All Forum Posts by: Shane Schaetzel

Steve,

Thank you for the response. This is what he advises as well. I like to get other points of view every now and then on certain situations. This is what the forum is for correct?

Thank you again,

Shane

Good afternoon,

I have a seller who has a situation that I have yet to cross.

Seller is going through divorce, 6 payments behind, Home is vacant, typical 3 bed 1 bath home in Urban America.

1st is with Wells with approx 55k owed
2nd is with GMAC with approx 62k owed.

FMV is 115k

Seller contacted me to purchase property by Short Sale. I have to admit that I never have been faced with the situation of having a second being larger than the first.

I am looking for the best possible exit strategy on this one, also if anyone has had a similar situation arise if you could share your thoughts.

Thanks!

Shane

Hi all,

Question is in regards to a property that is a potential short sale opportunity.

Property is roughly 85% finished. Original lender went belly up and is now serviced by another lender who has discontinued funding on the construction loan. Lender is willing to sell short on property.

My question is on potential exit strategies. I was thinking I would have to attract a cash buyer as my only out. Has anyone else completed this type of transaction? Any thoughts or suggestions on the process?

Thanks again,

Shane

Thank you all for the sound advice....I agree with the consensus and am moving on to the next deal.

Shane

Hello all,

I have a property under contract that will be sold at sheriff sale on the 5th of April. I had a quick package put together and submitted yesterday ( 3/31). Chase states that they received the package, but they determined on the 30th that the property will be going to sheriff sale and stated that there is nothing that they will no longer do to stop this.

Has anyone come across this before? Is this really a dead deal or can I still stop this auction?

Thanks again,

Shane

Jaremy,
Thats what I am looking for, just a base contract that gives me control for 30 to 60 days or so while I market it to investors I can assign at will. Thanks for the clarification.

Shane

I got a killer deal in WI that I wanna put under option to wholesale to another investor. Being a former realtor, I am knowledgeable to Wisconsin contract law, but since I am graduating to the investor side I need a good solid generic wholesale contract to use. Any help is appreciated Thx!

Thanks for the tip Jon,

The ARV was based upon local Realtor comps and my own research from web services. I took the average of all the data collected and came up with roughly $97,500. So low end of 95 just to be real.

The property needs some bathroom work, and a fresh paint job. I'll budget 10k just in case of any suprises on the way.

I have never gone the HML route before. What can I expect as far as decent terms on such an agreement?

Thanks again for the time.

Shane

I have a great dillema on my hands.

Nice property in Wisconsin.

90% remodled 3br / 2 ba

Comps from several agents and websites in 95k-100k average range.

Property can be purchased for <30k.

My initial intent is to contract the property and repackage it to an investor (wholesale). I would price accordingly around 40-45k. The property needs only cosmetic work.

Is a 10-15k spread asking too much? I am still leaving quite a bit of value for the end buyer here. Thoughts??

The reason I ask of course is to maximize value..Any other suggestions on creative methods to accomplish this?? The owners are pretty much open to anything.

SFR in a nice neighborhood...Owners want to move out of state.

Thanks in advance

Hello everyone,

I am a Real Estate Auctioneer / Broker in Wisconsin. I have recently started studying short sales as I come across leads very often. I have a few properties that I am going to look at tommorrow and I feel that one of them fits the bill.

Owner was in Foreclosure, now just filed Chapter 11...

Mtg balance of 120k

Property worth roughly 130k ( Appraised @ 145k 3 yrs ago, so just figuring in avg decline in value for the area )

Small town locale about 45 min from Madison Wi

This being my first foray into Short selling, I want to make sure my I's are crossed and my T's are dotted....

My exit strategy is to get the home discounted enough that it can easily sell at auction or flip to an end buyer...

Best strategy?? What to prepare for?? What paperwork is involved?? Can I even expect to do this since it is in Chapter 11?

And as a side note, I LOVE THIS SITE.. It is because of you all that I even realized that this option and many others have existed that I didnt know about.. Thank you all in advance and god bless!!