Bump
I have a meeting with a BPO on a beautiful 5 year old. Owners in bankruptcy. Besides repairs what does one bring up or say to the BPO.[ Edited by ambitious1 on Date 09/19/2005 ]
Legal? Probably. But an assignment would likely be in contradiction to mortgagees terms of short sale approval... and closing instructions.
Most, but not all mortgagees require that the named Seller complete the purchase.
There are techniques that can circumvent that problem. But generally, I discourage the assignment of a negotiated short sale. They represent a lot of work... and to increase profitabiolity, I suggest that the named Buyer buys, makes value added repairs, then sells retail.
I am impressed with your knowledge at such a young age. I am just getting started in RE investing. Can you tell me where you acquired your knowledge (RE Groups, books, classes, etc.)?
A lot of what you are talking about is Greek to me - HUD-1, preforeclosure, bankruptcies.
That depends entirely upon who owns the mortgage and note, and their criteria... Most "lenders" are really servicers... they service the mortgage loan for the investor (entity) that actually owns the mortgage.
Many "lenders" service loans for dozens of investors.
Never Mind!! It went great!!
Bump
I have a meeting with a BPO on a beautiful 5 year old. Owners in bankruptcy. Besides repairs what does one bring up or say to the BPO.[ Edited by ambitious1 on Date 09/19/2005 ]
Thanks again SSPro!
Legal? Probably. But an assignment would likely be in contradiction to mortgagees terms of short sale approval... and closing instructions.
Most, but not all mortgagees require that the named Seller complete the purchase.
There are techniques that can circumvent that problem. But generally, I discourage the assignment of a negotiated short sale. They represent a lot of work... and to increase profitabiolity, I suggest that the named Buyer buys, makes value added repairs, then sells retail.
Anyone?
as promissed here it is:
www.
www.thomaslucier.com/HUD1SettlementStatement.pdf
The governemnt provides a free form that you can fill in and an explaination here is the site.
http://www.hud.gov/offices/hsg/sfh/res/rsphud1inst.pdf
Hope this helps.....
Ambitious
I am impressed with your knowledge at such a young age. I am just getting started in RE investing. Can you tell me where you acquired your knowledge (RE Groups, books, classes, etc.)?
A lot of what you are talking about is Greek to me - HUD-1, preforeclosure, bankruptcies.
Thanks
Andy
Thanks Ambitious
That is good to know.
This is such a great and helpful site!
That depends entirely upon who owns the mortgage and note, and their criteria... Most "lenders" are really servicers... they service the mortgage loan for the investor (entity) that actually owns the mortgage.
Many "lenders" service loans for dozens of investors.