Short Sale

[Mark Henderson]

Coach,

We discussed yesterday a short sale at 3865 Antigua Dr. The Dallas CAD has 3138 sqft total area & 2655 sqft living area. Do you have any idea why there would be a discrepancy?

Also, please e-mail the lender's required short sale documents to mfhinvestments@yahoo.com. Thanks!

Mark Henderson

[George Roddy, Jr.]

Mark,

The 2655 sf in what is heated/cooled. The total living area includes the garage. In Texas, they consider living are what is air conditioned. You try living through a summer in Texas without a/c!

I uploaded the steps and forms to the Prospector Directory. Look for Short Sales : Steps & Forms.

I think this is the direct link: http://www.roddynetwork.com/showthread.php?t=347


Coach George,

PS - see you in a few hours.

[Stacie Meeker]

Coach George,

Can we as Investors do Short Sales, then flip to another investor prior to closing? I know Realtors can, but now with the new regulations I didn't think we could make money doing Short Sales unless we truly plan to close on it with our own financing and then have it for at least 90 days ie..rehab, then resell etc...??

[George Roddy]

Stacie,

You have 2 options on getting paid on Short Sale leads.

1. Refer the lead to a Realtor (Roddy Real Estate??). They will paid you 20%-30% of the commissions. You would be considered a Realtor assistant. Compensation paid at closing.

2. Write an offer where the buyer is a "Trust", provide proof of funds to the bank, then assign your beneficial interest in the "Trust" to the end investor for $2k-10k. Your compensation would be provided at closing.


Thanks for the question.


Coach George