MY HUSBAND I MADE TWO OFFERS TODAY BUT I'M UNCERTAIN  ABOUT THE OFFERS AND FINANCING.

FIRST PROPERTY IS A SINGLE RESIDENCE 3/2, SQFT: 1415  BUILT 1981 FORECLOSURE LISTED AT 399900.00. WE OFFERED 70%, 280000.00  APPROXIMATE UPGRADE $12000.00

 

SECOND PROPERTY IS  SINGLE RESIDENCE 4/2; SQFT 1336 BUILT 1970 SHORT SALE APPROVED LISTED AT 343000.00, AGAIN WE OFFERED 70%, 240000.00  APPROXIMATE UPGRADE IS $10000.00

BOTH PROPERTIES HAVE BEEN LISTED SINCE AUGUST 2007

THE PLAN IS TO USE AS RENTAL PROPERTY; AVERAGE RENT IN SANTEE, CA IS BETWEEN $1750-2200

WE HAVE NO MONEY FOR A DOWN PAYMENT HOWEVER AFTER ATTENDING A 3 DAY RICH DAD SEMINAR WE DON'T NEED ANY MONEY DOWN. FAMILY AND FRIENDS ARE NOT AN OPTION; I'M AFRAID OF HARD MONEY. CONSIDERING THE MARKET IN SAN DIEGO COUNTY HOW CAN WE GET 100% FINANCING?

 

ANY IDEAS?

 

APRIL

Before we move into financing, I'm curious about the numbers you and your husband are running.

 If you are able to obtain 100% financing, what do you expect your payments to be?

Insurance?  Taxes?  Maintenance?

And how does that monthly number compare with your projected rents?

 

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Make a Million. We Did
Start a Self Storage Business

If you are looking for 100% financing, are you including the money for fix up?  Or will that be out of pocket, or do you intend to refinance and pull equity for upgrades?  Also, are those numbers pretty accurate?  Do you have people in mind that you want to work with to upgrade?

aprilk:

MY HUSBAND I MADE TWO OFFERS TODAY BUT I'M UNCERTAIN  ABOUT THE OFFERS AND FINANCING.

SECOND PROPERTY IS  SINGLE RESIDENCE 4/2; SQFT 1336 BUILT 1970 SHORT SALE APPROVED LISTED AT 343000.00, AGAIN WE OFFERED 70%, 240000.00  APPROXIMATE UPGRADE IS $10000.00

I am presently working on a "short sale" deal myself. Curious. How did you come up with your offer number to the bank?  I see it is 70% discount from listing. What are your supportive documents??? And second, did you submit an  owner "hardship letter" along with the offer?

I wish Kim would weigh in here. My deal is a unit in a condo building. I did a property search to see what I was dealing with.  I obtainted comparable sales in last 6 months as my supportive documentation to determine an offer price. I need to contact the realtor to ask about the "hardship letter". I also have to check if there are any back taxes owed on the property.

How did you decide to offer at 70% discount. What was your supporting documentation?. DId you submit the harship letter?

This is my first "short sale". Luckly, I have cash to finance it. WOULD you mind sharing everthing you submitted to bank to support you offer price.

AS for 100% financing, I am under the impression that the credit crunch is on, thus no more 100% financing, unless FHA or something else.

Kindly reply.   

   

 

 

 

How did you decide to just go for a 70% discount