All Forum Posts by: Karen Parker

Nationwidepi, of course #1 is always valid but #2 is dependent on where he is. Here in Florida, the laws on short sales and what the title companies will and will not do changes faster than you can shake a stick at it and currently no title company I have found in Florida will do a double close without the transactional funding. Period.

Jawsette,the truth hurts and I feel your pain.

JB, unfortunately most transactional funding is only for a day or 2 max. That is that I have found myself but I have not looked for any beyond that. You might try checking around online or maybe even see if you could get private money very short term to cover it. You might start here on this forum with the posts under: Seeking Financing, Money, or Loans. Anything but letting the deal fall through :D As I said above, seasoning for most conventional loans is about 2 weeks unless it is FHA then it is 90 days.

I am by no means saying that Bush was an award winning president but I do get tired of hearing that all this is his fault when the start of the fall of our Roman Empire was initiated by that cigar puffing imbecile that came before him, Clinton. He is the one that de-regulated the financial institutions and made it possible for people that couldn't afford houses to buy them. Bush, like the Big idiOt had his fair share of problems left before he ever got into office. But most of them came from his own Communistic party. It's sad that the American people are so dim witted they won't look at the real cause and effect relationships and keep voting the same Republcrat party in every year.

Yes, that is why I said at most. I think the norm is probably 2 weeks or so which is also why I mentioned transitional funding instead of hard money. Its usually less points. But that depends on who the lender is. I would think it is a given he would need to do the double close. That's usually the way short sales are funded unless you're keeping it yourself.

:roll: I recently, on the advice of those making way more money at this than I am, went to using realtors to get leads for short sales. This sounds easier than it really is. I thought I would share with you some of my experiences and the folklore that these people get in their heads. Most don't want to give you the time of day when they find out you're an investor. Why? Well I'm pretty obstinate when it comes to trying understand why things aren't going my way. So instead of letting them just brush me off, I kept pestering, calling and e-mailing to find out why. Almost every realtor I spoke with said they'd had problems with investors (probably inexperienced ones) tying up a house under a lengthy options contract preventing its sale even after the bank negotiation fell through. Other reasons were the agent got sued by the seller because the short sale process was not explained properly. And although these are valid reasons, some things I heard just made me laaaaugh! I had one realtor in Orlando tell me that now, since everything had to be disclosed you couldn't get a title company to do a double close. WHAT!! :wowo: I was stunned. I've always disclosed everything. What's to hide. I'm an investor and I'm out to make a profit here. The banks already know this. Do they honestly think I go through months of their torture because I like sitting on the phone listening to elevator music. But wait! Here's the one to top all of them. I actually had one realtor in the Tampa Bay area tell me that using an options contract is called "equity stripping". This was a new term for me. I had to have her explain why. And of course she couldn't so I explained why it was not. Which is simply the fact you can't strip equity from a property that has none. :joker: At this point I'm thinking, no wonder investors don't like realtors :help:

Then, suddenly, I found one :clap:

I had to look all the way to Houston but I now have a realtor who works with me and sends me just what I'm looking for. It was worth the search.

Double closing isn't going to get him around that seasoning issue.

JB, most likely the only way to save your deal is to get a hard money loan and cover the balance yourself. Most conventional lenders require only 90 days seasoning at most (or at least the one's I've dealt with in the past) so you would want to try to find one that isn't going to charge you for that early payoff. Some transitional fund lenders might loan for that length of time but seriously doubt it. It might be worth looking into though. I am not familiar with the process in which you were told to go through with the title company but I would be wary of doing anything that the lender has not been informed of or you may find yourself under charges for fraud. In the future, don't take the title out of the original seller's name. Use an option contract and you will avoid this altogether.

Never try to make someone think for themselves when all they want is to be told what to do. If he doesn't like the "smart a$$ responses" he got on this forum, let him to somewhere where some "dumba$$ will list off a number of places for him to throw his money away.

Hey maybe we should just short sale this sucker and move on.