All Forum Posts by: Herm M.

^ Actually no, I never planned to sell back a property to a family member.

I did pose the question of whether or not a person is legally allowed to purchase their property back after a short sale (not a family member though).

And what exactly is shady about this?

People here always emphasize to "get a realtor on your team" but when I do it, then I'm "shady" ?

Sorry, but I don't want to deal with the headaches involved with outside realtors.

Appreciate the input, thanks.

Basically the property I'm working on right now...I sent an offer in from my cousin (investor) for 250k.

I am the listing agent, and my partner is representing my buyer. So we're going to make commissions on those two sides also.

I have offers at 327k and 330k, and I know I can get offers up to 350k.

I'm just waiting on WaMu to get moving, I sent the package in 60 days ago.

Justin, would you say it's worth the time to counter a bank's BPO price in order to double my margin?

For example, if I have a buyer at 350k, and the bank's BPO comes in at 325k, should I counter at 300k?

It seems as though most of the topics in this forum are about the problems we're having with lenders, seasoning, etc.

Is everyone getting around these hurdles and successfully flipping?

This happened to us also. But BofA uses the same locks on their properties, so we just used the key from our other listing next door.

Good thing I'm an agent...

I'm not familiar with ROE Trans at all. But how would a deal be lost if we have to go through them?

Can someone please tell Terry how ridiculous it would be for him to buy this as a short-sale, if he's going to make 30k in profits regardless...

Actually, after reading that again:

You say shells go for 8-13k in that area.

So 50k in repairs will bring the value up to 115k?

I don't feel like 115k is correct, but let's say it is:

Why would you waste MONTHS trying to negotiate a short payoff if it's only going to bring you 5k-7k in extra profit...?

Why don't you just payoff the loan of 15k and spend the 50k to repair it. So the property cost you 65k, let's say 70k.

Then sell it for 100k and make yourself 30k.

Why waste months trying to get this property for 8k instead of 15k...?

I don't know what to say....something about these numbers just doesn't make any sense.