When To List And Re-list A Property On A Wholesale Short Sale Flip Transaction
Posted by Patrick Precourt in Business, Investment, Marketing, Preforeclosure, Real EstateJul 16th, 2009 | 7 responses
There has been a lot of confusion on when and how to list and then relist a short sale property when your intension is to buy and then immediate resell a property. Listen in as we go over how long we list a property with the homeowner before we relist it with our contractual right. We also cover, while negotiated a retail short sale whether or not we get paid when we get the short sale approved or at closing, whether or not we have “proof” that title companies and end lenders are shying away from option contracts and much more. Visit www.FridayCoffeeBreak.com for more real estate specific videos.
7 Responses to “When To List And Re-list A Property On A Wholesale Short Sale Flip Transaction”
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Pat,
You are 100% correct. We have just started running into problems with the option agreement with short sale lenders. 2 lenders have made me change from and option agreement to a purchase and sales agreement before approving the short sale. I love listening to your Friday Coffee Breaks you guys are the best. I have been to a couple seminars in the past where you have been and I always enjoy talking with you.
Hey Bob and Pat how long before the loan mod training is ready? I’m getting hammered by other “guru’s” about there loan mod training but I’d rather get yours since I’m a MMSS user.
Good morning Pat and Bob,
Thanks so much for all the hard work to put this stuff together for us. Your doing a great job with it.
I was going through the paperwork that I submit to my client, I see that you suggest that they get a RE agent on board as soon as possible, does this indicate that the banks don’t tend to work with us as SS agents? Would the RE agent possibly go around me to use their SS agent through their broker group?
Pat,
Thankyou for your time and giving spirit. I like how you shoot straight from the hip. I did not appreciate Laurie’s disrespect towards you. You give out valuable real deal information each week, and I thank you.
Pat,
I was one of the 200 at the weekend event. You didn’t let us down. Thanks for telling it like it is right now. Challenging you based on how things were last month doesn’t make a lot of sense when you’re telling us what’s happening this week. Keep up the good work, and know that we appreciate it.
Pat,
I was also at the training this weekend. Thanks for being so giving of your time. You give out lots of great information on the short sale process, and FHA / Fannie / Freddie requirements, which is clearly still a little confusing even to some experienced investors.
Thanks again,
James Walsh
When are you the contractual owner? When the homeowner signs the contract? Are you referring to the banks BPO being completed before the listing is changed to your name?