Short Sale & Trying To Buy The Note At The Same Time?
i was just informed by my brother that while i/we are in the process of doing our first short sale, he has an investor trying to buy the same notes i am trying to short sale!!!
is this even possible?? because i am seeing red right now!!!!!!!!!!!!!!!!!
my reaction was how in the world are you having me go through all this work trying to do a short sale and then have someone else take away the deal i am trying to put together??
i see it as if he is shooting us in the foot before we even start!!
he states that in another deal he is working on there are several investors working with the same owner trying to buy the note. ( at least thats what the investors are telling him)
i thought there is only one authorization allowed at a time, not the bank talking to 5 investors at a time trying to get the best deal.
so is my brother lost his @##$$# mind or am i right??
because i am about to strangle him!!!!!
amynewbie
[ Edited by amynewbie on Date 04/25/2007 ]
"purchasing a note via assignment"
i have never heard of that term before. i never looked into note buying .
so are you saying that i can ask to buy the note from the banks at a dicount, the same as i normaly would in a short sale and i dont need the owners permission???
then what ; i continue with the foreclosure? then sell the house to an investor ; is that the exit strategy??
my biggest question is:
and am i wasting my time trying to persue the short sale if the other investor is buying the note, which doesnt require the owners permission???
because basicaly their is no short sale to speak of, cause theres no note to short.
did i understand you guys correctly
amynewbie
my lord BARGAIN KING i am just barely walking, and i tremble to think of such manuvers. i will with the lords guidance and everyone in this forum get to your level .
i just want to get this short sale done, and help the homewoner move on with his family. i am following the course i have, and with the lords help i will get us all through it.
my most important question is this :
when the banks agree on the short sale how do i assign it to the next investor and make sure the homeowner gets paid.
amynewbie
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thanks for the reply cmyke. the house is a fixer upper. needs total rehab. needs new kitchen, walls are panels. ceilings have decrative wood pieces that look horrible. needs new floors, the whole house needs siding, the garage will fall by itself soon, roof leak, the first floor needs to be lifted it "settled" i think thats the term the contractor said. plus much more, windows etc. ......
so, its not worth FMV right now, maybe 200k in its current condition.
thanks
amynewbie
Feliciano, thank you for the kind words.
This is exactly what these forums are for, to encourage others to continue in their struggle to succeed. To share success and pitfalls we all encounter on our journey; so others behind us learn from our experiences.
May the lord bless you 10 fold, in your investing.
amynewbie
amynewbie, thanks for that!
I hope you get your first one before the year is out!
Peace and Blessings