All Forum Posts by: Rusty Thompson

The consensus is def. in on this, but I will add my two cents. I agree that any time is a good time to flip, except in a stagnant market... I think the difference we are seeing right now is that this is a unprecedented time in history to buy and hold. That is the change that we are really seeing.

The consensus is def. in on this, but I will add my two cents. I agree that any time is a good time to flip, except in a stagnant market... I think the difference we are seeing right now is that this is a unprecedented time in history to buy and hold. That is the change that we are really seeing.

Looks to me like a scam. I'm not arguing the ingenuity. But they are playing on these peoples ignorance.I believe in the "win/win" mentality. The only ones winning in this situation is the seller. They aren't flippers, they are re-selling. Not surprised this is a plan created by someone who is used to selling cars to people that cant afford them, then when they default, repoing them and selling them to the next person.

Sorry congratulations.... auto correct mistake

Sounds like you ended up with a great contact for the future. Private money lender? It seems to me that if they are willing to loan now for no return. They will be willing to loan in the future for a good return. Contradictions

I'm new to the board, and this is my first post, but I do have some experience w/ short sales in my area, as I have made offers on a few. This is how it works here. The Bank agrees to negotiate a short sale. Listing Agent sets a price. They lower & document the price as time goes by, until the get a offer. Owner then accepts the offer, or if they have multiple offers they choose which is best (here the agents rarely accept multiple offers. They submit the offer to the bank w/ their complied data showing the progressive reduction in price. Bank hires a negotiator, who reviews the documentation. They hire a appraisal or BPO. They then counter the offer. If the buyer does not accept it, the real estate can now list a property as a "approved" short sale.

The current short sale I'm working on has taken approx 3 months since my offer was accepted by the buyer. I personally believe that short sales are very hit and miss. To get your heart invested in one is a bad idea.I also think the process is insane & they would save a lot of time if they just started with the BPO appraisal...

I hope this helps.