Archive for category Short Sale Tips
WEBINAR – “How To Maximize The HUD1″ And How Transactional Funding Can Help You
Posted by Jason Medley in Short Sale Tips on May 30th, 2009
This is the replay of the Webinar I had with Nathan J, AKA – “The Short Sale Kid” where we broke down a ton of training content, especially how to maximize the HUD1 from a negotiating perspective so you have dramatically increase your chances of getting a much better deal and a fat paycheck. I just called Nathan to check an the availability for the Vegas trip and he said they are shutting that down as of Monday, June 1st, 2009. that will make sense as you watch the video. Get out your pen and paper and take some serious notes, especially when he breaks down the HUD1.
Short Sales – How Can Mortgage Insurance Impact Your Short Sale Flips???
Posted by Jason Medley in Short Sale Tips on March 16th, 2009
If you get into the short sale flipping business you will eventually encounter deals that have mortgage insurance. On these deals, you not only have to deal with the investor, or servicer, but you will also have to deal with getting final approval from the MI company. The MI company can derail the whole transaction carefully if they are not happy with the deal structure.
This video details a real life deal where the mortgage insurance company has the last say, how that “last say” effects the seller, and how it relates to us, the investor, in the deal. In this video, the MI company is asking for a $10,000 promissory note from the homeowner, and I explain how they would be asking for the prom note regardless of if I, the investor, am invovled or not.
This is an awesome video and should be watched several times if you don’t “get it”. I will follow-up with another video once we get final approval, go to closing, and collect the check. Ofcourse, in order to do that, I will need to use our transactional funding.
PS – In between recording and posting this video I can tell you our mitigation fee was treated like a realtor commission. Meaning the lender capped us at 3% of $31,000 versus the $5,000 we were asking for. That’s part of the game!!!
Transactional Funding – Pulling The Curtain Back On How To Time Your Double Closings!!!
Posted by Jason Medley in Short Sale Tips on January 26th, 2009
This is an incredible training call where I interviewed Nathan Juraweiz who is one of the top Short Sellers in the Nation. He covers in great detail how to coordinate and time your double closings so you can position yourself to use out Transactional/Short Sale funding. Grab a pen and paper, take notes and enjoy.
Short Sale Funding – How to Find Lenders With No Title Seasoning For Your B to C Transaction
Posted by Jason Medley in Short Sale Tips on January 1st, 2009
If you are flipping short sales or looking to learn, you will run into serious potential issues regarding title seasoning with your end buyer’s loan. Funding the purchase when you buy it will not be an issue, but most Banks want the seller to have been on the title for at least 3 months or longer when you sell it, so I have put together this incredible 5 minute video to help you solve this issue and ensure that your transaction will runf smoothly.
Once you have viewed it, do me a favor, PLEEEEEEEASE!!! Leave your thoughts on the video here on my blog by clicking on the “comments” tab in the bottom right corner under the video. I would truly appreciate it.
Short Sale Funding – Do Lenders Focus On “NET” Funds Or Purchase Price?
Posted by Jason Medley in Short Sale Tips on December 24th, 2008
Since I provide short sale funding for investors flipping properties that are upside down in value, I am often asked the question “Do lenders focus on their net or the price the BPO comes back at”? The simple answer is that it depends on the lender, so once you have submitted your offer the mitigator’s response to the offer will give you a good indication.
You can then structure your offer to make them more happy, while not necessarily changing your total money out of pocket. Here is a little video tip I created along with an in depth explanation below.
EX – Let’s say you are offering $300k on a home and you are paying all of the closings costs above that. We’ll say those closing costs are 3% of the purchase price, so about $9000. You are into the home for $309,000, right? If the lender says your offer needs to be higher, you could change your offer to $309,000 with the seller paying 3% towards your closing costs and prepaid items.
You have raised your offer price, but your total investment is still $309,000. Make sense? You have gotten closer to the BPO price like the lender wants but you have not increased your cost to purchase the home. There are several other ways to work your offer and the HUD to accomplish a win-win situation for both you and the lender. If you are looking for more guidance on offers and HUDs, I would suggest you take a look at Nathan Juraweizas he is one of the brightest minds in the business when it comes to these scenarios.
Simply put, he who masters the HUD wins.
Short Sale Funding/Transactional Funding – How does it work?
Posted by Jason Medley in Short Sale Tips on December 2nd, 2008
If you are investing in PreForeclosures you are probably coming across more short sales than you can handle. If you aren’t in the “buy and hold” mindset, you are probably looking to do back-to-back closings utilizing “Transactional Funding” or “Short Sale Funding“. This funding is typically provided to the investor looking to resell the short sale immediatley to a third party for a profit.
For Example, if an investor contracts with a seller and the seller’s lender agrees to accept a price of $200,000 when the investor has the property resold for $230,000, the investor still needs the $200,000 to close on the first transaction. We lend that $200,000 to the investor for one day in order to close at $200,000 and then resll at $230,000.
To learn more about how this works, watch the video below.
How to Use Craigslist.org to Get BPOs Done for Your Short Sale Business
Posted by Jason Medley in Short Sale Tips on November 24th, 2008
When you are investing in short sale flips and using transactional funding for the “A to B” closing, getting a fair BPO is the most critical part of the entire short sale process. I have included a video below that shows you how to use Craigslist.org to find a BPO agent that will do this for you so you can send in this BPO with your offer to the lender. If you can substantiate your offer with a valid BPO in Fannie Mae format your offer will sail through. If you feel the video below is valuable, there are many more located in the education content section at iVisionary Financial Solutions.
Short Sales – Make an Extra $5000-$20,000 a Month With No Additional Work
Posted by Jason Medley in Short Sale Tips on November 24th, 2008
Let’s face it, you aren’t going to be able to flip every short sale that comes across your desk, so you might as well get paid on the one’s you can’t flip too. On the shorts you can flip you will need money, so bne sure to check out iVisionary Financial Solutions.