All Forum Posts by: Jim Murphy

Sarah Hi there I go to realtor.com I also go to real estate agents because they are the first to hear my second short sale was listed in the paper the price was low and the add said subject to bank approval so that generally means there is either a foreclosure in the works or a short sale may be possible.

Mahesh On my first short sale I learned everything here on bigger pockets , however I learned alot by simply using real estate agents to find me short sales where I was interested . make them earn the money. Also there are certain real estate brokers that the banks use so look on their websites too.

Lat year while my divorce was ongoing , there were several credit cards that we fought over, who should pay what etc etc this resulted in 2 credit cards going late for an extended period. Also during that time we had a condo in myrtle beach that had lost over half it's value so to speed the divorce up we did a deed in lieu of foreclosure.
As my financial settlement My then wife refinanced the house and paid me $100,000 which I used to buy 2 short sale properties which I fixed up and have since rented out .
Herein lies my problem My properties are appraised at $ 268,000
with no mortgages they bring in $1450 per month rent I have a good job and now actually have a second job as well I have no credit card balances and no other debt however when I approached my bank they loved my strategy on short sales and were eager .... eager that is until they got my credit report, they couldn't touch me.
Does anyone have any ideas as to how long it will take for my credit to become good enough I have been looking at 3 family units that are short sale approved but I will need funding.

Okay well since that time in December I was able to get another house 2 bed 2 bath I put about $5000 into it , I purchased it for $33,000 cash and have rented it out since for $700 per month.
So now all the cash is gone and since my divorce my credit is shot we had a deed in lieu down in Myrtle Beach and some credit card bills that we faught over as we went thru the divorce . So here is my position I own outright 2 rental houses I had them appraised and they come in at $268,000 with no mortgages however banks won't touch me , Any ideas how I can get funds to buy my next property?

Yes Jon is right I have done a short sale and this seems downright whacky .

I closed on a house on Dec 2nd it was my first short sale deal I had been involved in about 7 attempts at short sales during the previous year and none came to fruition . What I found was the delay from the bank becomes frustrating and in one case I was 3 days away from closing all the cash in place and BOA pulled the plug,
The house I eventually bought was listed on the mls illness forced the sale but the upstate new york market like most of the USA is dead hospital bills were piling up on the couple . When I seen the house all the structural work had been done, the house had been completely rewired the appraised value in 2007 was 175,000 the outstanding mortgage amount was 91,000 . My offer was $55000, all cash the couple accepted it and then the real estate broker had to present it to the bank,Based on my prior experience I thought the bank would make a counter offer or reject my offer outright, Guess what the next day the broker called saying the bank wanted to see proof of funds they accepted the offer provided I could close before Dec 8th.
I closed Dec 2nd I spent the last month painting it and refinishing the floors I have a great tenent ready to move in feb 1st at $750 per month . I am now looking for more short sales in the cobleskill,ny area.

Great info guy's thanks alot.

Thanks for the info I just wanted to make sure that the closing goes ok.

Insured with Repair Escrow

This is in the property description on my first HUD deal.

Hi ! I am just completing my first hud deal what are some problems I may encounter? I did the deal all cash .