All Forum Posts by: Jody Young

Geez @J Scott after watching the video beginning to end, it's enough to scare me into silence and I'm completely innocent. When the detective came, I wanted him and the other investors to know I was innocent and never even considered how it could be twisted.

How would you have responded in my shoes?

@Joshua Feit The timing from foreclosure to marketing on HUDHomeStore depends on the property and the foreclosing lender often. From my experience of working for a big lender, sometimes it would take months or longer to get the property in conveyance condition. That's the minimum acceptable condition of the property that HUD requires before they allow the lender to convey the home over to HUD and pay the (mortgage insurance) claim.

A lender may have their field contractor go out to get the property ICC only to have it vandalized, stripped, etc, then they have to get new bids and fix new damages. This can be repeated several times.

Also, title issues may be slowing the conveyance or possibly causing a "reconveyance" from HUD back to the lender. I have also heard of reconveyances for repairs. All the while, the home sits empty and continues to deteriorate and devalue. And coincidentally, there's a home in my county that I've been waiting on for my clients (we're a HUD broker also) for eight months. My clients recently gave up and bought a different home.

I don't know that not asserting my rights was the right or wrong thing to do @Jon Holdman but I was too afraid that taking that position may give a perception of guilt, and I don't want anything to do with that.

After thinking about it, I'm pretty sure the officer never asked me where I was when the incident took place. If he didn't mention tools and compare my saws (at my flip house) to papers he was holding, then I wouldn't even know what was missing.

Still hoping they catch the perps asap.

@Spenser Harding I went back and double checked my notes for a VA compromise sale (short sale). 88% of the appraised value is the minimum acceptable amount, so maybe they are playing hard ball, or the negotiator is inexperienced, etc. Stick to your $120k offer, it should be fine.

@Spenser Harding I'm guessing they want you to pay 88% of the appraisal for the VA compromise sale, is that close to correct?

Great job @David Kosiorek the after pictures look great.

Do you intend to use similar materials for all of your flips to help systematize your business? Or just evaluate each rehab independently?

Thanks @Hattie Dizmond I'm taking your advice to heart.

@Steve L. Good point. I guess I was hoping that as the deals get better that they would be there as wholesale clients if I'm not going to rehab the house myself. But you're right, we haven't even done one together.

@Jon Holdman The detective mentioned that it because I asked for the loan, and then they haven't heard from me since. I think that's the only reason, but I do understand his point.

@Scott Pigman I'm hoping so! I even thought about offering a reward out of my pocket for information leading to the arrest of the real criminal. 

Absolutely agree @Leigh C . The sooner they clear me so we get back to business as usual, the better. I thiink it's still going to be difficult to send them deals right away if they thought that I did do it. But if it was just a matter of saying "hey, he was here and it wouldn't hurt to talk to him" then I'll just look forward to doing deals again.

Do you have any idea what type of loan the homeowner has and what the bank received as fair market value from a BPO or appraisal?

@Scott Pigman I may be overreacting. By getting the opinions of others, I'll know.

I live in a city of 50k people, only 100k people in the county. When you work you butt off to build relationships with the few people actually doing deals, it sucks to lose a relationship that was mutually beneficial. There's not many consistent flippers here.