All Forum Posts by: Giovanni Soto

Yes, hopefully someone has faced this previously and will chime in, or give the name of a title co.  For now, ty, i'll give it a shot.  

GC? I dont have,  but if it a specific kind of work , maybe?

good luck

@Rich Hupper   @Christopher Vargas

I was told that banks will not normally allow assignments on Shorts but also will require that buyer TO hold prop at least 90 days.  Is that true or is that your experience?  in that case a double closing will not be possible.  I havent done a short sale in sevl years and never needed to do a DC.   

HI, I took over a property sev'l years ago and have the Power of Atty in my name. I put the deed in my co. name but the mortg remains in original buyer name. Now have a bad relationship with mortgagor. Doing a short sale, I signed the sales contract as seller (with POA),-- I think i am close to getting short sale appvd, My attorney says that the title co. will not close on a short sale WITHOUT the mortgagor present. Is there a title co that will do this?? Is there a way to get this done? This is in queens NY.

THANK YOU

@John Cohen

hi,  i am not on this BP board often, please let me know about the next RE mtg coming up.

Thank you

The Multifamily & Commercial Real Estate Industry Resource MeetUp in Westbury

Gio

@Conway Churaman

Hi,  Conway I would like to know an update (7 months ago) of that triplex in Bkln for $699. It seems to me that from seeing the mkt that an investor would pick that property up, Especially if vacant.  Good Luck.
@Conway Churaman

Hi , I'm going to try this method of selling the corp. (to my end buyer rehabber) on a short sale that i am negotiating.

Question:  do i get paid at the very moment of transferring the corp??  If my fee is over $25k, will the end buyer have a problem with that fee ? I may have to get the endbuyer to put the funds in escrow in case the deal doesn't close (assuming the title search I've done is incorrect).    Opinions from anyone who doesn't mind joining in.

thank you

Thanks J.Scott,

"no transactions relating to the property that haven't been disclosed to the bank"

Selling the corp. is not a wholesale, but Your opinion than is that a sale of the corp.,  is a doc relating to the property? ? so must be disclosed and will cause a rejection of the Short sale.

thank you

Hi,

sorry if i missed it but  REgarding double closing or wholesaling  - Short Sales.

1) does the disclosure (to resell the prop.- maybe to another investor),   to the bank (who approve the short) usually have to be on a separate document or can it be included in the contract?  It seems to me that the bank person approving the short sale , doesn't read the full contract of purchase.  

2) i didn't see anyone mention selling the Corp.    That is creating a new corp to purchase the short sale (which i control) and selling the corp to another investor. ( in essence wholesaling the prop).

Please explain if this will have to be disclosed anywhere.

thank you