dealing with a "licensed professional" especially in such a delicate situation. Just something to think about...

Hey Caleb - I'm looking for the same thing. I like that Keller Williams has a profit sharing deal, although I don't fully understand it or if any other companies offer something similar.

Also, does the commission split vary from office to office within the same company? Seems like it should but I just don't know