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Craig

Pre foreclosures

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That fiery, freckle-faced red head that plants her face on that

hamburger chain?

That Wendy?!

:mellow:

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Oh snap Jason! You went there!!

 

This post has me in giggles

 

That fiery, freckle-faced red head that plants her face on that

hamburger chain?

That Wendy?!

:blush:

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Short Sales are easy and fun, My opinion! If you know how to work with the banks. The homeowner will do anything for you as long as they see you care about helping there situation. I don't use any money of my own or credit. Hard Or PrivateMoney And I have it sold before I even Buy the property off of the bank. Our deal right now is going real smooth, HomeOwner owes 400k I negotiated with the bank for 127k and they took my offer. My package is set-up so you can't loose. It's all about working with the bank. I will earn about 50k on this deal or MORE ! I have 3 more to do this week!

MSI- Multiple. Streams. of Income.

I will do a CA and a Short Sale line-up in the same day!

1 out 7 properties are going into Foreclosure! In Dade & Broward Counties, That leaves a lot of room to play in.

Short Sales take up to 2weeks - 8Months.. CA's are moving like Flap-Jacks and Hot-Cakes!

So do both my 2cents!

 

Quote: I will do a CA and a Short Sale line-up in the Same day!

 

I'm a newby to this forum. I can usually follow the lingo with no problem. But I can't figure out what a "CA" is. Can you please define this term?

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Short Sales are easy and fun, My opinion! If you know how to work with the banks. The homeowner will do anything for you as long as they see you care about helping there situation. I don't use any money of my own or credit. Hard Or PrivateMoney And I have it sold before I even Buy the property off of the bank. Our deal right now is going real smooth, HomeOwner owes 400k I negotiated with the bank for 127k and they took my offer. My package is set-up so you can't loose. It's all about working with the bank. I will earn about 50k on this deal or MORE ! I have 3 more to do this week!

MSI- Multiple. Streams. of Income.

I will do a CA and a Short Sale line-up in the same day!

1 out 7 properties are going into Foreclosure! In Dade & Broward Counties, That leaves a lot of room to play in.

Short Sales take up to 2weeks - 8Months.. CA's are moving like Flap-Jacks and Hot-Cakes!

So do both my 2cents!

 

Quote: I will do a CA and a Short Sale line-up in the Same day!

 

I'm a newby to this forum. I can usually follow the lingo with no problem. But I can't figure out what a "CA" is. Can you please define this term?

 

Welcome Darryl!

 

"CA" is short for "Cooperative Assignment". Do a search on that, and you will find ours of reading material <_<

 

Phil

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But I can't figure out what a "CA" is. Can you please define this term?

 

Yeah, after you find the almost limitless info on what it means and how

to use them (from the Search function), you'll come to the realization that you've stumbled

upon real estate magic.

 

Have fun.

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Short Sales are easy and fun, My opinion! If you know how to work with the banks. The homeowner will do anything for you as long as they see you care about helping there situation. I don't use any money of my own or credit. Hard Or PrivateMoney And I have it sold before I even Buy the property off of the bank. Our deal right now is going real smooth, HomeOwner owes 400k I negotiated with the bank for 127k and they took my offer. My package is set-up so you can't loose. It's all about working with the bank. I will earn about 50k on this deal or MORE ! I have 3 more to do this week!

MSI- Multiple. Streams. of Income.

I will do a CA and a Short Sale line-up in the same day!

1 out 7 properties are going into Foreclosure! In Dade & Broward Counties, That leaves a lot of room to play in.

Short Sales take up to 2weeks - 8Months.. CA's are moving like Flap-Jacks and Hot-Cakes!

So do both my 2cents!

 

Quote: I will do a CA and a Short Sale line-up in the Same day!

 

I'm a newby to this forum. I can usually follow the lingo with no problem. But I can't figure out what a "CA" is. Can you please define this term?

 

Welcome Darryl!

 

"CA" is short for "Cooperative Assignment". Do a search on that, and you will find ours of reading material <_<

 

Phil

 

Thanks for the info. It seems I've got some reading to do. :ninja:

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Hi Darryl, and welcome aboard. In a nutshell, as has been mentioned already, a CA is a Cooperative Assignment. It's a type of lease purchase deal whereby you and the seller cooperate together on finding said seller a tenant/buyer for their property. You then assign the deal to that t/b, keep the option consideration as your fee, and are out of the deal and onto other things. Relatively quick and simple and risk free. A great way to put some bucks in your pockets for sharing your smarts. And a great way to make a deal where there otherwise isn't one to be had because the numbers aren't quite right for you to be involved with.

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Interesting thread with a number of different viewpoints. But I have to stick to mine. While short sales can be profitable, they require great patience to deal with the bureaucratic BS the lender will usually put you through. On the other hand, in light of today's real estate market, if you are a cash buyer and can purchase for .50 on the dollar, then this is a business model that makes sense.

But, getting back to Craig's original post, I am not comfortable bringing a loan current for any homeowner on a lease option. If I'm coming out of pocket to do so, I'm going to need the title in my name to make me comfortable.

 

Say MC can we turn this thread into a 12 CD package? we can say it normally sells for $600.00 but for 2 days its selling for $175.00. We can create a 24 hour information ad. Carlton Carb... We can lease option one of the those mansions in FL and Adam can interview you blah blah blah. $$$$$$.

 

For example.

 

Had a professor in college with took attendence by asking a question at the lecture. He collected all the written paper answers to questions like tell me the best pick up line you have used or has been used on you in your life time. 5 or so years latter I heard he made the NY Times best sellers list by publishing a book with all these lines he collected over the years.

 

Damn can't we think out of the box in a down market.

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. . .Say MC can we turn this thread into a 12 CD package? we can say it normally sells for $600.00 but for 2 days its selling for $175.00. We can create a 24 hour information ad. Carlton Carb... We can lease option one of the those mansions in FL and Adam can interview you blah blah blah. $$$$$$. . .
Hehe. Good idea, Craig. Let me score a few bikini clad babes for some background, and roll the cameras.

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Hi Darryl, and welcome aboard. In a nutshell, as has been mentioned already, a CA is a Cooperative Assignment. It's a type of lease purchase deal whereby you and the seller cooperate together on finding said seller a tenant/buyer for their property. You then assign the deal to that t/b, keep the option consideration as your fee, and are out of the deal and onto other things. Relatively quick and simple and risk free. A great way to put some bucks in your pockets for sharing your smarts. And a great way to make a deal where there otherwise isn't one to be had because the numbers aren't quite right for you to be involved with.

 

Hi Michael.

Is there anywhere to get any sample paperwork or more details on how these work? (I will do a search for this as suggested above.) Will this also work where the existing mortgage is so high that even with using a lease/option a tenant/buyer wouldn't pay anywhere near the monthly mortgage payment because it's a sub-prime ARM rate? Or is part of the process the bank agreeing to convert it into a more normal fixed rate?

 

Between the taxes and the home prices, most "normal" rentals in my area don't cover the mortgage payment, but having the high rate that got the pre-foreclosure person in trouble in the first place just makes the matter worse.

 

Thanks.

Dawn

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Dawn, in many parts of the country the rent on a SFR doesn't cover the monthly PITI. The question is whether or not the homeowner is willing to accept the negative cash flow each month. Many times it makes sense to do so. If the homeowner's facing a negative each month of, say $700, at the end of 12 months he's out $8,400. But if he opts to tough it out and try and sell, in our market that means an easy six month wait, and very likely longer. Now if his monthly payment is $2,500 do the math. Either way it is a tough position to be in. But at least we are providing an additional choice.

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Dawn, in many parts of the country the rent on a SFR doesn't cover the monthly PITI. The question is whether or not the homeowner is willing to accept the negative cash flow each month. Many times it makes sense to do so. If the homeowner's facing a negative each month of, say $700, at the end of 12 months he's out $8,400. But if he opts to tough it out and try and sell, in our market that means an easy six month wait, and very likely longer. Now if his monthly payment is $2,500 do the math. Either way it is a tough position to be in. But at least we are providing an additional choice.

 

O.K. I see. I was specifically thinking about a local deal where there's basically little to no equity, and the bank has given the homeowner a short period of time to sell the property on MLS to break even before foreclosing. I am trying to figure out a way to relieve the homeowner's challenge and make money. My first thought was a short sale, but because I have never done one before, a CA deal sounded more appealing to me. I think I'm going to try this as my first short sale (hopefully with help from an experienced short sale investor in exchange for a piece of the deal).

 

The bank involved is Deutsche Bank, and based upon what's in County records the mortgage is a Fannie Mae/Freddie Mac mortgage. Does anyone have any insight as to whether Deutsche Bank is amenable to short sales or not? I've heard there are some banks that are and some that are very close-minded.

 

Any feedback would be appreciated. Thanks.

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