All Forum Posts by: Joseph Sanchez

Cancoooonnnnn Hear I come!

In for $25.00 big ones!

Need some advice on a Homepath property. I found a property that I have appointment to see with the listing office tommorrow. I asked the agent to email me a copy of the MLS listing so that I can be better prepared. She told me that the listing just expired and that If I like the property I would have to move on it quickly. At this point, I am wondering if I can bypass the Realtor and make a offer directly to FannieMae? I am hoping to capitalize on the discount broker fee that the FannieMae would be charged. If anyone can answer this questions I would appreciate it. Lastly, what kind of ARV discount should I offer if I like the property. My intentions is to live in the home for one year and then sell it.

Johnny,

Were do you buy the signs from?

Carson,

I have asked the seller agent to pull some comps for me within the last 90 days. Do you think he will be truthful? Is there another way for me to find out about sold properties in the area. I am not in Florida right now so I just can't walk into the county court house and search myself. Lastly, and something I don't think i mentioned was that her son told me that if they could not find a buyer that he would talk her into transfering the deed to me. Is this wise?

Carson,

Well I actually live in the community and when you say recreational property I am not sure what you mean. The 200 homes are situation within a public golf course. Is that recreational property?

I agree, I have to have solid ARV comps. Right now there are plenty of properties on the market in the 120-130k price range. No one is buying that I can see. If I can't get the property at 55% or less it doesn't make sense to me. That's why I am saying about 65-70k. Needs about 5k in repair. The rental value is about 700-800 per month. I am hoping the values go up in the next 12 months, but like you said the consenses is not there. A double dip recession would be devasting. My gut tells me to hold off.

How many months behind on payments is she and with what bank? I sure its about 2 1/2 months.

How much does she actually owe on the property? Her son didn't say, but I presuming at 118k.

Is she expecting to make a profit? No.

What are the comps? ARV is 120-130k

How soon can they move out? Vacant.

Maybe you can get it under contract and wholesale it... or maybe you can bird dog it out as a short sale

Sounds like a good strategy. I would probably want to birddog it my first go around. What price point would you recommend I offer?

John,

I pretty sure she at least two and half months.

This property belong to my neighbor's mother. SFH 3/2, located in Kissimmee, Florida (Golf Community). This property was advertised by the son as a Short Sale 165k for 135k. No takers as of yet. I took a look at the property and it has some good features. Nice neigbhor, low yearly HOA, Pond view, Open floor plan, 2-car gar, central air, about 2100sq. All carpets needs to be replace due to a dog the last occupants had. Need paints, minor landscaping, and a very good cleaning. My estimate is 5k in repairs. The son offerred it to me at 118k. Apparently, his mother is in preforeclosure. She purchased the property in 2004, 167k. Add a screen in porch another 7k or so. The bottom line is 118k. My estimates is that she owes about 67k. I took the son I was interested, but 118k was entirely too much money. The ARV on the property is about 130k. I don't have an end buyer, and would probably have to financed it through an FHA or Conventional mortage. I thinking of putting together a Short Sale offer for 50-55% of the ARV which is about 65-72k. Live in it for a year and then sell it at hopefully 130-140k. Any recommendations or advice. I already own a house two blocks away and have a mortgage. Should I birddog this deal out if I can get it?

Thanks for the advice Mike.

Thanks Michael,

The situation that the note on our current home is in my wife name, but I am on the deed (Am I still liable?). Renting the high price turkey has been a consideration, but the rental rates in that part of Florida are very low. The best I could hope for is between $700 to $800 per month. Our mortgage is about $2200 or so. At best I would only cover about 36% of the mortgage. I am thinking of holding the payments for 30-60 days and asking for a remodification of the loan based upon the current market value. The market value on our home is less than 50% from the purchase price. We are drastically upside down. Any suggestions.