I have terrible credit, no credit cards and not even a bank account. Is it possible to still make money in real estate or short sales? I imagine you bring in an investment partner, right?
Short Sales
Should I Foreclose or Short Sale
Should I Foreclose or Short Sale My Home?
Question: Should I foreclose or short sale. Here is the situation. I bought a condo in Tampa, Florida in September 2005. This was my first real estate purchase and my primary residence until I transferred to Maryland for my job in July 2008. I have a first mortgage for $150k and a HELOC for $25k. The property has been short sale approved and there is a buyer that is going to purchase it for the price of $60k. We are ready to close but I need to pay all the delinquent HOA fees, late fees and attorney fees that have mounted up. I can not afford to pay the $3000 in late HOA fees to close on the short sale. Now, I am facing foreclosure. I have asked the HOA to waive the late fees and attorney fees so I can do a short sale but they are refusing.
Is it worth it to borrow the money from friends and family or should I foreclose or short sale?
Thank you,
Short Sale Checklist
Short Sale Checklist For Investors
Here is a Short Sale Checklist for those who need the step by step blueprint of what to do next. This is assuming you’ve found a property that is a candidate for a short sale.
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1) Meet with Homeowner and Determine Value of Property – make sure they understand what you are doing and willing to cooperate with you during the whole process. It can take months before a short sale is approved and the homeowners need to cooperate the whole way through. [Read more…] about Short Sale Checklist
How To Do A Short Sale
Steps on How To Do A Short Sale
If you want to know how to do a short sale successfully, there are a few key pieces to really building a strong short sale case.
After you have found a homeowner who is delinquent with a notice of default willing to work with you, the first thing you need to do is have them sign some paperwork. The first thing they will need to sign is the authorization of release form. [Read more…] about How To Do A Short Sale
Short Sale Questions
Common Short Sale Questions
There are several short sale questions that I get asked by both homeowners and investors. Here are some of the most common short sale questions. The answers to these questions are based on what typically happens. Please understand that every case is different so there are always exceptions to the rules.
Question: Can a homeowner do a short sale if they’re not delinquent?
Answer: No. For a short sale to be successful, the homeowner needs to prove financial hardship and show they cannot make payments anymore. So without being delinquent, there is no way for the bank to know the homeowner has a hardship. As long as the homeowner is making payments, the banks are content where they are at. [Read more…] about Short Sale Questions
Buying A Short Sale
Buying a Short Sale – Is it a Good Idea?
Thinking about buying a short sale? But not quite sure what’s involved? Well after you read this you know for sure if this is what you want. Buying a short sale sounds good and all, but believe it or not, most homeowners are just not patient enough.
A short sale is when the bank takes less than what is owed on the property in order to sell the property before it goes to auction. This helps the bank so they can eliminate excess inventory and shave costs associated with all the foreclosure fees. It also helps the homeowner avoid having a foreclosure on their credit and they can start over fresh. So it helps out both parties when a short sale is accepted. [Read more…] about Buying A Short Sale