All Forum Posts by: Jackie Patterson

I don't think you'll get a third party negotiator or really competent Realtor that will do this once they know what you're doing. We wouldn't! This scattergun approach may make sense to you, but ends up wasting the time of the negotiator. As far as making an offer with a week for acceptance, I wouldn't waste my time with an offer like that. There's no way you can get an acceptance in a week.

There are a lot of short sales available, and in my opinion it is a market that most investors overlook. Make an offer that is real, and invest the time with a good negotiator and you can get a smokin deal! We have a couple of investors that we negotiate for, and they are very happy with the deals that we're getting them. However I know that when they make an offer, they will follow through if we can get it for them at that price. They know that we have a very high success rate, and they're not going to have to fight several others for the property.

Welcome, Misti!

Chicago is one of my favorite cities. I'm just around the lake in Kalamazoo, Mi. We have several short sales going in Chicago and the suburbs. Just added 3 near Dolton.

Welcome, JP!

Nice to see you posting and participating...that's a great first step! It's very important to understand the market in your area, and as you pointed out, pricing is crucial. The only way you'll get comfortable with that is to study it daily, learn the neighborhoods, see what's selling, etc. We've been active in the short sale market in Florida. You might consider looking at short sales as well as wholesaling.

I love working with Glen Oaks Escrow in Glendale. They cover a large area. James Isham thinks outside the box, and is very easy to work with. I would highly recommend them.

Welcome, Steve!

You are certainly in the right place to study and learn about Real Estate. It sounds like you've got a good plan and are realistic. Your plan to birddog is a good one. Birddogging is a great way to learn the business and puts money in your pocket! We utilize birddog for short sale referrals all over the country.

Thanks, Jon. That's our goal!

Jumping into this a little late, but wanted to add our activity. Seven weeks into the year, we've had 6 short sale closings, got 4 offers on short sales we're working and we added 16 new ones to our pipeline. We also finally got our website done! Our goal is to average a short sale closing a week for 2012.

It's very interesting seeing what everyone is doing, and it appears that most have gotten off to a good start. We're certainly hoping for a more robust 2012 than the past few years.

There are 2 issues regarding the anti-flip requirement. The first is with the short sale lender. Some lenders will have anti-flip language in their approval letters, arm's length affidavits, or a no flip affidavit. Not all lenders have this language, and a good negotiator can often get it removed.

The second issue is with the 2nd buyer's lender. Although FHA has waived the 90 day seasoning, many lenders have policies that are more stringent. That being said, if you do your homework, you can find many that will allow it. They may only allow a 20% increase in price, or have requirements such as a second appraisal.

I have had no problem finding title companies that will close a second buyer within a few days of the first, as long as you're not asking them to close when there was a clear no-flip requirement from the short sale lender. Get that removed, and you will be fine.

We've been involved in several at very low prices. We'll negotiate the short sale directly for the investor cash buyer. The lenders don't want these properties back either, so if indeed the comps are there, it isn't hard to do.

Welcome, Kama!

We've been/are involved with several short sales in North Carolina. It appears to be an active market, and I find that listed right we're not having trouble finding buyers. Best of luck to you in your goal. I'll look forward to reading your posts and interacting.