All Forum Posts by: Michael Sanders

Awesome! Thanks for those replies and tips.

This would be my first deal off the mls. I've done 2 others but both were with private sellers. 

My exit strategy is to make the offer within a LLC, if accepted, have my buyer fund the deal and then sell my rights to the LLC after closing for a fee. A strategy I've seen other investors use.

Thanks for the prompt reply.

Just to clarify,  you're saying that I can pay it immediately "after" my offer is accepted?

I'm trying to submit an offer for an REO property owed by Fannie Mae right now through my realtor.

My question is can I wait until my offer is accepted by Fannie Mae before I actually make the earnest money deposit with the title company, or do I have to actually deposit the earnest money before Fannie Mae will give an acceptance to my offer? 

Thanks, that site is great!

I have a lead that came in that is a good candidate for a subject to deal. Was wondering if anyone new a good website or place where I can find accurate price for what a property could rent for? Any comments are appreciated.

I am buying a bankruptcy list from Melissa Data to market for real estate deals and they asked me if I wanted to filter my list "Open Filings," "Dismissed," or "Discharged." I was thinking to include discharged or dismissed since it means they are out of the bankruptcy process. Does anyone have any experience marketing to this type of list or which filter I should use for best results? Any success with this lists?

Thanks for the replies so far. I did call a local title company and they told me whoever is the court appointed as the rep can sign the contract to sell.

I just got a lead in from someone who is looking to sell the house of a family member who has just passed. I'm not to familiar with the probate process and I'm supposed to meet with him tomorrow to look at the house. So far he's told me that it would probably needs to be gutted. He's looking to sell but my question is how does the process work. From what I understand is that i would have to wait for the estate is settled and the title to be transferred into his name before we can get under contract. Am I correct. Any Info is appreciated. I'm in Colorado. Thanks!!

Thanks for your feedback!!

I have a guy who called my sign who says he's trying to sell a house for his brother who is out of state in the Military. After doing my research I see he owes more than what the house is worth in retail condition. Comps say his house is worth around 130,000 and he says his brother owes about 158,000. He says his brother wants to sell so he can buy a new house where he is currently stationed in the military. I know theres some obvious hardship if his brother (the owner) is out of state and is paying for a house somewhere else although he says his brother is not currently behind on any payments. I haven't seen the house but he says it is in good condition (which I'm pretty sure it will need at least cosmetic improvements).

He probably has a VA loan in which they will only discount down to 92% of what it appraised for.

Is this situation worth pursuing a short sale?

Since his brother wants to "get rid" of this out of state home so he can buy a new home, will a short sale prevent him from buying a new home where he's at?

If the house fits criteria, will taking over payments sub-2 prevent him from buying a new home.

All answers/advice are much appreciated
Thanks and have a great day!!