All Forum Posts by: Mike Nelson

This is the part im stuck on, how long are your offers initially good for? and do you put emd in escrow right away or upon acceptance.? is there 5 major points you could make suggestions for when offering on short sale? mainly, EMD, Acceptance timeline, extension, that sort of thing? I really dont mind offering a larger EMD

Do you typically ask for seller concessions like 3% or more? are your offers contingent on them accepting by a certain time? I dont mind waiting for a response, but what if 7 months goes by and ive found 4 other deals i could have done, i would like to be flexible with my funds if the bank is going to take its sweet time deciding what to do

Whats the best way to submit an offer to the listing agent? can i just send them a standard contract with proof of funds and hope to heck they use my offer when sending the shortsale package to the bank?

Im not here to whine about inventory, but i noticed all the competing rehabbers are getting short sales, and guess what! IM NOT!. As I have never dealt with a short sale transaction I am leaning towards having an agent who is experienced in these matters work with me on finding deals and submitting offers. I did find one agent who is pretty experienced, but she wants me to sign a 1 year exclusive agreement with her, (which I could understand for short sales), but thats all I would want to keep it to, i am meeting with her tomorrow but was wondering if anyone had any advice on whats acceptable before i sign my life away on the dotted line? I have failed miserably trying to work with the short sale listing agents directly.. i feel this is my next option

I found a house down the street with me that is a short sale but the agent said it has city code violation liens on it. She said she is waiting to here back from the lender about how much they will cover the liens for to approve the short sale. So my question is, when making an offer I plan on making one for a clean title, i dont care whether the bank pays all the liens are not, i want them gone! is this the right way to go about doing this!? If not , then my offer will be based on them not covering all the liens, is this some strategy of theirs?

Bill, I don't understand what you mean. And the reason I turned to hard money and private lending is because this is a new business. I have no relationship with my bank as I just came out of the work force to be self employed. I guess I could be wrong, but I was always under the impression banks lending on fixer uppers was pretty slim for investment purposes.... But then again I admit I don't know everything and am always open to new insight.

I have never used HM lenders or even private lenders. But In an effort to expand and take on more volume I have come to realize it is my only option for being able to hold more than 1 property at a time. Does anyone have any tips to get these guys to lend to you? I dont intend on walking up to these people and shouting "lend me money" , I do have the funds to service several high interest balloon type mortgages at one time, but I want to be prepared to answer whatever questions they may have before they decide to lend. For the record, I have only done 1 flip that went extremely well. I have a background in construction management and I have worked with contractors for 15 years. I plan on using a couple listing agents I know to sell the properties upon completion. I am very good at presenting comps with ARV and cost of repairs plus contingencies.

Is there some formal documented process if you want to back out of a contract, say for example due to the inspection contingency? Do you just send over a document to the listing agent or owner that due to the inspection findings Im deciding to cancel the contract per the inspection contigency?

It was suppose to be good til midnight tonight.

What part am I missing? how can it be under contract if the website says the bid open date is tomorrow??!