Short sale going on…

Posted on 26. Sep, 2009 by in Real Estate Agents, Real Estate Investing, Short Sale Investing

Ok so when I was a lil slow on the trigger with getting deals because I didn’t want to disappoint anymore sellers I decided to go with the OPTION side of life. So what I did was I got this nice 4 bedroom, 2.5 bath newer home in Parkesburg, PA. tied up with an option contract. Wasn’t all too much wrong with it so I decided I’d try to flip my option to someone in 30 days and if I couldn’t do it than I was at least upfront and honest with the folks and I could always list it if they wanted me too (for those that are just learning about me now, I’m also a licensed Pennsylvania real estate agent.)

Well 30 days goes by and I couldn’t whoelsale it to an investor, which I knew I wasn’t going to anyway, this was totally an owner-occupant type deal. I also, unfortunately, couldn’t flip my option contact to an owner-occupant. So, I advised the sellers what was up and that I, personally, did not want their house and that I could list it if they’d like. They did.

The house as been on the market foreverrrrr but we finally got an offer yesterday on it. We’re countering, but regardless, it’ll be a short sale. I’m sure buyer and seller will agree on price and then we’ll have to go through the process to get the bank to agree to it :-) (Wanna learn how to do short sales? Check this out short sale course out!)

The first is with Wells Fargo and the 2nd is with Wells Fargo’s Home Equity division. So, I’m on my way to drop the agreement of sale off to the sellers so they can initial the changes they want to make and sign the contract. The reason these folks are actually going into foreclosure in the first place is because the wife was in a major car accident and is on permanent disability (with no benefits) and there ya have it. The husband called me today and said he’d have to pick up the contract and then get her to sign it later because he’s taking her to the emergency room for some problems she’s having (he took her late last nite as well.) This one was very emotional and is a TRUE hardship situation.

Oh and in the meantime, I get a call from a guy who saw that this house was for sale. We start chatting and it turns out that he’s an investor. We had a pretty decent conversation and I added him to my wholesalers list hehehe Funny how things happen, ain’t it? That Law of Attraction stuff really does work………..

Already, off to take care of this. Later I’ll post my new schedule and plan for coming up with deals. I already gave myself a 10/31/09 deadline for my first newly “not m.i.a. anymore” deal.

Flippin’ Carey

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