Is it true that do not ever let your name appear in the documents? This inculdes the purchace and sales contract, the Hud-1, the hardship letter, anything that would show you as the buyer..
Im sorry im asking this question if you try to do a short sale.. Is it true that do not ever let your name appear in the documents? This inculdes the purchace and sales contract, the Hud-1, the hardship letter, anything that would show you as the buyer..
By reading, absorbing, and applying what you already might know about the practice of speculative real estate acquisition ... you'll be better able to answer your own questions... ..
I have purchased property using both methods of disclosure on none disclosure. But most have been with disclosure and it was my earlier years of investing that I did the none disclosure form of short sale without result. I not only want to build a relationship with the homeowner but a relationship with the lender has opened many doors for me in doing future business with the lender.
I am sorry for the harsh words you received on this post and many of us seasoned investors can easily get short in a reply that we thank another should know.
Never let the harsh words of any investor keep you from pursuing a dream as we can all learn from good and bad.
My students many times ask a question with a qualifier such as "I know this is a stupid question, but" and my reply is simply the only stupid question is the one never asked.
Keep asking questions, as this is part of the learning process of any investor and just read past any harshness.
thanks john michael for your reply it was very appreciated.. one more questions john michael, does the bank care if you are the buyer when doing a short sale? because i was told not to let them know you are buying the property but tell them that you are calling on behalf of your clients....
When I purchase a property by way of a shortsale, I let the lender know I am interested in helping them and their customer in this situation.
Look at it this way if you are told not to disclose by another we now step into the slippery form of investing.
When investing I'm always upfront in my dealings as an investor. Many years ago or should I say a decade ago I made deals based upon the money and to "Hell" with others but through maturity as an investor I have found that by being upfront in my dealings my carrier as an investor has excelled beyond my imagination!
I have never had a lender give me any problem in a short sale by letting them know I want to purchase the property.
I have had them ask what I plan to do with the property and this can be a kicker. I let them know at this point I'm not sure because as an investor I have an escape plan.
If it does not sell I will
Rent it, lease opt it, owner finance it, trade it, or simply use all the equity in it to purchase another property.
So in all your dealings be upfront but with limitations. Like never telling your customer how much profit you will make!
[addsig]
anyone?
Need a little more information to give an accurate answer.
You can transfer title at any point after a transaction with a QCD or Warranty Deed. But again it depends on what your trying to accomplish.
Happy Holidays!!
Im sorry im asking this question if you try to do a short sale.. Is it true that do not ever let your name appear in the documents? This inculdes the purchace and sales contract, the Hud-1, the hardship letter, anything that would show you as the buyer..
I'd suggest that you spend a few hours reading over the thousands of questions and answers posted here, as well as articles and essays..
[addsig]
what you do you mean short sale pro? i just wanted to know if that was true or not ...
I mean that your question is absurd.
By reading, absorbing, and applying what you already might know about the practice of speculative real estate acquisition ... you'll be better able to answer your own questions... ..
I have purchased property using both methods of disclosure on none disclosure. But most have been with disclosure and it was my earlier years of investing that I did the none disclosure form of short sale without result. I not only want to build a relationship with the homeowner but a relationship with the lender has opened many doors for me in doing future business with the lender.
I am sorry for the harsh words you received on this post and many of us seasoned investors can easily get short in a reply that we thank another should know.
Never let the harsh words of any investor keep you from pursuing a dream as we can all learn from good and bad.
My students many times ask a question with a qualifier such as "I know this is a stupid question, but" and my reply is simply the only stupid question is the one never asked.
Keep asking questions, as this is part of the learning process of any investor and just read past any harshness.
Have a great day.
[addsig]
thanks john michael for your reply it was very appreciated.. one more questions john michael, does the bank care if you are the buyer when doing a short sale? because i was told not to let them know you are buying the property but tell them that you are calling on behalf of your clients....
When I purchase a property by way of a shortsale, I let the lender know I am interested in helping them and their customer in this situation.
Look at it this way if you are told not to disclose by another we now step into the slippery form of investing.
When investing I'm always upfront in my dealings as an investor. Many years ago or should I say a decade ago I made deals based upon the money and to "Hell" with others but through maturity as an investor I have found that by being upfront in my dealings my carrier as an investor has excelled beyond my imagination!
I have never had a lender give me any problem in a short sale by letting them know I want to purchase the property.
I have had them ask what I plan to do with the property and this can be a kicker. I let them know at this point I'm not sure because as an investor I have an escape plan.
If it does not sell I will
Rent it, lease opt it, owner finance it, trade it, or simply use all the equity in it to purchase another property.
So in all your dealings be upfront but with limitations. Like never telling your customer how much profit you will make!
[addsig]