All Forum Posts by: Fred Forgione

Even if I do all of this, what will a banks BPO agent do?

Makes sense, that is what I will do. Now the property I spoke of is a short sale and am wondering how will the bank do their BPO since they will not break down the comps in the manner you are speaking of.

I am in the process of pulling active and sold comps on a ranch and there is nothing on the market like the property.

Property:
Ranch, 12 rooms, 5br, 2.5baths, 4000sq. ft, 3.8acres.

When no real comps exist, I am uncertain if I should pull comps then based on the house or the acreage. I can find comps that have the same acreage but the houses are completely different and I can find similar houses but the acreages are not close. Any help would be awesome!

So basically looking to do more short sales in NY would be more of a headache than just picking up more leads in NJ. Obviously these are problems that can be overcome by just holding the A-B for the "seasoning period" before doing the B-C but than the increased risk and time value of money rears its head.

Thanks for the good advice on this subject.

Well then my last question would be what exactly are those issues and who is the cause for them?

No your tone is appropriate and I am inclined to agree with you. I am just concerned about picking up a deal in NY and not being able to do a simultaneous close as all that extra time costs $$$

I am new to the forum so would like to take the time in my first post and thank everyone for sharing their experiences. I have contacted a real estate agent in NY and he has a large amount of short sales but has told me a few things which I have never heard of before.

1) First he has claimed that the banks will not negotiate the SS file with anyone except for a Realtor, lawyer, or ho which I know to be true for California and Florida. Is there any truth to that?

2) Second he has tried to convince me that it is not possible to do a double closing in NY due to the chain of title regulations and that the bank will not let this happen. (I am not referring to BoA line 10 or anything like that)

3) Lastly he claimed that my option contract was illegal and would not be recognized by both the banks and the title companies?

With all that being said I have been negotiating and successfully closing SS in NJ for 2 years now and have run into certain instances where 2 occurs and the deal falls apart. I have run into three in the context of the option contract not being recognized as the bank required I be the "Owner of Record". 1 I have never had a problem with.
If anyone could offer some clarification it would be appreciated as I would like to start doing some NY deals as well as NJ.