Where Can A Investor Find Comps-FREE? WITH OUT USING AN AGENT Or Zillow? Last
agent stole/sold my deal to another investor friend of his.
Now i do not want to give anymore addresses to any agents for comps.
THANKS
Find a more trustworthy agent.
My goodness... Call your title company and have them set you up on their FREE property profile search engine...
First American has a service called "FastWeb" at https://fwprodweb1.firstam.com/fastweb/fwlogin.asp
What if the owner was to quit claim the property to me?
A business person today recommended this option to me.
I have heard the term before and I think I understand what it means but I wanted to get the forums opinion and insight.
[ Edited by jcattin on Date 04/22/2008 ]
A quit claim will transfer title, but will not release any leins against the property. The current owner will not own the property but will still owe the bank. Then you will own a property that someone else is responsible to pay the loan on. Bad idea for you and the seller. A quit claim is really only good for transferring it to a company that you own or to take a spouse on or off the title.[ Edited by stdavid on Date 04/23/2008 ]
I see, my plan is to get a new loan. I know payments have been missed and are not currently being made.
This being the case I just want the opportunity to negotiate the $21k in liens and I want whatever discounts I receive to benefit myself not the owner. I want the owner to payoff the loan and the back taxes with the $1M.
Can the property be transferred with existing liens?
It CAN legally be transferred with existing leins, but you will not be able to get title insurance with ecisting leins. Therefore, your bank will not loan the money. So essentially, no. Not unless you are paying cash and are foolish enough to not want title insurance.
How does one subordinate a lien?
get the lien holder to sign a subordination agreement.
Thanks for the reply!
and/or nominee? That sounds a lot like an assignment to me. Will the banks allow that?
Does using an option in any way solve "chain of title" issues?
What are the advantages to using an option as opposed to using just a standard contract?
Could you elaborate a bit more as to how the option is beneficial for one who chooses to "flip" the property?
Thanks[ Edited by davidstyles on Date 04/21/2008 ]
A general rule of thumb is to offer slightly more than 50% of what is owed on the balance. Any lower and the file will get kicked up to a supervisor for review or deadfiled.
The goal is to submit a low offer to intiate the BPO. Yes, it must be an interior BPO, which is normally not a problem to get order; however, there are a few lenders that are difficult and will only order and exterior if they bother to order one at all -- you just need to learn who those lenders are.
Assuming the bank orders their interior BPO and gets a number, you now have a starting point. Hopefully, the BPO reflects what is currently going on in the market. For instance, my idea of Fair Market Value would be different than many agents. I want to see the number of REOs in the area, and what has sold recently, if anything. Likewise, I want to know what number I need to sell the house in three weeks since the bank has a timeline.
[addsig]
Look up The Short Sale Manifesto. This should give you some good information.
What else . . . ? Maybe The Death of the Land Trust - reviews the perils of using the land trust for a short sale, and the end has some info on the option method.
Hope this helps.
[addsig]
Thanks, I will check out both of them tonight!
Have you checked to see if the property tax records with the county show a different mailing address/name?
Could be a case of identity theft.
This has always been common.
Packages go to both lenders at the same time.
We work with the first lender to get the approval, and then send the approval to the second. We set up all of our transactions to be a back-to-back using the option method.
Once the 1st mortgage does their BPO, try to lock down the approval letter from the 1st mortgage immediately and have them fax it to you. Next, fax the full payoff from the 1st mortgage plus the short sale approval with the discounted payoff to the 2nd/3rd/liens.
Once the junior lien holder realizes that the 1st mortgage is taking a discount they know they are in trouble. They know that if the property goes to foreclosure auction the chance of them receiving any money is slim.
The full payoff and the discounted payoff are important. That’s the proof that the junior liens need to see to show the potential loss they will incur.
[addsig]
When you say full payoff and short sale approval are these not usually the same thing? My experience is that the 1st approval letter states the payoff amount on it. Additionally, in the package to the 1st, what amount is used on the Net Sheet as the 2nd payoff?
Thanks for the help.