Posted by JT-IN on September 11, 2003 at 16:45:06:
That way there are two HUD-1’s and the Lender doing the short sale never actually sees what happens to the property. They don’t know that you have already closed in the next room with your buyer, and are making a literal fortune…
What you need is a Title Company who knows and is comfortable with performing Double Closes. Beyond that, it should be a piece of cake…
JT-IN
Short Sale guru on radio - Posted by Jo
Posted by Jo on September 11, 2003 at 08:41:56:
Does anyone have info on the guru on short sales that JP is to have on the radio show today?? How do we hear it? Who is the guru? When is it?
Thanks in advance.
Re: Short Sale guru on radio - Posted by Sean
Posted by Sean on September 11, 2003 at 09:37:23:
Here is the radio show info for anyone who wants to listen. It should be very interesting to hear if she can answer the big question.
Creative Real Estate Investing" Radio Show
Terry and I host the “Creative Real Estate Investing”
internet radio talk show every Thursday at 10:00am Pacific
(that’s 11:00am Mountain, 12:00pm Central, 1:00pm Eastern).
Our Featured Guest this week is Dwan Bent-Twyford, who
is a nationally-known expert on foreclosure short sales.
If 9 out of 10 of your leads are “no equity” deals, you
need to find out how to turn them from “no go” to BIG
profits by using the “short sale.”
Dwan will be telling us all about it!
Tune in this Thursday, September 11th at 10:00am Pacific
(11:00am Mountain, 12:00pm Central, 1:00pm Eastern) to
learn all the details.
Just go to: http://www.wsradio.com/cre to listen in.
And here’s the best part… During the program, you can
call in with your questions. Just call 1-888-327-0061.
We hope you will join us.
Sincerely,
JP Vaughan
Creative Real Estate Online
P.S. If you can’t listen to the show live, you can
listen to the archived show at:
If She Can Answer The Big Question? - Posted by Randy
Posted by Randy on September 11, 2003 at 10:39:11:
What’s The Big Question you?re referring to?
Re: If She Can Answer The Big Question? - Posted by Sean
Posted by Sean on September 11, 2003 at 11:04:51:
http://www.creonline.com/wwwboard/messages/88554.htmlPosted by Sean on September 10, 2003 at 15:49:01:
Heres the situation I am in…
I have negotiated a short sale with Countryide (1st lien holder) and HomEq (2nd lien holder) for a property in preforeclosure status. I have gotten Countrywide to discount to 83k and HomEq to discount to $2500 for a total of $85500.00. I have an end buyer lined up who is waiting to purchase the property for 115k with financing through Option One. Everyone is ready to close…but there is a problem. Option One, along with 99.9% of the other lenders in the country have seasoning issues and wont fund a deal that has not had the same owner on record for 12 months! So, with this in mind, how do I collect my 35k profit. I know there are a ton of people on this board who claim to have experience with closing short sales…so I really need to hear from you. All of the Gurus out there selling short sale courses neglect this issue, which is the #1 most important issue because unless there is a way to solve this problem, these short sales are next to useless for these type of quickturn transactions.
I am sure I will get a bunch of responses criticizing me for calling them useless and claiming that they can be done with ease…and these are the people who I want to engage in conversation with so I can be enlightened on how to close these. I will ANXIOUSLY await responses. Thank you in advance for taking the time to respond to my post.
Re: If She Can Answer The Big Question? - Posted by DavidOregon
Posted by DavidOregon on September 11, 2003 at 13:08:35:
Get a good mortgage broker who can find a lender that doesn’t require seasoning.
If one tells you there aren’t any, ask the next. If they tell you there aren’t any, ask the next, etc…
I funded two short sales with a hard money lenders then refinanced with banks.
DavidOregon
Re: If She Can Answer The Big Question? - Posted by Jo
Posted by Jo on September 11, 2003 at 14:16:25:
David,
The unanswered question is still how do you retail it to yuor end buyer all at once, even if you find a lender who doesn’t require seasoning? Short sale Bank/lender is not going to let you profit (knowingly) when they have discounted their position.
Can anyone provide insite?