All Forum Posts by: Shella Sanders

Wayne Brooks yes that is exactly what the lender asked for top of this week. They said to get title to send the prelim hud. So I thought we were gonna be good to go on the 60k offer

well i already messed up then. because i had the house painted (so that i could wholesale it for more in case i didn't buy it) and i have a cash offer for 99k. so i expect the lender to come back between 60k and 95k (since 95k is the payoff now) so either way i should be able to make money on it? but when their broker goes to look at it, perhaps i shot myself in the foot since he may see more value cuz i painted it. costed me $600

Wayne Brooks yes it is my first short sale. And when the lender said to get title to send prelim hud for the 60k, we spoke to the seller an she said she is pretty sure she owes a few thousand to the city for mowin lawn an stuff in the last 3yrs. And my agent sent my sales contract with seller to title and they should hv it back by Tuesday. So I'm not sure how much exactly over the purchase price will be owed. But I'm hoping just a few thousand. I appreciate any advise thanks

The lender on my current short sale in dallas said top of this week to get title to send the preliminary hud for the price I offered. So I was thinking it was a go. Plus last week the lender said typically what they do is run the borrowers credit first and if it is under 550k they will approve a settlement price and my seller told me her credit is under 500 so I was feeling positive about it going through. Then agent called my agent an said he was hired by the lender to give them a BPO an he will go to the house sometime this weekend. Is that normal procedure? Or do they sometimes get a BPO, sometimes inspection, sometimes appraisal? My sellers payoff today is 95k Principal owed is 60k I offered 60k. My agent has gotten high as 80k offered. Tax value of the house 90k ARV 140k It needs all of 20k in repair&updates: foundation, roof, HVAC, water heater, trim, cosmetics So does it mean the brokers opinion will be closer to 80k ?

Oleg I. One fast way to buyers is to add yourself to meet up groups for real estate investing. And message all the ppl in the groups. U kno they all do real estate. Most of them will give u their email and buying criteria. And some of the groups send mass emails that show everyone in te groups emails. Copy.paste

Meek Pressley absent list can be pulled for free from mls. Will need an agent for mls access.

Wow this post is really beating up the wholesaler and I want to defend us wholesalers. I have to be honey. I got my start learning how to pull comps for my agent friend. So I sent some mail to absent owners to get my first deals. I knew NOTHING about rehab estimate. But I did understand equity that sellers had in their homes between what they owed, what they wanted and the ARV. So most times I'd put TBD as the rehab estimate on my property blasts. And I hv learned so much about estimating rehab from the investors that show up and lol at my deals. But I've wholesales dozens of house and hv only done my first flip last year. So I still don't know everything about accurately estimating rehab. And honestly five investors that come to my showings will different rehab estimates depending on the finish out they want to do. I find the dealers. Buyers do their own due diligence.

Matthew Teifke that's helpful. Hv u done any short sales in dallas?

John Warren very nice. Would like to network with u. Am interested in chicago deals. I hv family on the west side. And a short sale attorney sounds like a smart move

Jonathan Holmes I think that is the factor that differs between banks and lenders. Whether the bank/lender has a real estate interest. Also, if they are not the original lien holder, then it is likely that the original lien holder sold the debt for pennies on the dollar. Which gives the new lien holder reason to sell for cheap to get it off their books. So it's a matter of if they care to take the property back and sell it. Or If they just want to dump it fast as they could hv a whole roll of non performing notes that they bought for cheap