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Author
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Topic: So far so good
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N8
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Member # 6048
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posted
 
 
So far looks like the bank is gonna accept our short sale offer. 6br 3ba 2800sq ft for less than 200k....
Man I seriously hope/pray they accept.
Posts: 11638 | Registered: Sep 2005
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AL STOCK
Its All Stock
Cuzzon
Member # 1852
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posted
Goodluck ![[patriot]](graemlins/patriot.gif)
[ November 08, 2009, 05:04 PM: Message edited by: AL STOCK ]
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Posts: 6498 | From: San Bruno | Registered: Sep 2002
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adower
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Member # 5955
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posted
Thats gotta be in a not so nice part of town or your getting lucky. My parents are looking for a house right now for their retirement. They are looking for ~3000sq ft and nothing is below 350k in the area they are looking at.
[ November 08, 2009, 05:29 PM: Message edited by: adower ]
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98 Cobra
Griggs
S Trim
HRE
Posts: 3327 | Registered: Aug 2005
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N8
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Member # 6048
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posted
quote:
Originally posted by 306mustang:
sounds good amn and good luck.what area?
Morado area waaaay down holman past walmart, house built in 2005.... We are finding deals everywhere but banks be bullshittin. Last one was in Mountain House and we got outbid. But my whole thing we dont wanna spend more than 200 and want 3 car garage, 5+ rooms and more than 2700 sq ft. It is do-able in this climate.
[ November 08, 2009, 05:50 PM: Message edited by: N8 ]
Posts: 11638 | Registered: Sep 2005
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AL STOCK
Its All Stock
Cuzzon
Member # 1852
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posted
L8-Dog,
If you can wait, wait untill Christmas time ![[Smile]](smile.gif) You will DEALS left and right and during those times, people will be hurting/getting foreclosed.
Patience is the key
Posts: 6498 | From: San Bruno | Registered: Sep 2002
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N8
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Member # 6048
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posted
quote:
Originally posted by AL STOCK:
L8-Dog,
If you can wait, wait untill Christmas time You will DEALS left and right and during those times, people will be hurting/getting foreclosed.
Patience is the key
true, but I cant pass up this one. House is hella sick.
Posts: 11638 | Registered: Sep 2005
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GOT 50
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Member # 1960
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posted
If you dont mind me asking where are yo0u finding the short sales?
I would love to pick up a huge house for that price!
Thanks
Eric
P.S. I hope you get it!
Posts: 2139 | From: SF/DALY CITY/MILLBRAE | Registered: Oct 2002
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SLOWBACK 67
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Member # 6348
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posted
Good luck on the short sale
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Originally posted by turbo50:
I have no intenions of keeping anyones parts or taking anyones money.
Posts: 8582 | From: Vallejo | Registered: Dec 2005
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N8
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Member # 6048
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posted
quote:
Originally posted by GOT 50:
If you dont mind me asking where are yo0u finding the short sales?
I would love to pick up a huge house for that price!
Thanks
Eric
P.S. I hope you get it!
You can actually find them on CL, but my brother has the inside track on this info. But it is more often than not a waste of time. Banks are trying to hold out and killing any deals. We should find out this evening or in the morning.
Posts: 11638 | Registered: Sep 2005
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BIGBALLFACTOR
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Member # 7277
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posted
quote:
Originally posted by N8:
quote:
Originally posted by GOT 50:
If you dont mind me asking where are yo0u finding the short sales?
I would love to pick up a huge house for that price!
Thanks
Eric
P.S. I hope you get it!
You can actually find them on CL, but my brother has the inside track on this info. But it is more often than not a waste of time. Banks are trying to hold out and killing any deals. We should find out this evening or in the morning.
good luck ever short sale i have seen an been part of always goes sideways
Posts: 6908 | From: okc | Registered: Dec 2006
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N8
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Member # 6048
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posted
quote:
Originally posted by fasthatch:
quote:
Originally posted by N8:
quote:
Originally posted by GOT 50:
If you dont mind me asking where are yo0u finding the short sales?
I would love to pick up a huge house for that price!
Thanks
Eric
P.S. I hope you get it!
You can actually find them on CL, but my brother has the inside track on this info. But it is more often than not a waste of time. Banks are trying to hold out and killing any deals. We should find out this evening or in the morning.
good luck ever short sale i have seen an been part of always goes sideways
exactly....this is like our 5th try at a property.
Posts: 11638 | Registered: Sep 2005
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BCINGUU
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Member # 2397
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posted
Man I'm thinking about finding that house and bidding $225...
just playing
Posts: 1425 | From: San Jose, CA | Registered: Jan 2003
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turbo50
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Member # 6700
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Before I bought my house last year (got a great deal on a foreclosure FYI) I fucked with like 5 short sales....they ALL fell through.
Fuck that N8.
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.........when was the last time YOU built something with YOUR own hands?
I offer quality sidework at reasonable prices. PM ME
Posts: 7606 | From: Discovery Bay, California | Registered: Apr 2006
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venomous99
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Member # 1917
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posted
quote:
Originally posted by GOT 50:
If you dont mind me asking where are yo0u finding the short sales?
I would love to pick up a huge house for that price!
Thanks
Eric
P.S. I hope you get it!
u can find them on any site that lists mls properties. here are a few u can try: redfin.com, ziprealty and if you have real deep pockets try http://www.fidelityasap.com, which lists properties in foreclosure that are up for auction at the court house. these sorts of deals only accept cash offers w/ less than 30day escrow closing. got 400k cash? they have a house for u..LOL
a lot of times short sales are a big pain in the ass to complete as they usually take a shit load of time close if u can even get to that point. in some instances u end up just waiting forever then lose out. rule of thumb is if u can find a property that is not a short sale thats recommended but sometimes these short sales are too good to pass up.
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MKII Q7
89LX
Posts: 4811 | From: dc | Registered: Oct 2002
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N8
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Member # 6048
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posted
hahaha yea, Short sales are a pain in the ass. But it is cool because it wont be a primary residence (but I am not telling them that) so it isnt a lot skin off my back. But yea I hella want this one. But I feel the bank, they are gonna essentially eat about 400k on this one. This one has gone farther than any other I have tried.
Posts: 11638 | Registered: Sep 2005
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venomous99
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Member # 1917
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posted
quote:
Originally posted by N8:
hahaha yea, Short sales are a pain in the ass. But it is cool because it wont be a primary residence (but I am not telling them that) so it isnt a lot skin off my back. But yea I hella want this one. But I feel the bank, they are gonna essentially eat about 400k on this one. This one has gone farther than any other I have tried.
so how are u fooling the banks by having them think its a primary residence if you already have a home? what i gathered from my last lender is that a 2nd home is considered a rental property automatically unless the home is located some distance from ur primary and in that case would be considered as a vacation home.
obviously, its more financially attractive to have that 2nd home be treated as a vacation home or a residence since ull be getting the lower rates on mortgage.
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MKII Q7
89LX
Posts: 4811 | From: dc | Registered: Oct 2002
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N8
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Member # 6048
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posted
quote:
Originally posted by venomous99:
quote:
Originally posted by N8:
hahaha yea, Short sales are a pain in the ass. But it is cool because it wont be a primary residence (but I am not telling them that) so it isnt a lot skin off my back. But yea I hella want this one. But I feel the bank, they are gonna essentially eat about 400k on this one. This one has gone farther than any other I have tried.
so how are u fooling the banks by having them think its a primary residence if you already have a home? what i gathered from my last lender is that a 2nd home is considered a rental property automatically unless the home is located some distance from ur primary and in that case would be considered as a vacation home.
obviously, its more financially attractive to have that 2nd home be treated as a vacation home or a residence since ull be getting the lower rates on mortgage.
Very easy, I am not on the deed for the other cribs.... Our goal was always to save me for the vacation spot in San Diego we have been planning. But the economy went bad so that was put on hold. But on the same token I want to capitalize on this because it wont happen again in my lifetime.
[ November 09, 2009, 03:06 PM: Message edited by: N8 ]
Posts: 11638 | Registered: Sep 2005
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AL STOCK
Its All Stock
Cuzzon
Member # 1852
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posted
quote:
Originally posted by N8:
quote:
Originally posted by venomous99:
quote:
Originally posted by N8:
hahaha yea, Short sales are a pain in the ass. But it is cool because it wont be a primary residence (but I am not telling them that) so it isnt a lot skin off my back. But yea I hella want this one. But I feel the bank, they are gonna essentially eat about 400k on this one. This one has gone farther than any other I have tried.
so how are u fooling the banks by having them think its a primary residence if you already have a home? what i gathered from my last lender is that a 2nd home is considered a rental property automatically unless the home is located some distance from ur primary and in that case would be considered as a vacation home.
obviously, its more financially attractive to have that 2nd home be treated as a vacation home or a residence since ull be getting the lower rates on mortgage.
Very easy, I am not on the deed for the other cribs.... Our goal was always to save me for the vacation spot in San Diego we have been planning. But the economy went bad so that was put on hold. But on the same token I want to capitalize on this because it wont happen again in my lifetime.
N8,
Short Sales are no joke, there are LOTS of sharks in the sea. Right now more and more investors are coming out and putting cash out their pockets for investment properties.
Shortsales are pretty much still owned by owner/bank and they are working out a deal with the interested buyer to pay off their current mortage.
I'm not messing with shortsales at all, i hate being told "no you can't".....
Whats crazy is there are more home buyers on the market now then there were earlier this year so its kinda hard..
Goodluck L8-Dog - Hopefully this falls through!
--------------------
.:: FANATICS ::.
93 Cobra Teal
93 Cobra V Red
90 SSP
SVT Raptor
Huracan Rosso Mars
E63s W213 Selenite Gray
C7Z M7 Daytona Sunrise
Posts: 6498 | From: San Bruno | Registered: Sep 2002
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93redcobra
CAFords OG
Member # 1344
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posted
quote:
Originally posted by N8:
So far looks like the bank is gonna accept our short sale offer. 6br 3ba 2800sq ft for less than 200k....
Man I seriously hope/pray they accept.
good luck on it, I hope you get it. Dont forget to factor the cost to sustain a 3k sq ft house. My place is 4k my pg&e is about 300-400 a month, housekeepers 400.00 a month, and the list goes on.
I had my place double insulated ,energy efficent throughout too.
Posts: 2007 | From: 707 | Registered: May 2002
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Yaterstang
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Member # 7659
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posted
Short sales arent too bad, you just have to make sure you secure a solid buyer who is going through a real bank and not a broker. Preferably someone who's approved with the bank on the house you own, to keep the transaction under control. Getting the short sale approved takes time, but they will get it done. You just have to stay on top of things. The bank has already lost money and will get a kickback from the government anyways, so they view you taking the time to market and sell the home for them an added bonus. Plus after the short sale is over, your credit isnt ruined and you can get another home loan in 2 years. You cant get another home for 5 if you have a foreclosure on your record.
Posts: 2968 | From: Natomas | Registered: May 2007
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Yaterstang
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Member # 7659
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posted
quote:
Originally posted by N8:
quote:
Originally posted by venomous99:
quote:
Originally posted by N8:
hahaha yea, Short sales are a pain in the ass. But it is cool because it wont be a primary residence (but I am not telling them that) so it isnt a lot skin off my back. But yea I hella want this one. But I feel the bank, they are gonna essentially eat about 400k on this one. This one has gone farther than any other I have tried.
so how are u fooling the banks by having them think its a primary residence if you already have a home? what i gathered from my last lender is that a 2nd home is considered a rental property automatically unless the home is located some distance from ur primary and in that case would be considered as a vacation home.
obviously, its more financially attractive to have that 2nd home be treated as a vacation home or a residence since ull be getting the lower rates on mortgage.
Very easy, I am not on the deed for the other cribs.... Our goal was always to save me for the vacation spot in San Diego we have been planning. But the economy went bad so that was put on hold. But on the same token I want to capitalize on this because it wont happen again in my lifetime.
You've got to put 20% down and qualify for a conventional loan to make this work, because if you do an FHA loan you would have to also include the other properties in your debt to income ratio if you are married the properties are under your spouse.
[ November 11, 2009, 01:54 AM: Message edited by: Yaterstang ]
Posts: 2968 | From: Natomas | Registered: May 2007
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N8
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Member # 6048
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posted
quote:
Originally posted by Yaterstang:
quote:
Originally posted by N8:
quote:
Originally posted by venomous99:
quote:
Originally posted by N8:
hahaha yea, Short sales are a pain in the ass. But it is cool because it wont be a primary residence (but I am not telling them that) so it isnt a lot skin off my back. But yea I hella want this one. But I feel the bank, they are gonna essentially eat about 400k on this one. This one has gone farther than any other I have tried.
so how are u fooling the banks by having them think its a primary residence if you already have a home? what i gathered from my last lender is that a 2nd home is considered a rental property automatically unless the home is located some distance from ur primary and in that case would be considered as a vacation home.
obviously, its more financially attractive to have that 2nd home be treated as a vacation home or a residence since ull be getting the lower rates on mortgage.
Very easy, I am not on the deed for the other cribs.... Our goal was always to save me for the vacation spot in San Diego we have been planning. But the economy went bad so that was put on hold. But on the same token I want to capitalize on this because it wont happen again in my lifetime.
You've got to put 20% down and qualify for a conventional loan to make this work, because if you do an FHA loan you would have to also include the other properties in your debt to income ratio if you are married the properties are under your spouse.
Cash, paper trail and references is covered. It is all on the bank now to say yes.
Posts: 11638 | Registered: Sep 2005
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DLo
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Member # 6133
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posted
hmm.. are short sales that much of a PITA? I'd really like to own property - and have been kind of looking into it. Would it really be better to wait until Christmas? A lot of people say now couldn't be any better. (Sorry to jump on your thread N8, didn't want to make another housing thread).
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94 GT
Posts: 1876 | From: Bay Area, CA | Registered: Oct 2005
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