Hi who is making the payments on the property while the short sale drags on? In your example if the sale drags on 6 months wouldn't they lose thousands more?
Question: The short sale negotiator happens when you're under contract? The short sale negotiator will deny but will they counter a number while it's under contract with my offer? Meaning I wouldn't want the short sale negotiator talking to multiple contracts.
Greetings from Colorado Springs Steve. We where in Fl. this summer Love the Ocean and Beach. Head to outrun Hurricane Dorian..... Found your vidio through Rayne ''s video for LinkedIn how to do it. Great vidioa. Bin a Broker since 1985 in CO
My family is in the middle of a Short Sale. Is there any way to contact the sellers lender to find out BPO or should we just continue to keep waiting for a response from the sellers attorney?
I don’t think that you can “demand” to see the BPO… but you might… What I do know is that you can hire a real appraiser to do an appraiser… to support / argue the value of the house .
So the sellers lender is going to approve the short sale based on the appraisal or BPO? So if the offer is 245k and the appraisal comes back at 240k-245k then the lender will more than likely approve the short sale?
There is no guarantee of any short sale. But yes the sellers lender will review the BPO and if the buyers offer is inline with that value they stand a chance at getting the short sale completed. However the lender will look at many other factors related to the seller (borrower) like hardship, insolvency etc.
Probably… possibly… but why in the world would you spend six months on a maybe… on a house that after your additional investments in repairs… you’ve broken even… If the BPO is $245…. Multiply that by .75 and offer that with no other contingencies and we can close with cash in under two weeks. If the bank won’t talk that… sometimes the processor in the bank may be able to provide some “ guidance” on what the magic number is…. Nevertheless… my arguement stands… considering all of the aggravation… DONT PAY WHAT IS ( after repair costs) still a damn retail buy…PLUS HASSLES.
#moderndayempire #Entrepreneursring hi, I have recently viewed your videos, I can say you have done great hard work on this video. the content is very appreciable that you are working on. I believe as a creator it's very complicated to do many things on your own, like research for content then editing then uploading and then lastly promoting. it does not end here then is lots and lots of other stuff that goes on missing and it comes immediately. I like your channel so I thought of having you up to some extent as possible. these hashtags have a couple of videos who can help you up to some level
Hi Ellis. I don’t with exception to these videos and some virtual courses. What specifically are you trying to do? Let me know and I’ll try to guide you in the right direction.
@@SteveDaria I been trying flip houses for awhile but I haven't been able to do to financial reasons. Wholesaling doesn't make enough money because the competition. Someone told me about doing BPOs to make money and this where I found your channel searching to found out how to do BPOs. I just see you doing alot things with your license that I want to learn how to do.
Gotcha. Thanks for watching. Yeah I’ve been involved in a lot of things over the years. BPOs can be a great source of income. I’d say find one thing that really interests you. Then find a person or team to work with in your local market. Where are you generally located?
@@SteveDaria Saint Louis, I'm joining EXP Realty. They are a investor friendly broker. I have someone sponsoring me that does flips and said they would mentor me once I complete the onboarding process. But when I mention BPOS a lot of people say it's too much work but I need money now until I get my business up and running. And I keep hearing the same thing your preaching about shorts sales from other people as well.
Got it. As a new agent BPOs are fantastic as you will learn A LOT in terms of valuing real estate. An essential skill. Yes a lot of work but worth it to make some $$ and learn the trade.
They should especially if it can be sold whole. It would be a win win then. However. Many times even if value is close to mortgage amount you still have to figure in closing costs for the seller. Title Insurance, doc stamps, commissions etc.
It is illegal for a realtor not not communicate a bone fide offer to the seller. If your offer is…. “ will give the home owner $10k and make all back payments… and I will put this in writing……but I need to know what the outstanding balance is to determine if this deal works….and I will reimburse the selling agent xxx…...”the selling agent MUST…convey the offer to the seller… if they refuse…. Talk to the BROKER or Broker Manager ( that’s a state/locality thing)… but what you want to do is escalate the communication so that a responsible party doesn’t want to lose the brokerage license. A bone fide offer…MUST..be communicated to the home owner/ seller.
First, thank you for the reply. Second, I have been wanting to get into real estate but haven’t had the opportunity nor funds. I finally have some money saved (not much, but enough for a downpayment). I found a short sale house “as is” near where my parents live for 250k. It probably needs a full rehab. This would be my first property. Do you think it’s even worth me taking a look at it? Thank you!
Yeah got sure. Although no guarantees of a short sale, it could be worth it. Have your agent reach out to the list agent and see where they are at in the short sale process. That would be the first step. As for financing yes those loans can be a great tool to finance the rehab. A lot more paper work but could be worth it. A good lender will be able to walk you through the process.
The TIME is NOW to List SHORT SALES!! Get 15% Off - Use Promo Code: *SHORT* steveinvests.mykajabi.com/offers/Hi78yjkT/checkout
Great tips Steve and in regards to your point #3 it took us almost a year to close the deal on a condo short sale in Phoenix.
Thank you. Yeah I believe it. We’ve had some take sooo long. Unfortunately stressful for all parties.
Super helpful! Thank you for putting this info out there.
Hi who is making the payments on the property while the short sale drags on? In your example if the sale drags on 6 months wouldn't they lose thousands more?
In most cases the borrower is in default. Meaning no monthly mortgage payments are being made.
Question: The short sale negotiator happens when you're under contract? The short sale negotiator will deny but will they counter a number while it's under contract with my offer? Meaning I wouldn't want the short sale negotiator talking to multiple contracts.
No. Never. Submit one offer at a time. Just like a traditional sale. Unless Mr Cooper requires it to go to Xome auction 👍
Thank you for the information
You’re welcome 🤙😎
Greetings from Colorado Springs Steve. We where in Fl. this summer Love the Ocean and Beach. Head to outrun Hurricane Dorian..... Found your vidio through Rayne ''s video for LinkedIn how to do it. Great vidioa. Bin a Broker since 1985 in CO
Nice 🤙 Yeah Dorian could have been bad 🙌 Where in Florida did you go?
My family is in the middle of a Short Sale. Is there any way to contact the sellers lender to find out BPO or should we just continue to keep waiting for a response from the sellers attorney?
I assume you guys are on the buy side? If that’s the case not much you can do. Besides keep following up with the listing agent...
I don’t think that you can “demand” to see the BPO… but you might…
What I do know is that you can hire a real appraiser to do an appraiser… to support / argue the value of the house .
A realtor told me a short sale I'm considering could close in 14 days if I paid all cash. This sounds a bit suspect.
So the sellers lender is going to approve the short sale based on the appraisal or BPO? So if the offer is 245k and the appraisal comes back at 240k-245k then the lender will more than likely approve the short sale?
There is no guarantee of any short sale. But yes the sellers lender will review the BPO and if the buyers offer is inline with that value they stand a chance at getting the short sale completed. However the lender will look at many other factors related to the seller (borrower) like hardship, insolvency etc.
Probably… possibly… but why in the world would you spend six months on a maybe… on a house that after your additional investments in repairs… you’ve broken even…
If the BPO is $245…. Multiply that by .75 and offer that with no other contingencies and we can close with cash in under two weeks.
If the bank won’t talk that… sometimes the processor in the bank may be able to provide some “ guidance” on what the magic number is….
Nevertheless… my arguement stands… considering all of the aggravation…
DONT PAY WHAT IS ( after repair costs) still a damn retail buy…PLUS HASSLES.
Great video, thank you
Thanks Flo 🤙
I do it in one to three months my daughter does it
👍👍
#moderndayempire #Entrepreneursring
hi, I have recently viewed your videos, I can say you have done great hard work on this video. the content is very appreciable that you are working on. I believe as a creator it's very complicated to do many things on your own, like research for content then editing then uploading and then lastly promoting. it does not end here then is lots and lots of other stuff that goes on missing and it comes immediately. I like your channel so I thought of having you up to some extent as possible. these hashtags have a couple of videos who can help you up to some level
Learn How to LIST & SELL SHORT SALES - th-cam.com/video/f2NzavNyB00/w-d-xo.html
Ok but what if the owner is only offering the sale to you? And you alone?
Do do mentoring? I just got my license and trying to be a investor as well.
Hi Ellis. I don’t with exception to these videos and some virtual courses. What specifically are you trying to do? Let me know and I’ll try to guide you in the right direction.
@@SteveDaria I been trying flip houses for awhile but I haven't been able to do to financial reasons. Wholesaling doesn't make enough money because the competition. Someone told me about doing BPOs to make money and this where I found your channel searching to found out how to do BPOs. I just see you doing alot things with your license that I want to learn how to do.
Gotcha. Thanks for watching. Yeah I’ve been involved in a lot of things over the years. BPOs can be a great source of income. I’d say find one thing that really interests you. Then find a person or team to work with in your local market. Where are you generally located?
@@SteveDaria Saint Louis, I'm joining EXP Realty. They are a investor friendly broker. I have someone sponsoring me that does flips and said they would mentor me once I complete the onboarding process. But when I mention BPOS a lot of people say it's too much work but I need money now until I get my business up and running. And I keep hearing the same thing your preaching about shorts sales from other people as well.
Got it. As a new agent BPOs are fantastic as you will learn A LOT in terms of valuing real estate. An essential skill. Yes a lot of work but worth it to make some $$ and learn the trade.
Is it common for short sale Realtors not to tell you. How far behind the homeowner is if there's a chance good mortgage can be bought current?
They should especially if it can be sold whole. It would be a win win then. However. Many times even if value is close to mortgage amount you still have to figure in closing costs for the seller. Title Insurance, doc stamps, commissions etc.
It is illegal for a realtor not not communicate a bone fide offer to the seller.
If your offer is…. “ will give the home owner $10k and make all back payments… and I will put this in writing……but I need to know what the outstanding balance is to determine if this deal works….and I will reimburse the selling agent xxx…...”the selling agent MUST…convey the offer to the seller… if they refuse…. Talk to the BROKER or Broker Manager ( that’s a state/locality thing)… but what you want to do is escalate the communication so that a responsible party doesn’t want to lose the brokerage license.
A bone fide offer…MUST..be communicated to the home owner/ seller.
Why did I think this was about a man selling shorts as a short salesman telling me what shorts to buy
😳
Hey Steve,
I was wondering if you could answer some questions for me about short selling? Thank you!
Sure. Whatcha got?
First, thank you for the reply. Second, I have been wanting to get into real estate but haven’t had the opportunity nor funds. I finally have some money saved (not much, but enough for a downpayment). I found a short sale house “as is” near where my parents live for 250k. It probably needs a full rehab. This would be my first property. Do you think it’s even worth me taking a look at it?
Thank you!
Btw I’m thinking of a 203k loan and applying for the mortgage with my mom as she lives in that state.
Yeah got sure. Although no guarantees of a short sale, it could be worth it. Have your agent reach out to the list agent and see where they are at in the short sale process. That would be the first step. As for financing yes those loans can be a great tool to finance the rehab. A lot more paper work but could be worth it. A good lender will be able to walk you through the process.
@@SteveDaria thank you! I appreciate the reply.
Way to complicated!! Made me get scared
Nah. Just a tedious process
It doesn’t make sense, foreclosure are not listed by agents , how this guy said it’s listed by agent 🤣🤷♂️
thanks for your info!
You’re welcome 😉