All Forum Posts by: Jackie Patterson

We encourage our listing agents to bring us backups. When we're facilitating the short sale, it's good security to have a back up offer waiting in case it's needed. I'm not sure why any listing agent wouldn't do that. Understand that we simply hold the offer as a back-up....it's not sent to the short sale lender......ready to go if necessary.

I use Proptrakr.

Welcome, Dion! I'm just around the lake from you in Michigan. We do quite a lot of business in the Chicago area, and find it a good market. You've come to the right place to learn and get your questions answered. I can't give you any advice regarding wholesalers since we specialize only in short sales, but I know many here can.

That fact that as an investor you are flexible on a closing date, and willing to wait it out does make a big difference. We often get owner occupied offers that want to close in 30 - 45 days. Since we can't guarantee an approval in that time frame, we don't accept those offers. You also mentioned that you were using conventional financing which I would accept over an FHA or govt loan since it is quicker to close and we don't have to worry about an FHA appraisal. Generally it also means you're a stronger buyer. Cash of course is even better!

You're going to have to buy right so that rent covers the mortgage payments, taxes, etc. You can't live on rental income if you have to supplement it!

Welcome, Kevin. You're smart to take your time figuring out what you want to do. I'm sure the summit will help you clarify what you want to focus on. Good luck!

Welcome, Richard!

Saving $14,000 at age 21 with a minimum wage job is impressive and shows discipline. Congratulations!

Welcome, Robert!

Real Estate is a whole lot different today than it was in the 80's. Good to hear you feel you've learned from your experiences and aren't afraid to jump back in. Good luck!

You need to be able to justify and support your offer. Getting a good BPO or appraisal is the most crucial aspect towards getting a short sale offer accepted.

Welcome, Matt!

Good luck with your offers. You'll have to keep us updated!