OfflineHello all:
I’m here in Florida and have a question about a Short Sale I’m about to make an offer on. I have ROI and a contract plus a power of attorney from the sellers. So far so good now what kind offer can I make to the lender?
I know in the passed I have read that lenders might lease option, or even be willing to offer cash for a deed from me that I would be able to get. Does this sound like anything that might?
Dee
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Not sure how it works in Florida, but in GA the lender has to approve a short sale and will only do it under certain conditions. From your description, I don't know if the lender is even interested in doing a short sale.
Also, what are your comps telling you that the property should sell at? That's how you're going to determine your offer price.
Hope this helps,
Stephan Roberts
"In absence of clearly defined goals, we become strangely loyal to performing daily acts of trivia!"
Here is a FREE property analyzer I've found:
https://tvallc.infusionsoft.com/go/RehabLite/sroberts/
It's a great tool to use to help analyze your deals (and did I mention it's FREE)! But, you really should spend the $97 and get the full premium edition! IT'S AWESOME!!
I bought a short sale a while ago and a few quick points on my experience:
- I had to pre-approved by my bank providing the financing, and send bank statements showing I had funds to close.
- Has to be approved by both the seller and lender. If there's a 2nd lender it's much more complicated.
- There's language in the contract stating you can't assign, can't resell for more than 20% profit in 90 days, and can't sell back to the original seller. Original seller couldn't have any cash coming to him from me.
- Had to use their contract, no alterations allowed. Was able to negotiate on price, inspection time, and close date.
- Took 4 months from beginning to end.
Hope that helps!
Tom
Now I have great idea about Short Sales, thank for explaining this in the way I can handle
Be happy and go healthy ^_^
Ling and/or Dustin
...we made an offer on a short sale back in the begining of March & are still waiting for the bank to counter.
I am sorry to heard that, but keep up making the balance. If that house take longer to get it, the reward will be delicious later. Main time look for something else, good luck !!!!
Question:
It's true can't do assignment contract or double closing on Short Sale?
Be happy and go healthy ^_^
Ling and/or Dustin
We have bought dozens of REOs, closed them in 2 weeks, rehabbed them & resold them for 20% to 40% return on investment & have done them in 90 days for Fannie Maes & less for Freddie Macs. Besides the BPOs here in the area of Fl. we're at are super high.