Comments for The Sharp Investor http://www.thesharpinvestor.com Sharpening real estate investor skillsets one at a time Thu, 04 Nov 2010 02:31:40 -0700 http://wordpress.org/?v=2.8.4 hourly 1 Comment on Can a foreclosure on a property be reversed back to a short sale? by admin http://www.thesharpinvestor.com/309/can-a-foreclosure-on-a-property-be-reversed-back-to-a-short-sale/comment-page-1/#comment-552 admin Thu, 04 Nov 2010 02:31:40 +0000 http://www.thesharpinvestor.com/?p=309#comment-552 Hi, yes it can be reversed. I've been successful about 4 or 5 times in doing this. It takes a lot of communication (which you control) between the loss mitigation department at the lender, the foreclosing trustee (attorney), and yourself. When it gets reversed its called "putting it aside" and they can do that. When put aside, it allows the short sale to occur and then if the deal doesn't come through then they can just foreclose it again without going through the entire process. All of the ones that we got "put aside" were done during the 10 day redemption period (10 days in NC). What you need to do now that's its been sold is contact the loss mitigator at the lender and escalate to their manager. Tell them what has happened and that you have a contract for an approved price and net to the lender via the short sale and it was a mis-communication between the trustee and the bank and it needs to be reversed to let the sale happen. One key element for you to answer....did your parents have an approved payoff letter from Wells approving the short sale? That will make a big difference. If the offer your parents went to contract on didn't get submitted or go through the entire short sale evaluation process at Wells then you will not have success. Good luck! Mike Hi, yes it can be reversed. I’ve been successful about 4 or 5 times in doing this. It takes a lot of communication (which you control) between the loss mitigation department at the lender, the foreclosing trustee (attorney), and yourself. When it gets reversed its called “putting it aside” and they can do that. When put aside, it allows the short sale to occur and then if the deal doesn’t come through then they can just foreclose it again without going through the entire process. All of the ones that we got “put aside” were done during the 10 day redemption period (10 days in NC). What you need to do now that’s its been sold is contact the loss mitigator at the lender and escalate to their manager. Tell them what has happened and that you have a contract for an approved price and net to the lender via the short sale and it was a mis-communication between the trustee and the bank and it needs to be reversed to let the sale happen. One key element for you to answer….did your parents have an approved payoff letter from Wells approving the short sale? That will make a big difference. If the offer your parents went to contract on didn’t get submitted or go through the entire short sale evaluation process at Wells then you will not have success. Good luck! Mike

]]> Comment on Can a foreclosure on a property be reversed back to a short sale? by Perla http://www.thesharpinvestor.com/309/can-a-foreclosure-on-a-property-be-reversed-back-to-a-short-sale/comment-page-1/#comment-551 Perla Wed, 03 Nov 2010 22:05:20 +0000 http://www.thesharpinvestor.com/?p=309#comment-551 Can a foreclosure on a property be reversed back to a short sale? from 2009 : Today is 11/03/2010 Were you able to have the foreclosure reverese? My parents are in this same situation today. My parents were trying to short sale, we posponed several foreclosure dates, my parents recently submitted offers to Wells and they said at 8am this morning...we are going with the foreclosure...11:30 and the broker calls back and said they are still on for the short sale. However the trustee sale stated the house is already been sold to the bank WElls. So, were you successful in returning your sale from foreclosure back to a short sale status? thanks. Can a foreclosure on a property be reversed back to a short sale? from 2009 : Today is 11/03/2010 Were you able to have the foreclosure reverese? My parents are in this same situation today. My parents were trying to short sale, we posponed several foreclosure dates, my parents recently submitted offers to Wells and they said at 8am this morning…we are going with the foreclosure…11:30 and the broker calls back and said they are still on for the short sale. However the trustee sale stated the house is already been sold to the bank WElls. So, were you successful in returning your sale from foreclosure back to a short sale status? thanks.

]]> Comment on Short Sale Deal Case Study – Part 1 by Justin McClelland http://www.thesharpinvestor.com/322/short-sale-deal-case-study-part-1/comment-page-1/#comment-480 Justin McClelland Thu, 02 Sep 2010 19:35:19 +0000 http://www.thesharpinvestor.com/?p=322#comment-480 I like that 85-85 rule. I may start implementing that. I like that 85-85 rule. I may start implementing that.

]]> Comment on Short Sale Deal Case Study – Part 1 by admin http://www.thesharpinvestor.com/322/short-sale-deal-case-study-part-1/comment-page-1/#comment-99 admin Fri, 04 Sep 2009 18:43:20 +0000 http://www.thesharpinvestor.com/?p=322#comment-99 Hi Cameron, Thanks bud for the kind words. The 85% of 85% of the BPO is just a calculation that we have found works best after analyzing a number of deals that we've done. Its very similar to 70-72% of the market pricing but the determining factor which makes each deal unique is where we think the BPO will come in at. For example, if you had a newer home in a cookie cutter neighborhood with no repairs than that BPO value is very easy to determine. But, if you have an older community where there is a lot of old architecture, new archictecture, renovations, etc. than the BPO value takes a little more time and it could be interpreted a lot different by the BPO agent/appraiser. I hope that helps. Hi Cameron,
Thanks bud for the kind words.

The 85% of 85% of the BPO is just a calculation that we have found works best after analyzing a number of deals that we’ve done. Its very similar to 70-72% of the market pricing but the determining factor which makes each deal unique is where we think the BPO will come in at. For example, if you had a newer home in a cookie cutter neighborhood with no repairs than that BPO value is very easy to determine. But, if you have an older community where there is a lot of old architecture, new archictecture, renovations, etc. than the BPO value takes a little more time and it could be interpreted a lot different by the BPO agent/appraiser. I hope that helps.

]]> Comment on Short Sale Deal Case Study – Part 1 by Cameron http://www.thesharpinvestor.com/322/short-sale-deal-case-study-part-1/comment-page-1/#comment-97 Cameron Fri, 04 Sep 2009 17:49:22 +0000 http://www.thesharpinvestor.com/?p=322#comment-97 Great video Mike! I look forward to following with you through this deal. What is the reasoning behind the 85% of 85% of BPO calculation? That's the first time I've heard that one. Have you found that to be a quick way to generally get where you need to be? -Cameron Great video Mike! I look forward to following with you through this deal.

What is the reasoning behind the 85% of 85% of BPO calculation? That’s the first time I’ve heard that one. Have you found that to be a quick way to generally get where you need to be?

-Cameron

]]> Comment on How do I market houses for sale on a tight budget? by admin http://www.thesharpinvestor.com/289/how-do-i-market-houses-for-sale-on-a-tight-budget/comment-page-1/#comment-89 admin Mon, 24 Aug 2009 20:57:21 +0000 http://www.thesharpinvestor.com/?p=289#comment-89 Hi Jeff, Thanks for the comments. I've uploaded an excel file of the websites that you can download. Its in the original post above under the video (http://www.thesharpinvestor.com/289/how-do-i-market-houses-for-sale-on-a-tight-budget/). Thanks! Mike Hi Jeff,
Thanks for the comments. I’ve uploaded an excel file of the websites that you can download. Its in the original post above under the video (http://www.thesharpinvestor.com/289/how-do-i-market-houses-for-sale-on-a-tight-budget/). Thanks!
Mike

]]> Comment on How do I market houses for sale on a tight budget? by Jeff http://www.thesharpinvestor.com/289/how-do-i-market-houses-for-sale-on-a-tight-budget/comment-page-1/#comment-83 Jeff Thu, 13 Aug 2009 16:55:59 +0000 http://www.thesharpinvestor.com/?p=289#comment-83 Great video. How can I find the list of sites mentioned in the video so I can better assist my Real Estate Partners in Success in Massachusetts? I am a Massachusetts Mortgage originator and only work with Massachusetts Homebuyers and Real Estate Professionals. Thank you Jeff Drew Great video. How can I find the list of sites mentioned in the video so I can better assist my Real Estate Partners in Success in Massachusetts? I am a Massachusetts Mortgage originator and only work with Massachusetts Homebuyers and Real Estate Professionals.

Thank you

Jeff Drew

]]> Comment on How to Get Your Share of $9 Trillion in Private Money by BobMarche http://www.thesharpinvestor.com/36/how-to-get-your-share-of-9-trillion-in-private-money/comment-page-1/#comment-60 BobMarche Wed, 10 Jun 2009 21:30:39 +0000 http://www.thesharpinvestor.com/?p=36#comment-60 Thanks for the useful info. It's so interesting Thanks for the useful info. It’s so interesting

]]> Comment on The Top 5 Effective Marketing Techniques To Find Private Lenders To Fund Your Real Estate Deals by AndrewBoldman http://www.thesharpinvestor.com/26/the-top-5-effective-marketing-techniques-to-find-private-lenders-to-fund-your-real-estate-deals/comment-page-1/#comment-53 AndrewBoldman Thu, 04 Jun 2009 15:35:24 +0000 http://www.thesharpinvestor.com/?p=26#comment-53 Hi, cool post. I have been wondering about this topic,so thanks for writing. Hi, cool post. I have been wondering about this topic,so thanks for writing.

]]> Comment on The Top 5 Effective Marketing Techniques To Find Private Lenders To Fund Your Real Estate Deals by KrisBelucci http://www.thesharpinvestor.com/26/the-top-5-effective-marketing-techniques-to-find-private-lenders-to-fund-your-real-estate-deals/comment-page-1/#comment-45 KrisBelucci Tue, 02 Jun 2009 09:40:54 +0000 http://www.thesharpinvestor.com/?p=26#comment-45 Hi, good post. I have been wondering about this issue,so thanks for posting. I’ll definitely be coming back to your site. Hi, good post. I have been wondering about this issue,so thanks for posting. I’ll definitely be coming back to your site.

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