Buying A SS With An Option Contract- How Does That Work?
I stumbled upon a website selling a system on buying short sales that uses a "special option contract" and from my understanding most lenders will not let you buy a SS and assign it.
This guy has movies on YouTube showing him recording these contracts and closing deals.
Anyone have any ideas as to how this is done?
Thanks
I am guessing you are referring to Strategic Real Estate Coach and their "Short Sale Success Blueprint". I recently picked it up on Ebay. I have been reading the book, but havent had a chance to watch the DVDs yet. So far its pretty good stuff.
Ryan
I think it would be impossible to address every what if situation that could come up.
For short sales, I thought Mark Sumpters course was pretty good. I wasnt a big fan of the courses I have seen from Dwan Bent Twyford or Jeff Kaller.
I liked the overall strategy from Don Derosa, but I thought his material was pretty weak.
I think the best way to learn is to just do it. If you wait until you know all of the details, you will never get started.
Ryan
So if I could show proof of funds to close one transaction and then I could close the end buyer transaction right after that? What about seasoning issues for the end buyer?
This is the issue I say as well.
W/ double closes getting hard to do w/o cash, how does this strategy work?
You need CASH! to close escrow not just POF.
The only option I could come-up w/ is the "cash for closing" loans.
What about seasoning issues too?
I seen one on the internet . .floridamortgagecorp.
They say the can do them.[
[ Edited by ghost001 on Date 01/07/2009 ]
Could you expand on how he recording ownership helps get around the 90 day flip guidelines a little more.
I thought the flip guidelines were 6 months, or that there is talk about making them 6 months.
For the option contract, could you do something similar, but record the option contract? and that help with the seasoning issue.
Here is my opinion,
I purchased both the Strategic Coach and ShortSaleRiches program. The key to making this working is having the right people and team in place.
I can usually get the realtor to bring me the listing, until I tell them the property has to be listed under my name and then they get all scared, because now they have to cancel the listing and their broker is going to ask them why.
The other issue is the agent does not want me to send the sellers previous listing to the bank, he wants me to send the one I just signed with him. How do you think the bank is going to react when they see the name of the buyer on the listing agreement???? Good Luck.
So I had another investor tell me to put the title into escrow and have it recorded. I asked my title company and they advised against it. So now I am back at square one.
I can get the deal, I cant sent in the listing agreement, and I still have the 90 day seasoning issue.
Can someone in Miami, FL with experience in doing these help me. I will split my deals 50/50 until I get the hang of this. Thanks.
Ever
the owner would be basically be giving away the property.
You title it to me, to start the x-day season clock, I then own the house, and could sell it
hughe fraud potential.
I am going to something similar; what did you send with your short sale package; commission agreement or listing agreement
Thx SSPro! Actually the BPO came out to 102k, (which is why we offered 82k and some change-82% of the BPO since its an FHA loan) which was low-ball, and we listed it for higher and actually have a contract for 120k, which the comps in that area will support.
The last time I did an FHA short... the servicer wanted to net between 82% and 87% of the BPO.
Does the seller have an approval yet? Make certain you read and understand the terms and conditions of the approval/demand letter.