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My First Ss Attempt Also, Help Please

amynewbie profile photo
  • Friday, April 20, 2007 @ 08:25 PM EDT
  • 4 Comments


i have an owner that owes 380k, house needs total rehab. was listed with an agent for 1 yr. and no offers. he offered it at 440k. Houses in mint condition sells for a minimum of 440k. he is now FSBO.



1st 304k chase

2nd 76k GMAC

repairs above 50k( have not gotten an estimate)



i had the owner sign a authorization to release , and shaking in my boots called the lender and was told that i should have known that i needed a authorization to release FROM GMAC initated by the owner. and they will mail the form.



is this common, should i just have all owners call their lenders and get a prequalification package for a short sale first?????



this guy has a real hardship, he purchased this house to live in, he currently rents across the street since the repairs were to much for him.

well at least thats what he says. personaly i think he purchased it to flip it for a quick buck , since there are houses in his area, that have sold for 550- 800k. but no one wants to bite since they can get a house in mint conditon for 440k.

he is currently being evicted by his landlord for not paying rent. he is losing his business, not paying rent there either



anyway, how should i handle this??? i am a realtor. i origanaly approached the owner with an investor hat on. i have an investor thats interested in the property. but just dont know how to proceed, whether as a realtor or an investor. yes i disclosed i am a realtor to the owner. and i must add that i did introduce myself to GMAC today as a realtor. i have read courses on doing short sales as an investor. i dont know how to do one as a realtor.



and when a bank accepts a short sale by me being a realtor can i turn around and sell as an investor to another investor?? or must i then put it on the MLS?? and go that route??



i know all information needed, hardship package etc.



when i get the release from GMAC to talk to them should i ask them to accept less because in its current condition its not selling??



any advise,



please,





amynewbie

Comments(4)

  • no photo
    amynewbie18th April, 2007

    thanks for the response,

    my other question,
    when the bank accepts a short sale by me being a realtor can i turn around and sell as an investor to another investor?? or must i then put it on the MLS?? and go that route??

    i just called the homeowner and asked him to call his banks( chase & gmac) to order a short sale packages.
    is that right, thats what GMAC told me yesterday or is Chase different??

    thanks

    amynewbie

  • no photo
    amynewbie18th April, 2007

    short sale pro, i really need to know when accepted can i do investor to investor or i MUST put it on the mls. i also want to give the owner moving money, via bill of sale of course.

    kindly advise on this, please

    amynewbie

    ps. the owner called me back and told me that GMAC said he should get the short sale package with in 5-7 days. great!!! i guess this means they will deal.


    [ Edited by amynewbie on Date 04/18/2007 ][ Edited by amynewbie on Date 04/18/2007 ]

  • no photo
    amynewbie18th April, 2007

    so if i understand your response correctly, if i started this as a realtor i must finish it as a realtor. because their attorneys will make sure nothing was changed during the process. ok

    my goals are, 1st: help the owner out of this situation and give him money to start over. a must!!!! i cant just have someone buy the h ouse make a huge profit and the poor guy thats in serious financial distress walks away without a prayer. not nice, not me.

    2nd get paid for my efforts, and 3rd, pay my mortgage guy since he was the one that brought the deal to my attention. he wants a finders fee or do the mortgage for the buyer.

    thanks

    amynewbie

  • no photo
    amynewbie20th April, 2007

    update: met with a contractor today at the house. i told him i needed a repair estimate to bring the house the fair market value, how much would something like that cost me?? he had told me over the phone i need to look at the house.

    so we met at the house he went around and said 100k. was a great estimate for my short sale. i told him that i needed it in writing to show it to the homeowner. he danced around it and didnt agree to give it to me in writting. so waste of time. i asked him three times.

    he took me to a house he is rebuilding, around the corner. awesome house, great work. i see why the 100k.

    i was afraid to let him know its for a short sale for the homeowner. i did offer to pay him but i guess he wanted the job.

    so the next contractor, i will tell him straight i need an estimate to submit to a bank.

    any other advise i need , before i screw up again let me know please


    thanks

    amynewbie

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