OfflineWell, Thats right, I am Working on my first "Short Sale". This is just as Difficult as I thought it was going to be, especially since the Lender is Friggin' Counrty Wide(Go Figure!?), But a Deals a Deal. So, i thought that I would post the Details of the Deal:
Nice, "Bread & Butter" Property in a Good, Desirable Neighborhood, needs a Light Rehab, $10,000 or even Less. Property is a 3BR, 1.5BA, 1,200 Sq.Ft.
ARV: $170,000
BUILT: 1908
TAXES: $1,600 YR
OWES: $199,000
NEGATIVE EQUITY: $29,000(Approx)
At This Point, I get EVERYTHING I need(Paperwork Wise) Ready to send to the Lender:
Borrower's Banking Statements
Borrower's Pay Stubs
Borrower's Federal & State Income Tax Returns(Past 2 Years)
Signed "Authorization Of Release"(So i can speak with their Lender about their Loan)
Borrower's "Letter Of Hardship"
Proving That Borrower Is INSOLVENT
CMA: "Competitive Market Analysis"(COMPS)
HUD1: Net Sheet
Purchase & Sale Agreement(signed)
So, WOW!? Thats a LOT of Stuff! At this point, the Borrower/Seller is getting everything together for me, so I can call the Lender and Fax/Send a copy of the Purchase & Sale Agreement and "Get the Ball Rollin'" I'll keep you guys in the loop, as it comes. I haven't had the time that i used to have, when it comes to posting on the site(sorry, i know you guys REALLY Miss me, lol) but, i have been EXTREMELY BUSY, I have been getting between 4-6 Leads a day, mix that with my FULL-TIME JOB and it = NO TIME to Post. Hope this HELPS some of you with questions with "Short Sales", CLASS DISMISSED, SULLY
YOUR HERO, SULLY
Wow, Don't Everybody come at once....SULLY
YOUR HERO, SULLY
Hey Sully, Im pullin for you on this one man, hope everything goes well because this is one of the areas (Short Sales) that I am really interested in learning more about. Please keep posting on this as I am student listening.
How did you come across your first Short Seller?
The Key is......Advertising my friend, just keep Advertising, repetition is also Key, This homeowner was already Ready to do it, he already knew what he was getting into, so I just am going along for "The Ride", SULLY
YOUR HERO, SULLY
so after you get the short sale approval from the lender are you planning on assigning the property to an investor to purchase or is there another way of making money on this deal? enlighten me bro...
Thanks, Ron
You got it Ron, I am planning on Assigning the Property to one of my "End Buyers". My offer Includes the Assignment Provision, well see if the lender takes it, if they will NOT accept the offer the way i send it, i will then write up a new Purchase & Sale Agreement and Close within an LLC, so i can just sell my LLC to my Investor(he will go to closing in place of me as my LLC), or i just may skip that whole first step altogther and just send my offer in the name of an LLC, when the time comes i'll let you know, SULLY
YOUR HERO, SULLY
Sully! Way to go! I just now came here and saw this post. This is great! Please keep us informed as to how it goes! I am so happy for you.
But one question...why in the world did your first one have to be with Countrywide???!!! LOL! They are the big bad wolfs of the SS world. LOL!
This will be a great learning experience for you.
I sure do want to hear the outcome of this one. Imagine the profit you can make!
Sissy
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
Great job on getting the short sale. I hope and know everything will work out for you on the deal. It's a little bumpy start for me but I'm just pushing on.
Keep us posted, would love to hear all the details.
Wayne
"The entrepreneur always searches for change, responds to it, and exploits it as an opportunity." — Peter F. Drucker
Of course I was going to look at your post. I am very happy for you my friend. A bunch of work as I can see. I am feeling the same energy level as I talk to more and more people and make more and more offers. The full time job thing I agree is a big pain, but until we get to Matt's level, it has to be. Good luck to you and have a great Christmas season....Jan
Sully,
I know from reading from this website that there are alot of ways of advertising.
I was curious on your particular ways of advertising.
Thanks is advance.
Trisha
Good luck with this!
What price is your purchase offer going to be to the bank?
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Thanks, Wow, what an Overwhelming feeling, you guys are Great! Sissy, Yeah i know, Country Wide are Horrible to deal with, However lets just say i have some connections within their "Loss Mitigation Dept" or "Loan Work Out Dept", I should be able to skip through ALL the Crap, and keep the process moving.
Trishamrogers, The Advertising that I do is by no means a New way of Advertising, like i said "Repetition is VERY Important in order to be successful with your Advertising, I recieved NO calls for the LONGEST TIME, but I kept at it and soon enough the Leads came in.....I Advertise with Bandit Signs, Internet sites(Craigslist, Backpage, etc), Newspaper Ad's, The Thrifty Nickel or Penny Pincher, etc. Then, after you get your Advertising in place, you'll need to track it to see whats effective and what's NOT, you cannot base this off of 1 week of Advertising, thats NOT long enough of a Trial Period, SULLY
YOUR HERO, SULLY
Sullmeister! Great job, stay the distance! You'll get it done because you da man! Let us know the details as they come. We're all behind you!
Your bud,
E!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Sounds great sully. I wish you all the best on your deal. I look forward to hearing the outcome.
Sounds like all this work will pay off soon.
Hope all goes well.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
CONGRATS on the short sale! Please keep us informed on all the details. It's great to learn from each other's experiences. I'll be watching and learning right along with you. Thanks for sharing!
your sis,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Then, after you get your Advertising in place, you'll need to track it to see whats effective and what's NOT, you cannot base this off of 1 week of Advertising, thats NOT long enough of a Trial Period, SULLY
Thanks for your reply Sully:)
How long do you base your trial period on? 2 weeks/a month?
Does all of your advertising you mentioned work for you or did one do better than the other?
I appreciate your advice still trying to get the knowledge (and courage) to do my first deal!
Trisha