BankOne shortsale!!! - Posted by mrwi

Posted by js-Indianapolis on October 18, 2002 at 24:24:03:

Sounds like a good one.

Explain though, how you’re going to just “collect the money.” Where are you getting the buyer? How are you closing? Simultaneous?

Give us some more details on your exit strategy.

BankOne shortsale!!! - Posted by mrwi

Posted by mrwi on October 17, 2002 at 10:53:33:

This is a follow up post to a post from yesterday and my answer to yesterdays post. I just received a call from BankOne about a short sale I had been dealing with them on. The owner owes $143,000 on a house that is worth around $125,000. The owner was 2 months behind when he contacted me, getting seperated and can’t make payments. I wrote an option to gain control, got a permission to release info signed by both he and his wife and then called BankOne to offer a short sale. I offered $100,000 and I pay all closing costs in writing on a “net sheet”, so the bank would net $100,000.I also sent them pics of the interior and exterior of the house. They verbally countered at $125,000 over the phone a few days later. Then they decided to have the house appraised. They called back after the appraisal, saying that it was not a good appraisal. I asked what they meant and they said that there were no interior pics. They called back and scheduled another appraisal. I met with the second appraiser and explained what was going on and where I was at and asked her to do what she could legally do to help me out. (I had also been there with the first appraiser as well). This all transpired last week. I called back Monday of this week after hearing from the owner that he had been served his foreclosure papers on Sunday. The lady I had been dealing with said that her supervisor was reviewing the paperwork. So this morning I got a call saying the bank would take $102,000!!! I had verbally bumped myself to $110,000 when they countered on the phone with $125,000, so go figure. Now all I have to do is set up the closing date and collect the money.

Re: BankOne shortsale!!! - Posted by traderj

Posted by traderj on October 18, 2002 at 16:15:06:

Congratulations! Can you send me an example of hte “Net Sheet”?