I’m a California Real Estate Agent/Investor.My real estate office has an established relationship with Lender Clearing House that offers custom bulk Bank-Owned Real Estate (REO) portfolios ranging from $2 million and higher. I would like to purchase properties at 50% or better (3% purchase fees + 3% closing costs + 44% property value) on Single Family Residences (SFR). Most hard money lenders only handle 1 property at a time. I have found 1 lender wanting 10% down = $200K, but that’s entirely too heavy to lift by myself.

A $2M portfolio is roughly 8-14 properties in the San Fernando Valley. I need help locating a reputable lender that is willing to fund on the structure of the deal, all property will be immediately resold at 90% (est.). Can anyone help me?

I want to know the real answer regarding penalties of Foreclosing and Short selling a home. Mortgage is paid up to date, only problem is its not selling on the market.

I see many listings for homes under $10,000 in my area (Cincinnati, OH) most of them are sold “as is” and require a lot of repairs some of them say lender owned and have a very low price $5-$15K I wanted to know can anyone just buy these homes for under $15K and own the property all to themselves as long as there check clears Thanks

I am currently working several short sales (real estate) and am looking to learn more from others who have been successful in this area of real estate.

I just made an offer on a short sale in Columbia, SC. Accu Bank is the mortgage holder, and I’m just wondering how long I should expect it to take for them to process the offer.

My husband and I are trying to buy a short sale. Everything was in order, except by time everything was ready to close, the lean release on the 2nd mortgage from bank of America had a date that had expired…we only need that same paper with a different date to close, but no one can get a hold of them. Our mortgage will expire after friday, so we are really desperate to get this letter!

They state on their cd’s that they will fund a short sale only if you are a “student ” from one of their seminars. But I hear that they try to sell you on the coaching for 20K !..Does anyone know if signing up for coaching is also required to qualify for the funding?

Not even my realtor can explain what draws this process out so much. It took the bank three weeks to acknowledge our purchase agreement, was told it will take 4-6 weeks more to be approved, and then another month after that to close. Anyone work in that area of the banking industry?
Just to add some more info, we are offering the full price offer so the price shouldn’t even be an issue. Its not like we’re trying to steal the house from under them!

We are first time home buyer and were wondering if anyone is familiar with the short sale process. About a month and a week ago we put an offer on a short sale that had been on the market for over a year. The sellers signed the contract the following day and submitted it to the bank. Our realtor got back to us at the end of the week and said the house was going into foreclosure the following week, but that the bank was going to delay the foreclosure process for 30 days to short sale it. The bank ordered a BPO and assigned us a negotiator, then reassigned us to a second negotiator last week. We just found out yesterday that the house has 2 mortgages on it. The 1st mortgage is with Freddie Mac, and the 2nd mortgage is with Countrywide. Freddie Mac has approved the short sale, but now we are waiting for Countrywide’s approval. Our realtor mentioned that Countrywide had previously approved the short sale, but that it had expired, so they just needed to get an update approval. We are pretty much ready to go, we have our mortgage approved, a rate locked in (expires in mid Jun), and all we need is an inspection after the final approval.
What are the chance that this short sale will go through and how much longer could it take at the point?

Our realtor is confident that the sale will go through, but we won’t believe that till we see that in black & white and we have keys in hand.

I am two months in on trying to buy a house under short sale terms and nobody seems to know anything. The bank just takes so long to make a decision-WHY?