Posted by Jane on January 24, 2005 at 19:43:53:
nt
Possible short sale in Texas ? - Posted by Michael
Posted by Michael on January 19, 2005 at 12:01:17:
I’m located in Atlanta,Ga. I have an ad placed in the American Classifieds and I received a call from a seller who wants to sell his property to avoid foreclosure. I really was not expecting any calls from out of state, but I’m going to send him an offer, contigent upon the banks willingness to accept a short sale. I’m going to request photos of the property. He said the appraised value is $162,000 and the balance owed is $135,000, plus taxes which he said could make it closer to $142,000. I just wanted to know if I’m on the right track as far as trying to do a short sale. I plan to flip this property, obviously. Any suggestions would be appreciated.
Re: Possible short sale in Texas ? - Posted by Missy Pearson
Posted by Missy Pearson on March 22, 2006 at 13:49:20:
I was wondering if you had been getting anymore calls for short sales in Texas…??? I have also been getting calls for short sales all over the us…including North Carolina. And I was think maybe we could talk about trading some. E mail me cback at missy.pearson@yahoo.com and I will give you my phone number so we can communicate.
Re: Possible short sale in Texas ? - Posted by Terry (Houston)
Posted by Terry (Houston) on January 19, 2005 at 21:33:50:
His name is not John Parrish is it?
American Classifieds response rate - Posted by TaMo-Atlanta
Posted by TaMo-Atlanta on January 19, 2005 at 14:50:57:
I’m just wondering what kind of response rate you see from American Classifieds. I see them around from time to time.
Re: Possible short sale in Texas ? - Posted by gerald(tx)
Posted by gerald(tx) on January 19, 2005 at 13:21:39:
If there is still $20k equity in a primary market priced house, what compelling reason would there be for the bank to accept a short sale? Does the house need a ton of repairs that you’re not mentioning?
Texas has the fasest foreclosure system in the country. The bank can take it in 45 days, remarket it thru a realtor and have their money back and off the books. Why mess around with an investor looking for a super-bargain trying a short sale?
Most Texas banks will have contractual provisions requiring you to take title on a short sale, cashing them out. There are some technical ways of beating this, but you really have to have your ducks in a row. Being out of state makes things even tougher.
With thousands of prospective properties within an hour’s drive, why in the world would you consider one 1500 miles away? There are diamonds in your backyard. That’s where I would be prospecting, not running a national classified ad.
gerald(tx)
Re: Possible short sale in Texas ? - Posted by Jane
Posted by Jane on January 24, 2005 at 13:48:54:
Terry,
Is this someone to watch out for?
Re: Possible short sale in Texas ? - Posted by Michael
Posted by Michael on January 19, 2005 at 17:18:49:
I know about the diamonds in my backyard, that’s why all the guru’s are here promoting all kinds of stuff.
The only other option I see would be to take over the mortgage which I would’nt do because I’m not in Texas and would’nt be able to market property as needed(rent to own). So I thought I would try to see if there was a way other than getting a referral fee to make some money. I thought I read about people doing deals in other states and assigning them over to a local investor from that state.
Re: Possible short sale in Texas ? - Posted by Terry (Houston)
Posted by Terry (Houston) on January 24, 2005 at 16:46:45:
No, just a deal I have under contract. Numbers sounded the same…