All Forum Posts by: Dale T.

Direct from the Source. This is not something that has been shopped around person to person

Hello, Does anyone know where I can post to sell Detroit Notes? I have two small pools at about 18 to 20% Of what is owed. thanks

Hi Sophie and others across the pond. I am also an investor who is from the Detroit area. I invest in Detroit and around Detroit. Detroit is a great place to find Deals. I mainly do Short Sales for many Realtors, lawyers, Landlords, Homeowners etc. Rents are High in the Detroit area. Section 8 is your best play. I read a story in the Detroit Papers recently about this company screwing people overseas on Houses. I fear that may be you also. I can put you in contact with people who are honest and live there. Shoot me an email if you wish.

Anyone know of a Title company in Michigan (Detroit metro Area) that is investor friendly? That knows the Short Sale process for investors. Is ok with Doing the A to B, B to C type close? Thanks

I have done Butt loads of short sales and this one is new to me. The Homeowner is with PNC and he has an account (savings or Checking). PNC took out every penny form his account which was not much but is was $1100 that he needed. Bank took out all of it and sent him a letter telling him that they took it. The Mortgage is with PNC and he Banks With PNC. so they go to do a short sale and then clean him out. I have never even heard of a bank doing this.

William, You Are saying exactly what I said. The homeowner is buying it back by way of a third party. 60 Day or 90 days later they sell back to the homeowner. Or Quit Claim deed etc. back over to the homeowner. They are not buying it directly. I agree with Aaron, that I do not think the banks can tell anyone who they can and cant sell to. Given where the houses are located. I doubt that they will.

I have a few Short Sales in a very bad area. Well, the
whole
city is pretty much shot to hell. These properties go
for a
Very very small amount compared to he loan that was
taken
out or given by the bank. Example: 128,000 loan. New
appraised value $5,000. This is not unusual. I have not
had
one yet go over $8K yet. They are all 50K 70K 100K 120K
etc.

After i did a few of these it was interesting that they
all
had buyers. I then find out that people are buying
there
house back. By way of Friends at Church, Relatives,
Neighbors, People they work with etc.

Now after its closed, it is out of my hands. I am not
here
to police everyones activity and do background checks
and
try and find out who these buyers really are. The bank
has
them sign an Affidavit, but it is just another piece of
paper to them. THEY DO NOT CARE.

So, this is NOT illegal. There is no law on the books
that
has anything to do with this. The banks do not like it
and
are totally against this for a good reason. Hell,
Everyone
would do it at these prices. So is this illegal on any
level? This again is in a very ugly area. If I named
the
city, you would go OHHHH. Nobody will ever do anything
to
them. They just will not. It has been mentioned on this board before, And when you hear only one or two doing it, is alot different then 10 or more.

PS there is no flipping going on. It is a fee for the Short sale. Small money

Is anyone doing Short Sales in Wayne county Specifically Detroit. I am getting word of Mouth Customers there but would like the best way to expand the Short Sales in Detroit. Are there any court records I can access that shows the Bank has filed? Or anything similar to that? I am not going to go and hang up Bandit signs because I do not have the ability to do so. I wanted to do mailers to see if that would work but I cant find any public records search for this. I am looking for customers that are behind or that know someone that wants to by the house but will not pay the amount of the loan that is Owed. I thought about contacting realtor's but they seam to chew up almost all of the Cash off of the HUD. Any ideas???

but does anyone know what I can have the buyer do? Any suggestions?

Any Suggestions on how to re submit this? I am not sure he can show Actual proof of Funds in his own Account. If TF is the proof of Funds and they will not accept this then what other methods do I have?