All Forum Posts by: Mark Wilson

Thanks for all the replies, but I don't think I did a good job setting this up. The seller is not motivated. This is a prime piece of real estate in a very tight market with very low inventory. It's not on the MLS yet, but it is going to sell quickly once it goes live.

I am trying to create and then pitch a scenario that will be attractive enough to the seller that as to convince him to work with me.

Seller owns the property free and clear and has been renting it for the last 10 years. He lives in another state. The realtor handling the listing believes he will consider a creative offer.

What I have to work with is an 800+ credit score, 10% cash and I'm willing to pay full asking price of 520k.

I'm trying to structure an offer that will be attractive and motivate the seller to accept.

My priority is to purchase the house. Conventional loan options for purchase of 2nd home all require 20% down. I don't currently have 104k sitting in my checking account.

Seller is willing to consider owner finance scenarios. I'm just looking for some advice with regard to how best to structure and present options to the seller.

I have located a property I would like to purchase as a 2nd home. Seller owns home free and clear and may be willing to help finance.

Sale price of the home is 520k. I know the market well and don't anticipate any appraisal issues. Seller has owned the home since 2002. It has always been a rental and never been owner occupied. My income and DTI are excellent. My credit is above 800. I own one rental property free and clear and have a small note on my primary. This will be a 2nd home/vacation property. Would like to keep my down payment to 10%.

I'm considering proposing an 80/10/10 whereby I secure a conventional 417k first, ask the seller to hold a 10% 2nd and cover the rest in cash.

I'm wondering though if it might be more advantageous and attractive for the seller to hold the entire note. Home was purchased in 2002 and has always been a rental. Assuming the seller has been depreciating, he will be facing aprox 190k in recapture. Cap gains will be $0.

I would like to map out and present both options to the seller demonstrating roi and tax implications for each scenario. I'm not a sophisticated investor and am hoping some of the pros on this board can help me crunch the numbers for my pitch.

Thanks in advance for your help.

The sellers attorney is negotiating. I'm not sure who the lenders are. Offer was just recently accepted by the seller, so I'm not even sure if it has been submitted by to the bank yet. Everything is flowing through the sellers attorney. The sellers listing agent is in contact with the attorney, my listing agent has had no contact.

What is protocol in a situation like this? Should we be able to obtain some kind of confirmation that the attorney has delivered offer to the bank?

2011 taxes have been paid, 2012 have not been paid. There is an HOA lien, but it is not a large dollar amount.

Greetings all. I am currently attempting to purchase a short sale and have the property under contract. I am not a real estate investor, have never purchased a short sale and am making this purchase as a primary residence.

This short sale has some baggage. I'm currently in a rental house so I can wait it out, but I don't want to continue pursuing if there is not a legitimate chance that this deal will close.

Contract price of the house is 450k, which in my opinion is pretty close to market. This deal does not represent a huge value, but inventory is non-existent in the neighborhood and I want the house.

House is deep into the foreclosure cycle with final judgement issued and auction date set.

There are two lien holders. The 1st mortgage is completely underwater and there is a 2nd mortgage. The second mortgage is a blanket that covers several other investment properties owned by the seller. I think they are all in foreclosure.

Anybody ever successfully closes a short sale with a blanket mortgage? Do short sales often occur after final judgement and auction date? Any and all advice is appreciated.

Greeting all. New to the forum here. Looking for some advice here. I recently moved into a rental house. After move in, I discovered that the landlord has padlocked the irrigation timer for the sprinkler system.

Now I have owned rental property, so I can empathize with the motivation here; but the utilities are in my name and I am bound by contract to maintain the lawn. Landlord has security deposit equal to two months rent.

I recently had a $600 water bill and discovered a broken sprinkler pipe as the culprit. The sprinklers turn on at 3am, so this was not discovered in a timely manner.

I plan to discuss with the landlord and propose that either the padlock be removed so I can test and maintain the sprinkler system, or in the alternative - the landlord move the service into his name and tack on a reasonable surcharge to my rent. The house has two meters, one for residential water and one for irrigation; so I don't see any problem moving the irrigation meter into landlords name.

Before having this conversation with the landlord, I wanted to solicit some feedback from the forum. Has anyone dealt with a similar situation? Am I being reasonable here?

Thanks in advance.