All Forum Posts by: Skylar Howard

Through my experience, the shortsale will usually ding their credit with a 90 days late, which can be overcome quite quickly through credit repair. Definitely beats the 250 or so points the foreclosure will hit you with....Jake, thanks for your story!

Heads up people who own a cell phone

Cell phone numbers going public today

REMINDER....all cell phone numbers are being released to telemarketing companies tomorrow and you will start to receive sales calls.

....YOU WILL BE CHARGED FOR THESE CALLS

To prevent this, call the following number from your cell phone:

888-382-1222.
It is the National DO NOT CALL list. It will only take a minute of your time
It blocks your number for five (5) years. You must call from the cell phone number you want to have blocked. You cannot call from a different phone number.

HELP OTHERS BY PASSING THIS ON TO ALL YOUR FRIENDS.
It takes about 20 seconds.

Go to craigslist, real estate services, search, type: short sale.

Google shortsale.

Go to biggerpockets.com

You will have many to choose from.

Sounds awful risky. Have you taken into consider ation holding, marketing, and any other costs that may come about?

Check out yellowletterscomplete.com. I am not promoting their service. I am telling you that their system works and you can do it yourself. the yellow letter campaign is the only marketing I do and it works great!

Brodan - Are you talking about the net sheet or HUD1?

This was a property where the homeowner called me the week before the sale. I did not want the property, so I marketed it to see if I could find a buyer. I submitted the ss package right away with a low offer from me, it was not accepted. When the higher offer came in, I submitted, and they accepted and stopped the sale......The buyer did not close because if the usual delay from the bank side. After 2 months we are finally closing with a new buyer and the bank has agreed to take less.... The lesson here is, if it is getting close to the sale, you may want to get someone to make a high offer. They may not close, however it may buy you time by getting the bank to stop the sale.

This happened by complete accident. Once I got it stopped and I knew it was going to close, I had to share this with you..... I have a home in downtown Orlando that I was going to let go to sale because I couldn't find a buyer and I didn't want it (war zone). The day before the sale someone made an offer for full asking price. I wasn't sure what to do with it beacause we were so close to the sale, so I submitted it anyway. The bank said they would accept after repeatedly calling to make sure that loss mitigation had it. They called the sale off, then delayed as usual. The buyer walked because of the delay, so now what? I marketed it on craigslist and have now found a buyer for $4k more than the full price offer I was asking....I'm not sure if every bank will stop the sale if they are getting what they think is fair, I am just letting you know my experience so you can try it out if you run out of options or time.

The deal:

1st $24k

asking $35k

contract to sell $39k

bank finally took $18k (maybe they shouldn't delay)

P.S. I also submitted a POF and copy of earnest money check with the offer. This may have been crucial in getting the bank to stop, I'm not really sure. You should always include these in your ss packet.

Call me in the evening, after 9PM est. I will explain my documents, and how to fill them out.

This is a tricky question. I think you need to look at it from the standpoint of market value and not BPO. If you are really good at influencing the BPO, obviously, the values percentages change....Before you offer on the deal, you need to come up with your maximum allowable offer. When you get the BPO and it is done favorably, your offer may be 90%. If the BPO isn't favorable your offer may be 60%. It is a case by case analysis.