All Forum Posts by: Glenn C

Per week? I wish. I'm just getting rolling with this type of deal kinda by accident so I've been playing catch-up and reading and learning all I can so right now I have 1 I'm working on and 2 others that are possible candidates that popped up last evening.

Since I posted this I was introduced to a short sale negotiator in the next town over that has offered his servicies for a pretty reasonable fee so Monday I'll touch base with him and hopefully dish it off to him to deal with for a % so I don't have to.

Does anyone have good or ugly feedback regarding this website, from experience?

Has anyone gotten involved with their partner program and have any comments, good or bad, about that?

I was contacted by a rep from them y'day and he pitched me on the huge upside potential of this. Anybody chime in that has benefitted, or not, from doing business with these guys?

Thx

Thank you for the response. I understand what the HUD-1 purpose is for, I'm just not sure what the numbers are for the corresponding line numbers.

Are the numbers consistant by state, county, township? If I have a title co. handle it won't they obviously charge me a fee upfront to do this? Then what happens if the bank nixes my short sale a month from now and I'm out the $200+ for the title co fees to do the paperwork?

How does an investor get around all the initial upfront fees with a short sale, ie: appraisal the HML wants me to front, the title work....?)

Or is it if I have a relationship already established with these people that they won't charge me upfront fees like they would a first timer???

I'm all set to mail the short sale package in, just waiting on the right advice on how to cross the "t's" and dot the "i's" on the Net Sheet or HUD-1.

Thanks for your replies John

I'm in a conundrum and am looking for a reliable company that handles short sales for a percentage. I gather all the info from the homeowner and they do all the negotiating with the loss mit dept.

Anyone here have any experience working with a reputable short sale service?

Thank you

Personally, I have his ebook and found it rather "skimming the surface" or wholesaling compared to other programs I've purchased. His writing style can get ....redundant IMO. I didn't learn anything new about wholesaling that I didn't read before like the above poster mentioned.

Would I have bought his ebook knowing what I know now? Nah, save your $.

He's young, he's cocky, he makes a good living. Good for him. Just not my style.

John-

Thanks for the response. Yes this is a short sale. My "package" consists of what the bank wants PLUS my own submissions I include which is any crime related headlines, comps, repair photos, an intro letter, a PA, harship letter, homeowners 2 yr taxes, last 2 pay stubs and bank statements.

I want to send a "package" to the loss mit rep which includes everything they're requesting and a few other items I add to it (facts to support DOM, economy, crime, drawbacks and generally anything negative to support my 50% of ARV offer.

I'm just not familiar with filling out (or how-to) a Net Sheet, or HUD-1, which the bank wants me to include.

THis is a 2/1 , 900 sq ft, no garage, gravel road. As of Friday the bank was owed over $146k. I spoke to a realtor who said on a good day right now the property would fetch $115k in perfect condition. The house needs minor repairs (I always assume $5k even if only $1k is needed) and my offer is $61k as of right this minute. I intend on wholesaling or flipping it, to raise some cash.

With the market here being what it is, I'm thinking this is a pretty good spread to still make some money, help the homeowner get out of her situation and move on, and still leave room for error - just in case.

Hopefully I answered your questions somewhere in here.

Your advice and suggestions are appreciated.

Hello

First post here after lurking in the shadows for a short time reading all the fantastic posts. Great site!

I'm currenty working on my 1st short sale. I'm putting together my package to send to the homeowners lender this week. I have it all together excpet for the HUD-1 numbers. After spinning my wheels I've decided to submit a simplier Net Sheet instead.

Only question is...I have plenty of them:

Sale Price: My PA offer?
Payoff to 1st lien: Total of ALL fees and late charges?
Payoff to 2nd lien: NONE - only 1 mortgage
Back Taxes: Where do I get this info?
State Tax Stamps: What %? Is this a State fee or County fee and where do I get the answer to put on my Net Sheet?
Title Closing Fee? ?
Title Ins Fee: ?
Recording Fee: ?
Realtor Commission: No listing agreement
Seller Concessions: None

Is there anything else I'm missing? I would really appreciate some answers to my blanks. I need to get this submitted ASAP as the Sheriff Sale is Aug 22nd.

Thank you for your time!