All Forum Posts by: Sean F.

Damnit! that's horrible. So what would have been the best strategy? Tell him yeah sure you can live here no problem. Get under contract, and evict him should the deal go through? That's cold.

Hello fellow BP'ers,

I'm looking for some guidance and advice on a short sale opportunity that was presented to me.

My parents next door neighbor approached me recently that he will be listing his property within the next few weeks as a short sale.

He owes approx. 200k to WF and approx. 40k to his credit union. (I know not an ideal situation already.)

Prop value is approx. 100k - 115k.

He offered me the prop. with the condition that he gets to stay and pay rent for 3-4 years until he retires. I told him although we have known eachother for a long time I wouldn't be willing to do that. (against the law) obviously things went sour from there and now he has other buyers in mind that he will try and get to go along with his condition. I told him no problem but I will still be submitting an offer to the bank once it is listed. He went on to tell me that he regretted telling me now etc... etc... I told him he is required to list it and I would have found out about the property anyways along with many other people as the property needs to be exposed to the open market.

So what can I do to improve my chances of getting the bank to accept my deal? Since now the seller wants to sell to someone that allow him to stay and rent. I plan on using our family realtor to represent me.

I'm sure i'm leaving out lots of info. Just ask me for any specifics you need to help out and I will post back.

Thank you,

I loved reading through this thread. See you at the top Stephon!

Does anyone know if Wells Fargo requires the prop to be listed?

My DD is a 2004 Audi S4, she's a gas hog but she's paid for so I don't care. Just picture a sporty A4 with a V8 crammed in the engine bay. 6 speed all wheel drive all the time. Very safe!

Joel Owens Where do you find that info MLS? Thanks for the analysis. You are spot on, after driving through there, the area is definitely not ready. It was like a ghost town. Lots of boarded up windows and gutted out buildings. I have always had an interest in that particular area. If anyone is wondering the city is Opa Locka, FL I will continue to keep an eye on them and hopefully with the new HUD grant they will be able to revitalize the area.

You are absolutely right, this is a nightmare waiting to happen.

Joel Owens It's interesting you mention that. The property does have a decent sized parcel of land behind the actual property. I believe the vacant piece of land was purchased by the previous owner at a tax deed sale to enlarge the property. At least that is what the public records point to. The vacant parcel is about the same size as the land the property sits on.

Quick update on this one. After submitting my offer, the owner called me and said he received a cash offer and obviously has to go with that one first. If it falls through he will definitely call me again. The house hunt continues!

Dave Meyer Thanks for the suggestion, I should have access to the MLS this week. I will definitely look into it for the future.

Raymond B. Thanks for the link.

Here's an update, I drove to the property yesterday afternoon. Pulling up to the property I saw the blue tarp on the roof from a distance. Walked around the property and peeked through the windows and it's completely gutted. Holes in the drywall, ceiling hanging down, no doors, fixtures, not to mention two bullet holes through the windows of one of the units.

I spoke with a couple in the neighborhood and they said they were renting for $550 - $600.

After further investigation into the neighborhood, the city has had a troubled past. Police and government corruption, the city recently ranked the 2nd poorest city in Florida.

In it's present condition I would have to get the property at a deep discount to make this work. I'm not even sure this is for me.