All Forum Posts by: Maryann L.

Caleb,

My only thought is it is not priced right.

I had a Realtor we're using put a property on the market for us yesterday as we got an acceptable counter offer from the lender. Today we got a cash offer end buyer that we're going to accept.

I worked diligently with the Realtor on the numbers before hand. I ALWAYS ask my Realtor what the property would sell for at auction, and then offer less to the bank.

Caleb, The first phone call I ever got when marketing to ss homeowners was from a woman who went up and down one side of me yelling at me and screaming - HOW did you get my address? I think people forget their deed and mortgage is public record. When I explained her name and address was in the paper she was in shock.

Normally, that one phone call would have sent me running to never do short sale marketing again, but I knew she wasn't mad at me, just mad at her situation. I had one guy call me drunk, and the WORST name in the book as far as I'm concerned.

You just have to know that you'll get all types and there are the angry ones. Sift through them and probably for every 5 calls you get, one person will be your diamond.

I still get a little nervous when homeowners call me, but I've developed a way that I can answer comfortably and ALWAYS follow up with an email if at all possible because I'm more comfortable that way.

Good luck.

There is NOTHING you can do if they want to apply for a loan modification. I almost think if they got NOD it might be too late anyways but I'm not sure. I usually leave them with this, which a lawyer that does loan mods that we work with told me.

"Most likely if your PITI/Gross income is over 31% it might be difficult to get a loan mod approved. So please keep my name and number in case you run out of options"

Most of them have NO idea that the lenders are looking for a certain number. I've seen only one loan mod go through for people that I've approached and it was because the guy finally got a good paying job and was able to prove he could afford the loan.

Good luck.

Oh, and have any of you asked the bank to pay closing costs on the purchase?

Hi J, Thank you.

So legally he is not on the LLC, but could you explain a bit more about how this other contract works?

Justin,

11% of the 180,000 figure or 150,000 figure or the profit?

If you bought a property for $150,000 that you were going to double close and sell for $180,000 can you guys give me an example of typical closing costs? For both transactions?

6% realtor fee (we pay 2% on the buy and 4% on the sell
Title company fees
transfer fees
recording fees

I mean you don't have to list it out, but maybe what you pay in closing costs using the 150,000 and 180,000 above, what would you pay for each?

THANKS!

I've been involved with a few like that and in a couple of my cases the homeowners filed bankruptcy and that postponed the auction. It bought us enough time to work.

I have a partner with not great credit. Mine is very good. He doesn't want his credit to affect my buying power and we want to set up an LLC. Is it possible for him to be a partner and NOT be on the LLC?

Sage, Massachusetts real estate laws can vary by COUNTY. Each county may have a different way of doing things. Make sure your lawyer is well versed in the county you are purchasing properties in.

I have 3 recommendations below. Call Cheryl Morril 1st. Are you asking about short sale double closings or an assignment of contract? If it's assignment of contract try Brian Corrigan or Matt Desrochers. I THINK you are looking for assignment right?

Matthew T. Desrochers, Esq
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Brian Corrigan
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Cheryl Morrill
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Law Office of Harry P. Kotseas, P.C.
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