Short Sales

What is the best way to find short sells before they go public
I am new and trying to get educated on the various methods of Real Estate investing. I don't know which direction I will be going yet, but have questions from time to time on certain aspects of this stuff.
I don't really have money to put down unless I borrow against a house I already own and the deal was a guarenteed short term winner.
I will appreciate any and all help I can get and will pass on anything I learn along the way.
wltlrsn@****

I just finished DG's book (right now). I found a couple of short sales that i was interested in. Do I personally have to be pre-qualified to make an offer? Also, cant I just submit the lender my detailed offer saying my intentions of locking it up on contract and Re- selling? What do I include in the offer to the bank? This is my first post!!!! Im only twenty three years old and I cant wait to get started. Thank you very much.

I am very new in this business and I need some help. I want to make short sales but I think in florida is not accepted the assignment, does anybody knows or been doing short sales in florida. Let me know.
thanks

We have an offer with a bank that got approved for shortsale but when the bank documents arrived, it asked us to sign several documents stating that "all parties agree that under no circunstances will the sales contract be assignable".
Want can we do in this case?
To do a double closing instead?

Thanks!

Im self-employed trying to relocate to another state, I've contacted
some realtor in where im going and he gave me a list of houses that
are in foreclosure. I need some advice. Im new in this kind of market
and I really dont know how to start this. Would anyone can help me?

Im self-employed trying to relocate to another state, I've contacted
some realtor in where im going and he gave me a list of houses that
are in foreclosure. I need some advice. Im new in this kind of market
and I really dont know how to start this. Would anyone can help me?

Hi any one outhere knows any 3rd party company negotiator, please let us know @ rents@reelerproperties.com, or 209 846 1021

I am trying to buy a short sale and the listing agent has informed me that we got full approval on our offer but now he countered back stating that the second wants more money? How can the second demand more if the first has already approved the orginal price? I really want the property so we decided to accept the counter offer but the approval is for a lower amount how can this be right? Any help would be greatly appreciated.

The listing agent told my realtor that in order to close this short sale we had to bring addlt fund in to cover the second but wouldnt that be defrauding the first? How can this go thru escrow?

Help Please I am confused should I back out we already sent our deposit to escrow without approval????

Is it normal for a seller to counter after the first already approved the sale at the orginal price? They are telling us its because the second wants more money but how can the second get paid more without going thru the first?

Any advice for be most helpful.

has a vested interest in the property also. So they're not trying to loose any more monies than they already have. How much is owe to First mortgagor? How much is owe to Second Mortgagor? With this information we or someone with more experience will be able to provide you with better guidance.

I am very impressed!!!!
Do you have a book out yet?
You should and I'll buy it.
If you don't have a book could you give us you brief, succinct recipe?
Insert PayPal Buy It Now Button Here.....lol!!
Thanks for sharing.

Would you or anyone else mind answering a couple of questions?

1. In a short sale do you know if Mortgage Lenders (banks or mortgage companies) will permit an Assignment clause in the residential sale contract so the property can be flipped to another investor? I know banks tend to be a little stiff when it comes to assignments but I was wondering if you knew if the Mortgage Lenders were more more flexible and work permit it?
2. In my small town there is an attorney who actually specializes in Loss Mitigation. Since I am new at Short Sales do you think it would be advisable to invite him to be on my team (and knows my strategies and objectives) so he could do the negotiation with the Lender?

THANK YOU!
___________________

"He is no fool to give what he cannot keep
To gain what he can never lose." James Elliot, Missionary

All a short sale is that the lender is allowing the seller to accept less than the amount owed on the mortgage to a prospective buyer. Sometimes you do not have to look for short sales, because they are seldom out there in the open. If for instance you see a property you like, put in an offer for instance to the seller. The seller do not have to counter, but could instruct the RE agent to put the offer to the bank, some banks will deliberate and accept the offer especially if the house is in default or foreclosure and in some cases if the property belongs to HUD. Just try an investment strategy and see what happens. In short sale also if there are two loans the first is the primary, and the second is like a HELOC which cannot be written off so easily. They are very stringent, since this is like using a credit card to purchase. They want all their money. Good Luck.

Sandra

I am looking at short sales and foreclosures, the Realtor I am using says short sales are a scam, he would be happy to help me with foreclosures but not short sales, why would he say this?

I have been looking at several newer homes in nice condition for under $40,000

Do you still work as a broker? or do you just work for your own investments now?

if you make an offer on a short sale and it is accepted and you plan to assing it, do you have and investor lined up to purchase or do you find the investor after you are accepted?

I did this search and got a response from one and they wanted to charge me an upfront fee to I guess join and then they would invest. how do we know who is real and who is preying on us ?

The reason why real estate agents do not want to do short sales is because it take 60-90 days for an acceptance from the bank, because they drag their feet and with the amount of short sales and foreclosures, it is even worst. The buyer will be very successful with a short sale, because of the instant equity that the seller cannot take out of the property. A good REA (Real Estate Agent)would not mind waiting that long for their commission.

Sandra

Agents can be tough. You'll find on this journey that we are on with Dean. Alot of them have no idea what your trying to achieve and so they through out negative critism. Sandra is correct to say that they try to deter you because of the time frame it sometimes takes to close a short sale. It's work! Unfortunately you have alot of agents condition to a easy sale. Their point of view in this market remember is opposite of ours. So it takes effort to find the right agent or agents. Nobody says you have to use one! I say move on to the next one. Sometimes a newly licensed agent tend to be a little more aggresive. Look beyond what an agent feels and keep focus on the bigger picture. Your providing a much needed service for a seller! Continued success......Lubertha

You should have the end buyer in mind before anything. Its a harder sale to lock something up for 30 days and don't have a buyer in mind. Dean recommends having at least 15 to 20 buyers on your list. There is a tape of the conference call done on 6/18 you can hear a very inspiring callfrom Dean and members. Continued success.........Lubertha

What is a Gastople Affidavit and where can I find it,don't see it on this site and tried to Google it with no results.

Thanks

whurndon

Hello all! I am new to REI in fact I haven't started yet I am still in the process of learning about it all. I learned about short sales a few weeks ago. Since then I have been on google learning everything I can. So far I basically know the process but I don't have money to pay for a bpo upfront, or to do a downpayment. I will be using transactional funding so should I even attempt short sales? Also I under that the lender has their own forms but what about the contracts that I will submit saying I want to buy this property then resell it.

Does anyone know if you can negoitate with the lender on a short sale or do you have to go through realtor?

where can I log n on the conference call archives

Hi,

While I've never heard of a Gastople Affidavit, it came to mind that you might have heard about what you're looking for somewhere, but did not have a chance to verify the spelling. To me, it sounds like what you might be inquiring about is actually an estoppel certificate. The only way I can figure out the need for one in a short sale (unless you're interested in a rental/income property that is being short saled...since these are predominantly used in the purchase of rental/income properties), would be this "type" of an estoppel certificate:

A certificate showing the unpaid principal and interest of a mortgage which is used if the principal or interest notes are not produced or if the seller asserts that the amount due under the mortgage is different than shown on record.

But pretty much, in the most basic terms, it's something put on paper to make sure all parties affected by the transfer of ownership are on the same page and keeping their stories straight. (I hope this makes sense)

If you're asking about this document in reference to a prospective income property, you should now have better luck searching Google and finding more specific answers.

Hope this helps!

Peter

Your answer has been very helpful. What a great inspiration.

Thx,

Tanya

How can I view this weeks blog?

OK I did it - my FIRST OFFER and it is a short sale !!! I have been reading and rereading for months and afraid to do anything and finally did it ....

I have a friend who has a condo that is in foreclosure. She would like to keep her house, tried to do the loan mod but was denied - not sure why actually - but she was. I had told her months ago that if it got down to it that I might be able to find some people to invest with me (I am using my IRA money to purchase this RE, but only have 35% of the current offer that I made) to buy it at short sale and then lease option it back to her - to re-purchase when she is able to qualify to purchase it herself.

So I did some look ups on the Totalview site and got the third party authorization form and contacted the lender. I made a verbal offer on the prop!!! They initiated the short sale process and they have actually assigned it to a negotiator already and are just waiting for me to submit the package.
**I am glad that I reread all this because they told me to send in the papers as I got them - but I will wait and send the packet in together - complete.

Now I am freaking out because I think I bid too high. The current info on the Totalview site has recent sales AT what I offered. Sadly - the market continues to collapse .
**Is there any way to go back and update my offer with a lower one? Would I justify it with the lower info available and the paint/carpet that could be included as repairs? or just submit it and see what they say ? Or suck it up and see if I can find anyone to join me in the investment/ Or just tell her sorry I blew it ?

My friend did not list it with an agent, she had told a few people who might be interested but only completed docs for me to offer. One of the docs they want is a listing agreement - I don't believe it is required by law to list prior to negotiating - maybe lender preference, but more details I wish I had checked first - anyone know for sure - I am in California, of course?
**I was caught a little off-guard when they included that in the list of docs for the packet, and I wasn't certain it hadn't been listed at any time, so I didn't tell them that it wasn't listed with an agent - yet. They do know that I am a private investor.

I am overwhelmed by the contract - so many areas that don't seem to apply. And the co-borrower is out of state (reason she got behind) - so we have to overnight and email stuff for his signature. How do I create the HUD1 form - I saw the link that you provided Anita, but having trouble with the macros ? Do I need to have a Title company 'on retainer' yet - I have one that has been providing me research info on other props I have researched. The person that I contact would probably not be doing the final Title work for something like this ? This can wait until we have an accepted agreement right ?

Sorry for such a long post - my head is spinning and I know I need to keep on top of this or it will fall in the abyss. Any advice is welcome !!

Thanks DG family, I knew you would be there for me !!

ANY PROGRESS WITH UR SHORT SALE? M IN ONE W/BANK_ ARDUOS PROCESS...

Iam virtualy new and have a lot of question. I have sevral potencial deals but I don't know were to started. I belive that ean system will help me.