All Forum Posts by: Jeffrey Hayes

Wayne, One of the flips I'm trying to buy now has been contigent for about a month and a half. It is a short sale through Wells Fargo with only one lien holder. It's taking awhile because apparently Wells Fargo has laid off many of its short sales staff. I know it's important to work with an experienced short sales agent on the listing side of things as far as whether or not your offer is accepted and or deal falls through. My question to you is do you know which lien holders are the best in general to buy properties from FHA/Freddie, small banks vs big banks, as far as getting your short sale offer accepted? Thanks

Thanks Wayne and JD for your responses. That is helpful information.

I'm buying flips now and I was just wondering if there is a way to determine exactly how much money is owed(in other words what the current loan amount is plus penalties and fees) in order to make a better offer on a short sale? I'm trying to find how much money the lender or lenders are currently owed on any given short sale home I'm looking to purchase. This information does not appear to be public information. I've looked on the MLS and was unable to find it. I couldn't find it on public tax records either. Any info would be greatly appreciated.

And by the way,  all of my offers are cash offers right now.  At some point I might use hard money if I need to.  I think you guys are right.  Many people do seem to overpay on these homes(unless they have super cheap labor rates or if they do the work themselves).  In addition I'm going to tap into some other areas to find these homes.  

Thanks Tom, Christopher, and Cesar for your replies.  I appreciate the advice.

I'm a real estate broker in Tucson, Az and I've been trying to buy my first flip home for the last 6 months or so and I keep getting outbid. I have studied flip books and repair costs etc, so I think my repair estimates are fairly close, but I'm having trouble getting a deal accepted. So far I've only used the MLS to find deals which I know might not be the best source but that's what I'm the most familiar with. From everything I've read, I've been told to try and at least make $10,000 on every flip and that is my goal right now. My top purchase price before fixed up is $100,000. Maybe my repair costs are too high? I don't want to bring in contractors until my offer is accepted. Any advice would be greatly appreciated as far as a strategy to getting an accepted offer. Thanks

Bill Gulley,  do you or anyone else on this forum know how to get the pre-qualification letter  when using hard money as some listing agents require this when submitting an offer?  If you don't take the accepted offer to the hard money lender until it's under contract how do you go about getting the prequal form?  Thanks

Thanks Bill and Fausto,  that is a great strategy that I will use!

Can anyone answer this question regarding timeline of hard money loans?  I don't quite understand the timeline of hard money loans?  

I find a house.

I get an accepted offer

I contact the hard money lender

I guess what I'm asking for is  a timeline using hard money from time of accepted offer to closing?  How does it all fit together?  Specifically in Arizona if anyone is familiar with Arizona Real Estate Laws.

My other question is I'm still confused as far as whether or not I call it a CASH OFFER on the purchase contract since hard money lenders say that they can get you the money within 24 hours sometimes?  At what point does the money come in from the hard money lender i.e  does the hard money lender send that money right to the title company right away?  Who holds the money?

Bill,  very good point!