3/16/2009
I just finished making my offers for the day. My goal was 3, but I got a little carried away and made 10 instead. I decided that since I'm going to be in Baltimore Weds-Fri for Steve's Wealth Explosion Event, that I would stockpile some offers today and tomorrow...
So, as I was going through the mls looking for houses to check out tomorrow, I noticed that there is a whole SHITLOAD of short sales available. More so than normal,even. Short sales as far as the eye can see. It used to be about a 50/50 ratio (roughly) of short sales to REOs, but now I'd say it's more like 70/30. Maybe even 80/20. Good grief. Looks like I'm going to have to start making some offers on those, too. Can't hurt to try, right?
That's about all I've got going on. Just making offers and looking for buyers...
Over and out.
Monday, March 16, 2009
Holy Short Sales, Batman.
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10 comments:
When you make your offers on short sales on the mls. Do you wholesale them as well? And how do you make your offers? with a land trust, option contract?
Thanks
Robert
Hi Robert,
I've never wholesaled a short sale off the mls, although I have a few friends who offer on them and will get one every now and again.
I know my title company will not do a simultaneous close (using my buyer's funds to fund both transactions) on a short sale, so I will have to bring my own cash to closing.
Other than that (and the longer waiting period), I don't think it's much different than an REO. Probably some different addenda to deal with..
Steph
I was listening to Dave Ramsey this weekend, and he said Tampa was a GREAT place to hold on to your house. He thought the market down there was artificially underpriced.
So, you need a protege? ;-)
Sure- come on down! The more, the merrier.. :)
I'm still confused how you can wholesale a shortsale?
Make an offer on it, if it gets accepted, find a buyer for more money. Then do a double close.
Hi Steph,
Can you break it down a little more for me? I have a retail buyer and I've found a shortsale that's a good fit. I haven't made an offer on the shortsale yet. Can you tell me how I can put this deal together (if my offer is accepted) so that I can sell it to my retail buyer?
Thanks!
Don
You will most likely have to close on it with your own cash, and then sell to your buyer in a separate transaction. If your buyer is getting financed, make sure their lender does not have seasoning requirements.
I would first check with the listing agent to see how far along they are in the short sale process. It could be months before you have an answer..
Steph
Hey Steph,
I was surprised to get an accepted low ball offer on a short sale last week. i made the offer with a realtor and I didnt use an option contract.I know that I have to come to closing w/ cash. i can use private lenders for a 1 day loan. Can I still tie up an end buyer with my contract w/o using the realtor when I go to closing.
Thanks,
Robert
Hi Robert,
You would write up a separate contract between you and the end buyer. Set up a back to back closing, and sell to them right after you buy.
Is your buyer paying cash?
Steph
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