OfflineAny advice on how to go about doing this Short Sales I'm about to lock under contract so that I can make money off it like David did in the book,"profit from real estate right now"? I want to be able to lock it under contract and if possible go to the bank and borrow against the equity in the property. Makes sense? Any advice?
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Bryant Slade
I am not sure if you can borrow against the equity if you are not really owning the house and only locking it up... Do you have an end buyer yet? If you do just lock it up and pass it off to your end buyer to make your money. I wish you luck. Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
I do have a list of buyers, but looks like I've got to shop harder for more because my buyers seem like they may be fakes. Have you ever did a Short
Sales before, or any other for that matter? I think that I may need to borrow money to join the success academy so they can walk me through this(lol). I and my agent have just finished signing the contracts and now he's got to submit them back to the seller and I'm starting to feel a bit lost now(lol). I just don't want to lose this first one for anything though.
Well thanks again.
Bryant
Bryant Slade
with thebossspringst... you can't do a home equity line of credit on the home that you don't own yet until the deal is actually closed. But I could be wrong, maybe senior Graziosian knows of another way. Find you a serious cash buyer or investor who really truly is ready to buy into that area where the property is located to assign the contract too them. I can't give you any advise other than that because I haven't actually closed a short sale myself, just a regular house purchase transaction in the past.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Thanks for the advice. I truly do appreciate all the advice I can get.
Bryant Slade
I have not done any short sales yet, I am actually closing on my 1st deal in about 14 days, it is a pretty good deal, getting it for 22k less than fmv, and got seller financing without them even running a credit report. It is really a winner. Anyway, I know how it feels to have something and then have it slip away. Just think positive, if I were you I'd already begin advertising the proeprty on craigslist, and do as much as you can if you are worried about your current end buyers. You might even want to speand a few $ and make some flyers to advertise the home in the area to try and get some bites, and see if you can run a cheap ad in a local paper, sometimes you can even advertise in your local paper for free. Just advertise it as much as you can. Don't give up, you can do it! Good luck and keep me posted.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
How did you go about adding the seller financing into your contract? I'd like to know just in the event I would consider adding that to my addendum.
Bryant Slade
I've got them to accept my bid of $83,940 for the property(40% less than what they were asking) and I want to make at least $27,000 off the deal. Would I advertise it for $110,000 on craigslist or whereever?
Bryant Slade
it on Craigslist, Kijiji, and other similar sites & even your local newspaper (including online classified ads if available). If you advertise it for $110k your profit would be less than $27k, actually it would be $26,060 ($110k minus $83,940). Advertise it for $112 if prices for the area allow.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
while on the subject..i just happened across a short sale thats in Florida, and i'm in NY...it's through a realtor, so should i first talk to him and get the gist of the property and try n lock it up , if so how do i do that?
Joe thx for any input on this.