OfflineI have not done my first deal yet,I have a good opportunity my neighbors are going to walk away from their house because the are upside down in it,they have a 1st,2nd,and 3rd on it.I don't know how to go about this or if it is even worth messing with.If possible I would like to learn how to wholesale it. any information or help would be appreciate.
dezhawk20
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Hi, Robin!
According to the more seasoned DG-ers, upsidedown = Short Sale!!!
Short sales are not recommended for beginner investors...
They are quite delicate & detailed in matter.
It would require knowing how to work the process.
The procedures involve a lot of paperwork, mitigation w/the bank (lender), and a long waiting time (6 mos. or so), etc.
Probably should move on...it's not something to start with as your first dealing.
Happy Prospering! ~Kat, Liberty Residential Investment Acquisitions
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(according to zillow) and banks didn't want to bother to refi my loan (for several reasons), I removed the 2nd for 10% of what I owed. I put the 10% on my credit cards at 0% interest rate.
I have the contact if you want to help them remove their 2nd and 3rd in that way. Success rate is very good. But, if they just want to walk away, do a short sale, or get paid a finder's fee and give it to a short sale specialist. If they close on it, they'll pay you for bringing them the lead.
dezhawk Robin: This is not the ugly house you're looking for. No 4-cash wholesale on this one. Find a short sale negotiator and/or loan modification company and maybe get a finders fee. Pass it to a pro.
"The harder you work, the luckier you get." -Gary Player
Thank you for the information.
Thank you very much for the information,I I'm going to look into finding a short sale specialist for them,again thank you.
Google: "short sale negotiator (State the property is in)" ex. "short sale negotiator Florida" Find a negotiaton company NOT an RE agent that specializes in short sales. Big difference. Good luck!
"The harder you work, the luckier you get." -Gary Player
how far behind the homeowners are with their payments? Is the house being foreclosed? have they received a NOD? or a NOS? If the house is being foreclosed, homeowners have to move quickly if they want to get a short sale approved...
Valerie
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Thank you!
Hello. I represent a nationwide skip tracing firm in Dallas, TX. We are currently working with a local realtor, locating individuals who have abandoned property because they are behind and facing foreclosure. We offer a comprehensive report from the last known address and homeowners name to assist in locating and marketing the different programs available to such individuals. We then offer a program to locate the homeowner. We only charge the realtor if we are able to locate and set a call between the investor and the homeowner. I just wanted to see if any of you might be interested in using this program. We have had really good results. This is a great way to find excellent deals for your investors too.
I am a total newbie and I totally agree for beginners to stay away from short sales.....
Roxann
I have lived in my home that I have been renting for the past 12 years,The owner wants to sell it to me it is in escrow now but the owner wants to sell the note to an investor but can't find an investor because they say that it is illegal to buy a note on an owner occupied property.Dose anyone have any info on this situation.Any info on this would be greatly appreciated.
If th 2ñd and 3rd liens were removed would it still be under water?
What's your state by the way?
Best Regards,
Anita
(Licensed Realtor-Military Vet-9/11Vet)
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