OfflineI have a Cash buyer, but his attorney does not do short sales. Can anyone recomend title company in NH that does double closings??
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Doin DEALS !
Title Company that does Double closing in NH ??
Posted on: Tue, 06/05/2012 - 18:56
Double closing short sales is becoming quite difficult if not impossible. I would do a little research concerning seasoning issues on short sales in general. Maybe some type of finders fee and your buyer goes directly on contract?
Much less the time frame involved. 3 months is very fast, usually more like 6 months. Personally I don't offer on listed short sales. To me it is not a no money down strategy. We will fix/flip short sales and many investors do buy and hold. Wholesaling short sales is a giant pain in my opinion and very time consuming.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
good info michael thanks. Yeah It was my first offer accepted. I was not aware of it being a short sale untill after...
Is there a way for my agent to know if the property is a shortsale, REO or private sale before he sends it to me?
It looks like there might be a 30+day clause on this property for re-sale from the bank... If I can't get some money to buy it myself, I might have to back out of this deal !
Doin DEALS !
Yes, the agent knows what they are in advance.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I'm having a hell of a time finding out if the property has a re-sale contingency or not... The bank is Wells fargo. My agent emailed me saying it is not "first look program" ... what does this mean?
Doin DEALS !
I just got off the phone with The Branch Manager of the Wells Fargo in Portsmouth. He went into a long winded bout about short sales and the rules. He said that he has never seen any bank have any clause that relates to the BUYER and CASH sales.....Meaning that the only person who wouldn't be able to buy it was someone getting a mortgage.
I then called a few title companies and spoke with the owners. Both of them told me that almost EVERY short sale they have done had a contingency that included NO RE-SALE imediately....(30-90+ days)
The truth remains that untill I have it in WRITING, I won't know if I can flip this house. The problem is, my inspection clause runs out today, and the short sale approval hasn't been generated yet....
aaaaahhhhhhhhhhhhhhhhh!!!!!!!!
Doin DEALS !
Good luck with this. I'm over in Vermont; please let me know how it all works out. Like others mentioned, my experience with short sales is there's almost always that re-sale restriction, because if you're profiting on it, you're causing the bank to take an unnecessary loss.
The agent should always know in advance that it's a short sale or what type of sale it is.
Did you extend the inspection contingency or exit the contract yesterday when the clause ran out?
- Tom