All Forum Posts by: Jay Feldman

In general I think they are trying to maximize any and all offers. Single or multiple.

You realtor may or may not be lying to you but It is not uncommon for banks to ask for highest and best offers.

Shimere
I agree with the other posters. As for the 2% per month it can vary greatly by area. You should also check the days on market before it sold. As for the home sale that is pending, many times the price it pended at is not the listed price. You will not know the price until after it closes. Also many times sellers concessions will not show up in the recorded sale price. Do you have access to the MLS directly? Or is your realtor pulling the comps? If it is the realtor make sure he/she is sending you the agent detail view and the the standard consumer view. The agent detail view should contain the days on market and any sellers concessions for closed properties. One last thing I would never trust repair info from the sellers agent (your realtor) unless you have a long history and know the info can be trusted. Selling real estate is hopefully what they are experts on. Estimating what needs to be done or how much it will cost will almost always be way off.
How long has this property you are considering been on the market?
Good luck with your first deal.

Full time investor always looking to network and do more deals. Short sales and Rehabs are our specialty. If the numbers make sense lets get together.

Sincerely,
Jay Feldman

http://www.phoenixsolutionsllc.net

This above all: to thine own self be true,
And it must follow, as the night the day,
Thou canst not be false to any man.
(Shakespeare, Hamlet)

bamalucky
I scanned through your posts and I think there must be a mistake on your profile. When you post, below your user name it says "Contributing Member" unless that includes negative contributions they must have it all wrong.

All joking aside I realize anyone can post here but why is it if not all most of your posts seem negative? Are you an Investor? If not why are you here?
Good luck with your endeavors.
Jay

Hello friends.
Does anyone have a list of websites where I can post a house I have for sale that is not fee based? I already know about Craig's list. (sold my last one that way) House is located in Griswold, CT. Any remarks on what sites are better then others would be appreciated as well.
Thanks
Jay

It hard to imagine it not being worth $700? How much is the house worth and selling for?
Just my 2 cents

Equity has everything to do with it. The reason a bank will "normally" consider a short sale is because they think they will be better off (and most times they are) taking less then they are owed then taking the house back (Foreclosure or Deed in lieu) and then having to sell it. In your case the bank should have no problem auctioning or other wise selling the property and getting back what they are owed. Now if the property was worth say $275 and the mortgage was $250 they might still take a small loss and sell it for slightly lees then owned (Say $240) because when you add on the foreclosure costs and the re-marketing cost they might still come out ahead or at lest even and it would be done now not later.

Assuming you try to work the short sale (by the way if you are not good with details and negotiating don't bother because SS have a lot of details, negotiating, paperwork and follow up) the bank is going to want to get a BPO or an appraisal and if that comes in at anything close to $350 I think your deal is dead.

In regard to your statement can they force here to refi? No they cannot but the can definitely foreclose on her for defaulting on the loan. Now maybe I miss something somewhere but that is how I see it.
Let me know I can be of any help (I guess I have not been much so far)
As I said before Good luck.
Jay

Sorry, did not mean to confuse you. You are correct as to what a short sale is. Maybe I missed something but you said the property is worth $350-420K and the lady only owes $250K. Most banks i have dealt with would not consider a short sale on that . Too much equity. Therefore I would qustion is it really worth $350K+. up here in CT (which might be different where you are) the banks are not just giving properties away. (at least not if they think there is a pile if equity in them) If you are sure of the value and the property does not need any work, it sounds like a deal. Good luck
Hope that helps
Jay

Thanks TimWieneke
That's a good idea but I would like to believe there is someplace on the world wide web where one can get or purchase reports ready made. I want to offer them on my web site. I would most likely tweak them for a better fit. Have it set up so the suspects (oops I meant prospects) leave their email address and possibly a little more data in return for a report. As well as start them on an email campaign. Like many others web sites have do.
Thanks again
Jay