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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Great post. Posted by JK (the other JK) on June 13, 2009 at 10:12 AM In Reply to: Success Story for Investor/Loss for FHLMC posted by Tricia_CA on June 13, 2009 at 9:58 AM : Just had to post this, as I believe most of you will either relate to it from experience or get motivated. I'm an agent have been working on a short sale in the IE since February. The f/c had been postponed several times, the final time being the week of June 10th, here are the facts: : 1st-NTS $408,000 : 2nd-$20,000 (non-purchase money HELOC) : Fully qualified buyers waiting patiently for bank approval for an offer of $199k, some concessions. 2nd refuses 10% offer from 1st. We're at a stale mate, still trying to negotiate, make some headway (1st agrees to $3k)2nd still doesn't get it. 1st goes to sale for $132K. Investor bids just over and wins, he then contacts me. I hook them up with the buyers and they have a contract under the same terms, will open escrow as soon as the Trustees Deed is recorded. There's a lot more to the story and I won't bore you all with the details, but I am still shaking my head. So a win for the investors, a loss for the 2nd and FHLMC and the previous owners who were trying to get the collection agency off their back. CHEERS TO THOSE WHO TOOK A RISK! Assuming 8% sales cost (commissions, escrow, title, transfer fees, buyer credit, etc.) the investor will make a cool $50K in less than 30 days on a $132K investment. That's 37% return in 30 days on his money or 444% annualized if he could do that every month. Follow Ups: Re: Great post. bukzin 5:02 PM, 06/13/09 (3) Re: Great post. Tricia_CA 8:59 PM, 06/13/09 (1) Re: Great post. JCe 9:33 PM, 07/02/09 (0) Fannie eliminates negotiation of broker fee re short sale CC in OC 6:56 PM, 06/13/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Just had to post this, as I believe most of you will either relate to it from experience or get motivated. I'm an agent have been working on a short sale in the IE since February. The f/c had been postponed several times, the final time being the week of June 10th, here are the facts: : : 1st-NTS $408,000 : : 2nd-$20,000 (non-purchase money HELOC) : : Fully qualified buyers waiting patiently for bank approval for an offer of $199k, some concessions. 2nd refuses 10% offer from 1st. We're at a stale mate, still trying to negotiate, make some headway (1st agrees to $3k)2nd still doesn't get it. 1st goes to sale for $132K. Investor bids just over and wins, he then contacts me. I hook them up with the buyers and they have a contract under the same terms, will open escrow as soon as the Trustees Deed is recorded. There's a lot more to the story and I won't bore you all with the details, but I am still shaking my head. So a win for the investors, a loss for the 2nd and FHLMC and the previous owners who were trying to get the collection agency off their back. CHEERS TO THOSE WHO TOOK A RISK! : Assuming 8% sales cost (commissions, escrow, title, transfer fees, buyer credit, etc.) the investor will make a cool $50K in less than 30 days on a $132K investment. That's 37% return in 30 days on his money or 444% annualized if he could do that every month. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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