Short Sale Approval after a Foreclosure sale date?
This was definitely a new situation for my staff. While I’m still unclear what the true status of the home was during the time the short sale was approved, the banks loss mitigation rep assured us the property was taken back through foreclosure a week before Christmas. Seven weeks later and we had an approval for the short sale from Citi Mortgage.
This is reinforcement to RESP that there’s no cookie cutter solution for short sales.
The Magic of the $500 seller contribution offer
The Magic of the $500 Seller Contribution
Just recently we had a short sale in which the seller was asked to contribute $10,000. Since this was a traditional short sale (no A-B B-C on this one), my company was unable to offer a contribution towards the sale. Therefore our response, as instructed by the seller, was they could not contribute due to their financial hardship. The banks loss mitigation rep informed us that the short sale was declined. I decided to try a Jedi Mind trick and asked the seller if she could contribute anything…anything at all. I just threw out $500 and said we could mentioned that to the bank as a last resort. The seller agreed and a few days later we had an approval.
I believe the reason why this was effective is because the investor could see this was true hardship and the seller was willing to contribute the little bit of money she had. I think this went a far way considering the seller contribution was decreased $9,500.
$175k – Howell, NJ (Monmouth County) – Fixer Upper/Rehab
|
11 Vanderveer Rd, Freehold, NJ
|
|
Complete rehab. Contractor/Investor Special. Cash Buyers Only!
Complete rehab. Contractor/Investor Special. More Pictures: http://www.ryanpal.com/11_Vanderveer/
|
WARRANT For Your Arrest! – From “I Buy Houses” Signs
Arrest Warrant?…From those plastic signs?!! (The plastic corrugated signs displaying “We Buy Houses“, “I Buy Houses“, “Cash For Home“, “I Buy Homes for Cash“, “Sell Your Home Fast“, “I Will Buy Your Home Right Now – Cash“, “Stop Foreclosure Now“, and the alike). Well, it happened…here’s the story.
Shortly before Halloween, I targeted Jefferson Township (NJ) to put up “I Buy Houses” signs. Why Jefferson? Part of my business as a real estate investor involves building up communities of depressed areas, not just buying and selling homes in the same day. Jefferson happens to be one of the more depressed towns in Morris County. There are many homes that are vacant, in need of repair, and homes that have been on the market sitting idle for months. In this stagnant market, it’s important for investors and developers to come in and help rebuild towns like Jefferson.
When investors and developers fix up homes, that town’s revenue increase (taxes typically aren’t paid on vacant houses), the surrounding property values increase, and employment is provided.
With this in mind, we set out to market the area heavily. So there we went out in all black, face painted, ninja costumes…ok not exactly. The signs were put up a few days before Halloween. These were a combination of light poll signs and wooden stake ground signs. Leads were generated and business continued as usual. That was until, I checked my PO Box.
While sending out to a probate lead in UK, I decided to check my po box that rarely receives any mail. After brushing away the cobwebs and coupon envelopes, I was greeted with two tickets. Both of which were for the signs and dated 11/11/11. The tickets stated a mandatory court appearance on 12/21/12. Uh oh, the current date was 12/29/11. As I went through the rest of the mail, I found another pleasant surprise. An arrest warrant was issued for failure to appear in court. Oddly, nothing was ever sent to my home address and the warrant had my name misspelled (hence why the computer didn’t bring up any warrants under my name). So there you have it, a tickets issued from those pesky plastic signs and a warrant to follow due to bad luck. The exciting life of real estate investor.
On a more positive note, 2012 will be a year to help more homeowners in need and networking with other professionals in the business.
RyanPal (the sign bandit)
Yes, I Buy Houses, NOT just one’s in foreclosure!
Everyday I’m approached by sellers looking to sell their home. Many of these homeowners are in a state of preforeclosure or foreclosure. There are, however, many sellers who are not in foreclosure, and have a property with equity, or inherited a property (Estate or Probate) that is free and clear (ie/ no mortgage). Unlike most companies, Real Estate Solution Providers (RESP), provides multiple purchase options to sellers.
No Matter What the Situation:
-No mortgage
-Small mortgage
-Large mortgage
-Underwater home
-Home in foreclosure
-Home in need of repairs
-Pretty Houses
-Ugly Houses
So, to answer sellers common question, Yes!, I Buy Houses. I Buy Ugly Houses, I Buy Pretty Houses, I buy Houses in New Jersey (any condition, location, and situation). If you’re looking to sell your home, contact me today for a cash offer on your home. And if a cash offer doesn’t work, we always have other options. (please see blog post about multiple purchase options, seller financing etc.)
Tired of earning 3% on your bank savings?
It’s no secret that the banks are making large profits using YOUR money. Why not cut out the bank, and receive higher interest on your money. That’s right, YOU can be the bank! Today’s market offers an abundance of excellent real estate investment opportunities. Many people, of diversified occupations, are taking their future into their own hands and making money work for them. This is being accomplished without incurring excessive risk. Are you tired of earning 3% on your money?
Obama realizes that government bailout programs won’t work alone…
Obama recognizes that real estate investment companies are necessary to ensure the recovery of our housing crisis. Full article here: http://www.time.com/time/nation/article/0,8599,2089194,00.html
Wholesale property (Westwood, Bergen County) – $75,000
Single family knockdown home residing on HSO zoned property in Westwood (Bergen County).
HSO Zone (Health Services & Office district) means you can build:
Any type of business professional or medical office, medical lab or service facility, nursing home, assisted living, research and development, or health care center.
Boro code: 195-126. Property located on a main street .75 miles from center of town.
Address: 108 Old Hook Rd, Westwood, NJ 07675
Lot size: 56 X 150
Purchase price: $75,000 (via assignable contract)
Bring a buyer and a $2,500 referral/marketing fee.
*NOT a foreclosure or short sale
New Wholesalers Group Launch (Connecting Buyers and Sellers)
New LinkedIn group just launched: http://www.linkedin.com/groups/New-Jersey-Real-Estate-Wholesalers-3982504.
Buyers, Sellers, Wholesalers unite to get deals done.
Post Deals,
View Deals,
Network!
Join today and get deals underway now!
Ryan:
The exact payments were: $456, $456, and $453. Don’t ask me why the differing amounts, but that’s the exact payment amounts. I look forward to hearing from you on Tuesday.