Buying Mortgage Note With Transactional 1 Day Funding
I am thinking of trying to work with people who are trying to short sale their home and already have an offer on the table. Someone please tell me if I need to go back to the drawing board.
Here is what I plan:
1. Work with realtors and people who are trying to short sell their home (mostly those who already have an offer in).
2. Contact the mortgage company and offer to buy the note.
3. Buy the note and accept the offer that is already on the table and collect profit by accepting less than what is owed on the note but more than what I paid to but the note (after all closing fees and transaction fees have been taken out).
Of course there is more to it than that but in a nutshell that is what I am trying to do.
Thoughts?
go back to drawing board. You wont get in or even find out the short price. Absolutely no incentive for bank or even seller to mess with an offer.
keep trying, i know there are ways to make money with the short sale, but this isnt it.
go back to drawing board. You wont get in or even find out the short price. Absolutely no incentive for bank or even seller to mess with an offer.
keep trying, i know there are ways to make money with the short sale, but this isnt it.
I will be coming with a cash offer not financing that can fall through. I do know the hardest part is contacting the people who can have the authority to sell the note. In a small way I am sure this can work.
You are on the right track, however you will need to find notes that do not have offers on them. The bank will not entertain nor give you the offer amount on the table. Most SS offers are "all cash" as the majority of buyers are investors.
If you can negotiate the purchase of the Note while negotiating a Short Sale with the homeowner you could then go back and market the resale of the property to a potential buyer. This method take a little time and liquidity. There are easier ways to make money with residential and commercial short sales however.
Cheers,
Timothy Hills
ansactional funding is expensive and fishy (perhaps illegal in many case".
What if the SHory buy fly the coop, and your suck w/ the dog mortgage.. or owner going into BK..