All Forum Posts by: Donovan R.

Understood, the offer was 50K NET.

I have been working on an FHA Wells Fargo short sale. Aprox. 130k owed, BPO came in at 55k which I thought would be perfect assuming I could get it at 88% of the appraisal. I have made three offers 42,46, & 50k. Each time they countered at 100% of appraisal value. At 50k I was told I got bank approval but not FHA. I thought FHA could take 88% of appraisal value. What's the deal?

There counter -
"The offer of $50k was forwarded to me. We need to counter all buyers to $55k (our appraised value) and ask for highest and best offer. If there are seller concessions, please counter to 0% concessions or 1% if buyer is obtaining a FHA loan. (This is what HUD allows on FHA short sales)
*****BUT if the buyer needs the concessions, we can ask HUD for an exception. *****

Please note that HUD does not allow the following fees to be paid by concessions:
-Repair reimbursements or allowances
-Home warranty
-Discount points or loan fees for non-FHA financing
-Lender’s Title Insurance Fee"

Correct, this is a Short Sale.
Anyway got my answer back. He rejected the comps I sent because they were REO and "it is assumed that reo's need work".

Newsflash! This will be REO and it does need work, hence those being legitimate comps! Oh well, I wasn't actually surprised. He wants me to let it sit on the MLS for a month then try again.

Probably going to push him harder now for another BPO as the agent didn't take notice that the heat pump had been stripped. If not, I guess I'll let it sit for another month than go again.

I could probably turn this now as it sits and make a few bucks but since the appraiser missed the damage I'm going to push it a bit and go for a lower appraisal. Since I have a copy of the FHA appraisal I'll leave it for the next one and tell them the bank agreed it was too high, I was thinking something closer to "x".

Wish me luck, been working on this one for a while. Took it from an agent who couldn't work out the second lein payoff. Got an acceptance first try 80% lower than where he was. ; )

Had a FHA appraisal done on a house and it came in too high. I've been trying to contact the negotiator about getting a new one. anyone have any luck getting new FHA appraisals? I know they're much more in depth than a BPO, mine was 30 pages. Unsure of lenders willingness to do another.

Where is FHA's offer threshold now 80% or 83% of Appraised value?

non-RE agent for now. How about "partnering" on the deal? If not I guess I'll have to go with a gentleman's agreement. He agreed to the fee and stated he had a similar arrangement with an investor in the past.

I'm looking for an agreement on collecting a referral fee or partnering on a listing agreement with a real estate agent. Any homes that don't fit my criteria to take as a Short Sale I will be sending to him. We agreed to a $500 flat fee for any closed properties that I send him. Anyone do anything like this?

I recently listed a short sale flip. In my state you have to have equitable interest as well. After talking to two agents/investors we decided we could have the homeowners (A) fill out the listing agreement and list my trust (B) as "owner of record" on the listing. I don't know if it's going to work yet. I'm more concerned about (C) financing without seasoning.

I really don't have good data since I have just been toying with it. My clicks were running $2.50 a piece which might be too much. I'm now trying out paying for a territory through one of these websites that look for buyers nationally. These guys are the ones that really drive the price up if you want your page to be on top when someone searches your keyword.

If you can't beat em, join em I guess.

Umm... do you have the wrong number on it? I can't imagine your competition is taking them down. If he's hung bandits he knows they won't last long. Sometimes only a day but you WILL be getting calls.

I can't imagine putting out 100 at once. I would need 2-3 lines. When I put out 15 I'll often get calls while I'm on the phone with another caller. I mainly stick with exit ramps and a few large intersections.

Best bet is your help is BSing you. I mean who would decide he's going to do it on Friday night? Maybe he said that because he knew you wouldn't be checking on him.
You want them to stay? Google for hangers. Sign hangers, or sledges. I actually use a hanger that uses a stapler but they come down and I can't figure out how. I get them up to 10' high sometimes. If you put 2 big nails in it 10' high you wouldn't be able to knock it down without a ladder.

I use adwords off and on. Just sign up and start figuring out the program. You can transfer as much funds as you like to test it out. I have yet to commit enough cash to really get a good idea of the return but I did get a few submissions, nothing that worked out. You'll find that a lot of the national players (housebuyernetwork, cashoffers, sellmyhousefast.com) will be placed ahead of your ad. You can change how much you're willing to commit per click but it can get expensive. To do it correctly make sure you have a very professional website with useful content. Otherwise you'll probably end up with clicks and no submissions. I wasn't loving the clickss ratio. Currently I'm not satisfied enough with my website to commit more $ into adwords.