All Forum Posts by: Jana B.

I was just told from my title company that some banks(BOA) are not allowing business to purchase Short Sales, but I was also told from another source, that I should never buy in my own name. I am doing an A-B, B-C transaction. Which name do I use when sending an offer to the bank, should I use my name or business name? I need some help clearing this up.
Thanks

Ted Akers,
You are right I forgot to mention that was on a FHA loan that limited your spread to 20% I just wasn't sure if that was all S.S. deals with all the changes going on.

I now have 2 contracts on some property and they both have a proof of funds letter I really don’t want to send the proof of funds to BOA because that will see how much the buyers is buying the property for and they may want me to go up on my offer because of the buyers amount. Right now my spread is over a $100k. How are you guys get paid of your short sales deals? What are you putting on the HUD-1 to get paid? Someone at the title company said that other short sale agents are putting a CLEARED TITLE FEE on the HUD. Do anyone know if this will work or what technique are you using?

Thanks

P.S.
Is there now a limit on how much we can make off a Short Sell deal? I over heard someone saying this.

Hi everyone,

Thanks for your comments. I now have 2 contracts on the property and they both have a proof of funds letter I really don’t want to send this to BOA because that will see how much the buyers is buying the property for and they may want me to go up on my offer because of the buyers amount. Right now my spread is over a $100k. How are you guys get paid of your short sales deals? What are you putting on the HUD-1 to get paid? Someone at the title company said that other short sale agents are putting a CLEARED TITLE FEE on the HUD. Do anyone know if this will work or what technique are you using?

Thanks

P.S.
Is there now a limit on how much we can make off a Short Sell deal? I over heard someone saying this.

Let me start out by saying that I got in 2009, while working with a negotiator there, He was very nice. But now they require that all files go there, Let me tell you it’s a pain working with this program. They send out task for you to do and when you submit it auto sends another. Now they are asking for all kinds of information like: Borrows’ name, address, phone, and ss #, MLS #, MLS listed amount, proof of funds, approval number, name of their bank and phone number these kinds of things.
I have most of these items but not the (proof of funds letter, approval number, name of their bank and phone number) or the end buyers yet I have a realtor that show the houses nearly everyday and a lot of people interested in them but no contract yet.
I’m wondering why do they need all of this right now? Are they trying to block investors from making money or what? Do anyone know how to get around this, because if these tasks are not done by their due date the files never go to a negotiator, my files are currently with generic negotiator.
By the way I heard that the short sale business will be changing on 04/01/10 does anyone know what these changes are?
Will we be able to still make money doing this business as an investor?