littleroc02us
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Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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Offer on a short sale |
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Hey everyone,
I've been quite busy lately looking for an investment property after having worked all summer as a handyman and saving up capitol to put as a down payment on the home. The house is a short sale, it's been on the market for 40 days with no offers. Unfortunately it's note is held by Wells Fargo, but I'm confident that I can get this property. In 2007 it sold for 187k, but was put on the market for 150k and dropped down to 139k. The home does need some tlc, but I plan on doing that myself and rent it out if I do end up getting the property. Based on the comps it looks like the asking price should be around 115k to 118k, but I plan on going in @ 105k with them paying closing costs and put 15% to 20% down (My credit union is willing to do either deal up to 120k) and then have them pay closing costs. My plan is that I will have to counter back at 110. Does that sound like a good offer to start with? My other idea is to offer 100k and pay closing costs.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Tue Nov 19, 2013 9:02 pm |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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That was CitiMortgage. Potato, patato, their all the same.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Fri Nov 22, 2013 3:19 pm |
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ccbuilders01
New Member
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Location: USA |
Great collection of information, thanks for sharing.
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Fri Dec 06, 2013 11:12 am |
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Wino
Senior Member
Cash: $ 113.80
Posts: 560
Joined: 03 Aug 2012
Location: Dubai |
I have never done a short sale purchase, but from what I've heard, the banks are slow, inept, and generally take so much time that you end up losing your loan guarantee, and have to apply several times. Apparently, the only easy way to do a short sale is to have cash-in-hand and be willing to wait for their schedule.
Good luck with your plan. Let us know how it works out for you. Maybe what I've heard is merely apocryphal nonsense.
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Fri Dec 06, 2013 12:59 pm |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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So, I put in an offer about 3 weeks ago of 105k and paying 3% closing costs, with $1500 earnest money. The sellers signed the contract right away, which doesn't really matter much, it's the bank that has to ok it. I had my inspection a couple of weeks ago, which he stated the property is solid and needs some minor rehab. I did put a timeline in the offer that states that if I don't hear anything from the bank by January 31st then I can back out and start making offers on other homes. So for now, I just sit and wait.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Fri Dec 06, 2013 2:46 pm |
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Natalia Smith
Member
Cash: $ 2.40
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Joined: 26 Sep 2013
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Really admirable post. Information shared is truly informative and useful. I think its beneficial for every individual.
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Mon Dec 09, 2013 10:22 am |
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