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Good morning Superstars.


Here's a sampling of this week's Superstar discussions.


Reason for Default

Need some assistance. Can anyone confirm when initiating a Nationstar short sale in Equator, when selecting your “Reason for Default” is …

Started by Maurice Stover

714 hours ago
Reply by Maurice Stover

Loan Mod

Has anyone heard of an heir to a property being able to work out a loan mod on a property when not on the mortgage??? The heir is disabled…

Started by Sharon L. Ellsworth

717 hours ago
Reply by Reuben Dunn issue at foreclosure sale

I got asked recently why I, as a lender, would be on this forum. Granted, it's mostly agents communicating with their peers, sharing best p…

Started by Ron Scribner

Reply by Wayne Brooks

New HUD PFS mortgagee letter prohibits dual agency????

New HUD PFS new mortgagee letter effective 10/1/13. HUD 2103-23. This Inman News article

Started by Tony and Robin Pickett

Reply by Lori & G-II Klindera/Varrato I

Limited Agency Changes for FHA HUD Short Sales

Hi! Just received and email this morning from BofA that states as of Oct 1, 2013 an agent (nor broker) can represent BOTH seller and buyer…

Started by Elizabeth Nance

Reply by Lori & G-II Klindera/Varrato I

Short Sale Approved, Now BOA stating Final HUD has to change, SBA not allowing it to change

Hello, I have a client with a first mortgage through BOA and the 2nd through SBA. The preliminary HUD was finally approved by both banks. …

Started by Peggy Kormylo

Reply by Peggy Kormylo

Property is not Investor insured so denying short sale?

I have a short sale with WF and I was told this morning that the Investor (Deutsche bank) is denying the short sale due to it not being Inv…

Started by Karyn Mariscal

0yesterday fiasco!

I have listing which was with B of A. I procured an all cash offer for 500k. The loan was transferred to nationstar they revalued the prope…

Started by carol pefley

Reply by Shannon Noble
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Bad BPO agents= High numbers

I have this one company/ BPO agent that consistently has extremely high BPOs and is messing up all my deals. Do you have this problem? What do you do about it?

If not, what have you done to avoid this? What advice do you have for me to combat them doing my BPOs?


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The Protecting Tenants at Foreclosure Act of 2009 clearly stated that any lease entered into AFTER the notice of foreclosure did not have the protection of the Act to allow the full lease term to run.  But the Dodd-Frank Wall Street Reform and Consumer Act opened up the Grand Canyon of income generation loopholes for Landlords and some greater safety for Tenants involved in a foreclosure!

I talked about the Protecting Tenants at Foreclosure Act of 2009  in my article Tenant Eviction Law and Foreclosure Problems back in 2009.  The most important portion of understanding that law for tenants and landlords was whether a tenant was covered under the timing provision of when the lease was entered into with the owner who was in foreclosure.  It was that the lease had to be entered into before the “notice of foreclosure” – an event commonly interpreted as when the foreclosure complaint was filed in the court (the lis pendens as some call it).

Dodd Frank Act -

The Dodd-Frank Act at Section 1484 changed that definition dramatically – effectively allowing any owner (landlord or potential landlord) to rent out their home to a bona fide renter at a market rent AT ANY TIME PRIOR TO THE ISSUANCE OF THE FORECLOSURE TITLE TO THE LENDER OR THIRD PARTY PURCHASER AT THE FORECLOSURE SALE OR TRANSFER, and that tenant’s lease will be honored for its full (but reasonable) term. The proviso that the buyer at the foreclosure sale can evict the longer term tenant in 90 days still exists, provided that buyer who will occupy the property as a primary residence or when there is no lease or the lease is terminable at will under state law.  Anyone else, including the lender, must wait until the lease term expires.

How The Law Was Amended -

Section 1484 states:  The Protecting Tenants at Foreclosure Act is amended—

(1) in section 702 (12 U.S.C. 5220 note)—

(A) in subsection (a)(2), by striking ‘‘, as of the date of such notice of foreclosure’’; and

(B) in subsection (c), by inserting after the period the following: ‘‘For purposes of this section, the date of a notice of foreclosure shall be deemed to be the date on which complete title to a property is transferred to a successor

entity or person as a result of an order of a court or pursuant to provisions in a mortgage, deed of trust, or security deed.’’; and

(2) in section 704 (12 U.S.C. 5201 note), by striking ‘‘2012’’ and inserting ‘‘2014’’.


Impact on Tenants and Landlords in Foreclosure -

So what does this mean?  Before, if you were in foreclosure and you wanted to rent, you had to advise the prospective tenant of the pending foreclosure and that they would definitely have to be out on 90 days’ notice once the foreclosure sale was complete.  That has not changed as a matter of disclosure, as the same rule pertains to buyers at a foreclosure sale that were buying for use as their primary.  But before, if the lease were written after the foreclosure suit was filed, only the 90 day rule was in effect.  Now, REGARDLESS OF WHEN THE LEASE IS WRITTEN, if the buyer is not buying for primary home purposes, the full term of the lease must be honored.  Since most foreclosure sales end up with the lender or investors that are not buying for their own primary residence, this encompasses the majority of foreclosure sales.

New Pool of Rentals – Rental Income and Commission Source?

I love being an attorney – every day is an opportunity to learn, and this Grand Canyon of loopholes is one of those examples.

This therefore opens up a huge inventory of homes that were thought to be unable to be rented because of already filed foreclosure suits.  Very few investors and brokers are aware of this potential income and commission source. Realtors should be aware of these additional options available to their clients and it applies nationwide.

© 2013 Richard P Zaretsky, Esq.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! New Website



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COUNTER from SunTrust Mortgage ...

SunTrust Mortgage countered with 450,000 to my offer of 310,000 which was 5,000 above list price. I informed them that I had one other offer when the listing was 360,000 for 275,000 when the home was in good condition! I dropped the price to 305,000 after really no inquires. They have not received payment for over 4 1/2 years. Owners moved 5 months ago. Property has not been maintained. Buyer submitted offer in early January! It has been over 9 months!! Has anyone been successful in getting ST to come down? Or at least be more realistic?!!? I also sent update property pictures. Not pretty! Any guidance is greatly appreciated.

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Are homes values still on the rise ? Volatile Housing Market Ahead ?

A recent report by REDFIN RESEARCH showed that “In August, 26.4 percent of active listings had their prices lowered, the highest in four years” is this a sign of the housing market slowing if not reversing? Daily I see Buyer interest as still strong and investors are still confident that the Single family homes are still a great investment  (see my recent blog The future of Single-Family Rental Market is it gone or here to stay ?) So what would account for the 26.4% downward shift in list pricing. We have always known setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area

Read more at!

#Dacula#HomeSellers#LawrencevilleGA #GwinnettRealestate #GARealtor#N.E Gwinnett Co#RealEstateDuluthGwinnett homes valuesHome Buyershomes values,LawrencevilleRealtor

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We would like to introduce you to our home buyer specialist, Eric Engels, Realtor® | Real Estate Agent serving the Janesville, Wisconsin area!

Eric-Engels-240x300.jpg?width=240"Hello Rock County! I am very happy to have joined the Rock Realty team. I have been a resident of Janesville for over 13 years. I lived in the Quad Cites before that living in both Illinois and Iowa. In 2006 I had the chance to move back to the Quad Cites, I thought about it for about 2 seconds, but Wisconsin is the best place to live I couldn't leave. I am a big fan of the Midwest way of living! I am very excited to meet some of the great people in Rock County, and to help them in there home buying and selling needs."

"At Rock Realty we use the newest and most innovative technology to help us in our advertising and researching needs. Please feel free to call or e-mail me with any questions you may have. Again I look forward to meeting the great people of Rock County."


Eric Engels

Visit my site to search for Janesville, WI Real Estate Listings:
(Homes for sale in 53545, 53546 and 53548 and the rest of Dane & Rock County)

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Short Sale Real Estate Agents in Dunkirk, WI 53589 

Michael-Collins-Short-Sale-Realtor-e1357917218894.jpg?width=200Are you looking for a Dunkirk Wisconsin Short Sale Realtor® or real estate agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Dunkirk WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many home owners with their distressed property needs.

REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.

A Certified Distressed Property Expert® (CDPE) is a real estate professional with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today's market.

What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Dunkirk property instead of letting it proceed to foreclosure.

If you are considering the possibility of a short sale for your Dunkirk Wisconsin home and have further questions, feel free to visit the information page below.

Wisconsin Short Sale Information

Is a Short Sale right for My Home?


Additional Short Sale Information


Rock Realty SOLD Short Sale Listings

514 S Jackson St, Janesville WI | 900 King Street, Stoughton WI

105 W Main St, Brooklyn WI | 408 S Academy Street, Janesville WI

449 Farnham St #2, Marshall WI | 1117 Ontario Dr, Janesville WI

4602 N Katherine Dr, Janesville WI   

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Call to Action! Mustering the Troops!  Read this article then send an eMail, THIS WEEKEND, to HUD OIG General David A Montoya at   

You can down load “An Open Letter To HUD Inspector (WORD FORMAT) at this link

You can also download a PDF copy of ML 2013-23) at this link   Pay particular attention to the last line of Page 7 and the first two lines of Page 8.  It is extremely important that ALL short sale specialists send an eMail to the Inspector General at HUD and urge him to remove the provision that bans 'Limited Disclosed Dual Agency' in Mortgagee Letter 2013-23.  Servicers, across the nation are preparing to implement ML 2013-23 on 1 October 2013.



There are still thousands of underwater mortgage all around the country and yes… even here in the Phoenix Valley. 


Lori & I have ‘mortgage delinquency’ lists pulled every 90 days.  When we compile ONLY FHA loans, In just five cities, among only five banks who service FHA loans in the west valley, there are over 5,000 homeowners who are delinquent on their mortgages (30, 60 or 90 days).  There are thousands more that are already into the foreclosure process.


In the west valley, there are over 20,000 homeowners who are delinquent on their mortgages among FHA, VA, USDA, IDA Bonds, GSE and Non-GSE Conventional loans.  However FHA loans are quickly becoming the lion’s share of these delinquencies.


If we consider that Arizona has begun to heal from the ‘housing meltdown’ faster than any other state in the country, then it is logical to conjecture that these numbers are only exasperated in other parts of the country.


We cannot let this provision of ML 2013-23 take root. We must get it reversed.


One last point… and I know that I’m singing to the musicians…


Short Sale Listing Agents have the best chance of keeping a buyer in play when the buyer also working with the listing agent of the FHA PFS.  Short Sale Listing Agents, who have successfully closed, a respectable number of short sales, and particularly FHA PFS transactions know the ‘lay of the land’, thus can do a better job of calming the squirrels that whirl around in the stomach of the short sale buyer.


And… while the ‘root confidence’ of what a buyer is willing to pay and what a seller is willing to accept will always be ‘sacrosanct’, concerns over inadvertently slipping up with other ‘confidential’ information is a bit less likely because in this type of a transaction… sellers, as well as buyers, are dissected, examined, vetted and nearly stripped naked by the servicing bank. There are virtually no ‘secrets’ that are not disclosed by one side or the other.  If one or the other side does not want to ‘fess up’ to the servicing bank, then they are kicked to the side, by the servicing bank, and the servicing bank moves on to the next project.


In any event… I know we’ll all keep the pressure on HUD. I am pretty confident that we’ll pull this off.


Very Respectfully


G-II Varrato II


Director Community Outreach (Veterans Association of Real Estate Professionals) VAREP

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Good morning Superstars,


Here's a sampling of this week's Superstar discussions.


DiscussionsRepliesLatest Activity

Fannie Mae Hires an Officer It Alleges Defrauded It -- and Finance Cheers

Oh Boy! Fannie making more stupid decisions... Fannie Mae Hires an Officer It Alleges Defrauded It -- and Finance Cheers

Started by Jeff Payne

Reply by Bryant Tutas

Citi Charged off Heloc: Can't do short sale becuase they can't upload the loan

Citi Recovery dept told me they cannot continue with the short sale because they cannot push the loan or upload it to do a short sale. My…

Started by Omar Senghor

Reply by Brett Goldsmith

Central Mortgage Loan Servicing

Has anyone had experience dealing with Central Mortgage Loan Servicing on a short sale?

Started by T Arnold

Reply by Andrew Utter

SSI Income Question

I have a client who receives a disability check that comes in for her grandson, on which she is the payee. Does she need to declare this in…

Started by Scott Fain

Reply by Scott Fain

Nationstar /

A short success story. I fought Nationstar on and won. Lots of research on this forum helped and I even got a call from an ag…

Started by SGJ

Reply by Shannon Noble

47 days and no approval from BOA. What the heck is going on?

Our offer was accepted and submitted to BOA on 07/26. It's now over a month later and NO approval or counter in sight. On 08/05 a BPO was d…

Started by Frustrated

Reply by Wayne Brooks

ME vs & Nationstar

I have been a BAD AGENT. I am getting a call from Nationstar and tomorrow for not wanting to cooperate with there short sale CO…

Started by Sidney Kutchuk

28on Thursday
Reply by Kevin - Greenville, SC

MGC Mortgage

Would 4 years trying to close a short sale be a record ? I have a listing in new Jersey that received its first offer back in 2009 W…

Started by P Nicolas Velecico

3on Thursday
Reply by P Nicolas Velecico

Confused buyer on SS serviced by Nationstar

Hello; thank you for making a site such as this open to the public. What a wealth of information! We are the buyers on a SS serviced by Na…

Started by kelly busch

3on Thursday
Reply by Ron Scribner
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Best home features to draw the highest sale price.

photo credit: Jeremy Levine Design via photopin cc

photo credit: Jeremy Levine Design via photopin cc

Investing money in a rental property or a flip can yield great dividends.  However, not all improvements are equal.  It is important to put your money in the right places in order to have the greatest impact on the home's value.  Here are the top features you can add to a home that will likely draw the highest price.

New Deck

The addition of a deck is one of the best improvements that can be made to a home.  In fact, Remodeling Magazine published a report that stated over 85% of the money spent on a deck will likely be recovered when the home is sold.  This compares favorably to 78% of the money spent on remodeling a bathroom.

Decks add another usable area for families to entertain or relax.  It is wise to plan out the deck properly in order to maximize space, function and appearance.


One of the hottest trends over the past few years has been the addition of sunrooms.  These areas allow homeowners to feel close to the outdoors while staying comfortable inside.  Skylights and tile floors are common in sunrooms.  Owners can choose to have the room heated or not, depending on climate and budget.

A sunroom will add to the total square footage of the home but at a cheaper price than adding other types of rooms such as bathrooms or bedrooms. The best place to put a sunroom is just off a major area like a living room or kitchen.


More companies are offering employees the option to telecommute and freelancers are growing in numbers every year.  For this reason it is quite common for people to need a specific work area in their home.  Having an office in the home makes it easier for people to get their jobs done and the area can be a deduction on taxes.  Popular features are multiple electrical outlets, internet line outlet, open space and storage cabinets.

Light and Space

Tight, dimly lit spots are a real turn off for potential buyers.  If there are areas in a home that do not have access to sunlight then it is a good idea to add electrical lighting.  Recessed lights, adjustable lights and modern light switches add a contemporary feel.

Besides adding light you can opt to add more space.  This can be accomplished by removing walls that block off areas from each other.  Many homes now have a wide open spot comprised of the kitchen, living room and dining room.  This allows a number of people to socialize with each other without the need for everyone fitting in to one small room.

This is not to suggest that all the above features need to be added to a home in order to increase its value.  These are simply some of the best ways to recover costs and attract buyers to a home.

Related posts:

  1. Changes in Popularity of Features in New Homes (14.1) Changes in Popularity of Features in New Homes The national...
  2. Unique Features of WHEDA Loans (8.6) Unique Features of WHEDA Loans In an effort to help...
  3. What’s Just as Important As Location when Choosing a home? (8) There is no denying that the location of a home...
  4. Outdoor Lighting for Curb Appeal and Safety (7.5) This is part 4 of a 4 part series on...
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Which type of neighborhood is best for flipping homes?

When looking for an investment home that you eventually intend to flip it is important to remember that the location is just as vital as the actual home.  It is feasible to earn a profit in nearly every area but certain areas make it easier on the investor.

Top Qualities

When people pick out an automobile they focus on the features that are important to them and their current lifestyle.  In a similar manner, you can consider the following neighborhood features when considering an investment property:

  • Homes that sold recently sold quickly and had strong interest
  • Declining numbers of rental properties
  • Homes at least 20 years old that will likely need significant rehab
  • Steady values or, even better, increasing values
  • Average age of homeowner is elderly; these people are potentially moving to better climates or downsizing
  • Increased number of people moving from differing areas; signifies popularity

Three Types of Areas to Examine

In order to assist you in determining where to look for the right homes, here are three types of neighborhoods to consider.

  • Rebounding areas – There are times when an older, well established neighborhood will undergo a major overhaul.  Many of the owners have made the decision to remodel the interior.  In some instances the owners may be undertaking expansive additions.
  • New housing clusters – When an area becomes popular many builders will start developing new subdivisions.  The existing homes in the immediate area could be ripe for flipping.
  • Farming region – Established real estate agents like to focus on an preferred area and call it their “farming area.”  They send out regular postcards and newsletters to the residents so that when a home comes up for sale they usually think of that agent first.  A home investor can follow a similar strategy and be the first to know of a potential home for sale at a discount.

Keeping Your Ear to the Ground

Some investors like to focus on their own zip code or a nearby area.  This makes it easier on them because they already know a bit about the location.  There is no long distance commuting to check out a potential property. Sometimes, neighbors can actually provide a good tip that leads to a purchase.  And the local gossip is usually easy to find.

However, this only makes sense if the area is holding steady or rising.  A neighborhood suffering from falling values, crime, or an imminent new highway is not a good choice, no matter how close it is.

Don't Get In Over Your Head

This should come as no surprise, but it is also important to remember your financing.  Finding a great home at a 40% or 50% discount is worthless if the home is $50,000 more than you can afford.  Always keep the price in the forefront of your mind since it is a very important piece of the elimination process. If a neighborhood is out of your price range, focus elsewhere.

Following a well-designed plan is important for almost everybody.  Building a business, planning a party and even putting together a family vacation all work more smoothly when there is a good plan in place.  Buying a home for flipping is no different.

Related posts:

  1. Top Mistakes Rookies Make in Home Flipping (12.5) Rookie mistakes when flipping a home. With mortgage rates still...
  2. Tips for Picking the Right Wisconsin Home (11.5) Tips for Picking the Right Home Finding the home that...
  3. Picking a Profitable Rental Property (9.2) How to Pick Profitable Rental Properties (Investment Properties: Part 4...
  4. Home Values in Janesville WI 53545 (6) Home Values in Janesville WI 53545 About Janesville Wisconson (Via City...
  5. Home Values in Janesville WI 53548 (6) Home Values in Janesville WI 53548 About Janesville Wisconson (Via City...
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Estimating house repairs accurately for an investment/flip.

photo credit: Nebojsa Mladjenovic via photopin cc
photo credit: Nebojsa Mladjenovic via photopin cc

Very few people ever buy a car and then find out the amount of the monthly payments and insurance.  Most people sit down with pen and paper, or a computer, and crunch some numbers to make sure they can handle the purchase.   The same thing should be done before buying an investment property.  However, buying a home with the purpose of flipping takes a bit more knowledge and calculation in order to earn a profit when it comes time to sell.

Understand the Difference between Structural Problems and Cosmetic Needs

Even a brand new novice can recognize the need for some paint or fresh carpet.  People that have purchased a home before could possibly spot an older front door or some outdated windows.  However, being able to see and recognize a problem with the structure of a home takes a bit more knowledge and practice.  Pay close attention to these areas and possible problems:

  • Areas damaged by water; evidence could be water stains, rippled paint, musty odors or flaking of paint
  • Problems with water lines; water supplies that drip or don't run, leaks around toilets, pipes, and water valves
  • Presence of pests, especially termites
  • Dry and rotten wood

Beyond these trouble spots, it is also important to understand that a home 20+ years old will most likely need some kind of other normal repair such as an updated HVAC system, new roof, or new water heater.

The Right Compromise Makes Everyone Happy

Keep in mind that your goal is to FLIP the home.  That means that you can purchase the home well enough below the market value that you can quickly sell it to someone else for a profit.  If you try to repair too many things, then the price will need to be increased and you could scare off a few investors.

Here is a simple formula that will help you when looking at potential properties.

  1. Determine the value of the home after repairs have been made
  2. Deduct the money needed to make said repairs.
  3. Take this new amount and multiply it by 70%.  This figure is top dollar offer.

Here is a simple example.  You are looking at a home that should be worth $180,000 once it has been repaired.  The money needed to fix it up is $15,000.

Estimated new value of home after repairs$180,000.00
Necessary repairs-15000
Current value$165,000.00
Multiplied by 70%$115,500.00

In this particular example, if you could purchase the home for $109,000 and sell it for $114,000 you would make a quick $5,000 without lifting a finger.  To make this better, the investor that buys the home from you has enough room to buy the home, make the repairs and sell for a profit.

How to Get Better at Estimating Repair Costs

  • Habit of looking at homes – You will need to inspect quite a few homes in order to learn how to recognize particular problems. Seeing the same kind of problem multiple times will teach you what to search for in a home.
  • Get acquainted with a contractor – If you are not a contractor yourself then it is a good idea to strike up a friendship with a contractor.  They will be able to give you estimates on your potential properties.  You can also refer work to him to keep him busy.
  • Take good notes – When you are looking at a home with a contractor take notes about the problems that he points out and the price for the repair.
  • Study material prices – Get accustomed to visiting the local hardware stores to get prices on materials. Knowing when prices are going up, or going down, or certain items will help you make more accurate estimates.

Read more…

Rookie mistakes when flipping a home.

photo credit: Jeremy Levine Design via photopin cc
photo credit: Jeremy Levine Design via photopin cc

With mortgage rates still at all-time lows and lots of homes available at prices below market, many people are turning to real estate investment for the first time.  In order to be safe, new investors often start out with flipping homes instead of holding a property for its rental value.  Here are some of the top mistakes rookies make in home flipping and how to avoid them.

Not Allowing Enough for Repair Work

This is usually the biggest mistake made by new investors.  People who have never renovated a home often underprice the repairs needed to make the home attractive enough to sell.  This is why seasoned investors recommend that new investors talk to a contractor BEFORE placing a bid on a home.  Getting a good price upfront will help determine if the house is worth the purchase. It is also wise to add a bit of cushion for Murphy's Law for things that just go wrong for no reason.

Allowing Emotion to Let You Pay Too Much

Some investors find the “perfect” home and go full steam ahead with the purchase.  They find a home with a discount in a hot area and they just KNOW that they can sell it for a quick profit.  This is where cold, hard facts should take the lead, not emotion.

An investor should never, ever buy a home for anything more than 70% of the home's repaired value.  This is a rule of thumb that has been used by many investors for years and it has served them well.  Paying more than the 70% will lead to smaller profits or even a loss.

Trying to Do Too Much

Many new investors envision themselves remodeling the bathroom, adding new paint and then finishing up the front lawn in a few weeks and then, voila, the home will sell.  However, it is best to let the pro's handle the tough work.  Repairing or remodeling a home can require some or all of the basic contracting skills such as carpentry, plumbing, masonry, painting and electrical.  It is simply too much of a daunting task to try and do all of this on your own unless you have considerable experience in these areas.  Even if you can do it all, wouldn't it be better to hire someone to do this type of hourly work while you search for the next deal?

Taking Too Long for the Repairs

Each month that you own a property is another month of expenses for items like utility bills, insurance and property taxes.  This can eat in to your future profits and may even cause yourself a loss.  Before buying the property sit down with your contractor and discuss the estimated time needed to repair the home.  If necessary, ask the contractor to break the job down into rooms and develop a timeline.  This will help you and the contractor stay on pace to finish the work and get it back on the market.

Your goal as a home flipper is to find a home at the right price that you can turn around and sell for a profit.  Don't fall in to the trap of these mistakes and don't get too attached to any home.  Always be ready to simply walk away from a potential deal and look for a new one.

Read more…



Good morning Superstars,


Here's a sampling of this weeks Superstar discussions.

DiscussionsRepliesLatest Activity

HSBC Commission Rates - Beware

We finally received approval for a complicated transaction that began 5 months ago. Along with the approval it stated it would be a 4% comm…

Started by Jane Davies

177 hours ago
Reply by Kevin - Greenville, SC

Merrill Lynch and PHH Concern

We have a short sale where ML is the investor and PHH is the servicer. After escalating the concern with ML, I quickly learned that ML buil…

Started by Alexander Villegas

Reply by Ron Scribner

Flagstar Bank

Hello Agents, Does anyone here have a way to contact a Manager or Supervisor at Flagstar Bank? I have a short sale submitted (they still h…

Started by Jo Souza

8on Thursday
Reply by Brian Avery

ME vs & Nationstar

I have been a BAD AGENT. I am getting a call from Nationstar and tomorrow for not wanting to cooperate with there short sale CO…

Started by Sidney Kutchuk

13on Thursday
Reply by Joseph Alfe

Flagstar FHA short sale condo HELP!

I am trying to assist a family member with a disability who has been waiting on a Flagstar FHA short sale condo since October 2012. The se…

Started by Kimberly

1on Wednesday
Reply by Kevin - Greenville, SC

Short Selling rental home tax problems

I am really confused on short selling our rental home. The home is worth 188,000 according to appraisal done last week. I have a short sal…

Started by kevin ingold

6on Tuesday
Reply by Ron Scribner

How much will Freddie Mac allow a Jr lien holder to receive?

My Wells Fargo negotiator (servicer for the 1st Freddie Mac lien) is claiming that Freddie Mac will allow $6,000 or 10%, whichever is les…

Started by Jim Brown

7on Tuesday
Reply by Neil L.

Sellers leasing home back from buyers

Does anyone know anything about Sellers shortselling their homes and leasing them back? I was always told that banks will not allow the se…

Started by Norene Williams

7on Tuesday
Reply by Ron Scribner

Fannie Mae-why I now LOVE you

Citi servicing this short sale. Major delays up front with file as there was a 45 day "glitch" in their system. Finally they got the file…

Started by Wendy Martin


0Aug 30
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Rock Realty Client Testimonials

"We found Mike online, and, due to positive reviews, phoned him with a request to view houses in the Madison area. We gave Mike no more than one or two days notice, but he was happy to devote the whole of his weekend to us. Our entire house-hunting experience proceeded in similar fashion. We were hunting for houses long distance, so we would wait until an opportunity to travel to Madison presented itself, phone Mike, giving him one or two days to prepare, and show up to view houses. The process took roughly one year to complete. It was long and difficult, but Mike was always pleasant, never complained, made an effort to make himself immediately available, and was never pushy.

Mike is not like many real estate agents who simply want to make a sale, any sale. Instead, Mike made an effort to help us make an honest assessment of the properties we viewed, often pointing out problems himself. Mike left us with no doubt of his honesty and his dedication to his clients.

In addition, since we were shopping long-distance, Mike, with some help from his associate Bethany (who we found to be similarly pleasant and eager to be of service), even took hundreds of high definition photos of properties which he viewed in our stead, often with only a single day's notice. Mike, or one of his associates, would then promptly email the photos to us to view.

During the house-hunting process we changed our minds a number of times, imposed last minute requests, and even had some near melt-downs, but, through it all, Mike was responsive, cheerful, and level-headed. We cannot overstate how hard Mike worked on our behalf. We highly recommend him to any home buyers."

Graham S. & Janet H. (Middleton, Wisconsin 53562)
Rock Realty Home Buyer Client

Rock Realty Client Testimonials

Thanks for the compliments, and Congratulations on your new home Graham & Janet!

Looking to purchase a home in Wisconsin?? Contact Rock Realty! We would love to help!!

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HAFA, seller renting back from buyer

Situation: Wells Fargo is servicer, not sure who investor is, but not fannie or Freddie and according to wells, the investor participates in HAFA.  Seller would like to rent the house back from the investor who is buying the house, maybe for 2-3 months while they find housing.  Is this allowed or does anyone know if verbiage in wells' short sale affidavit preventing such?

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My fellow Short Sale Superstars how many times can you shake your head? 5 and even 10 Short Sales(COMPLETED) Doesn't make you an Expert... agents are playing with someones biggest investment...and biggest loss; agents should know what you are doing when they take on a short sale, PERIOD...So again I hear the tale of a listing lost to a Very Good Agent...who sucked at short the time the potential client realized was too late to re-list and get it sold....UUGGHHH

So the story goes of a great couple needing to complete a short sale with 1 lien(we all know how rare and what a dream it is to just have 1 lien)with Wells Fargo...mind you the agent originally taking the listing was well known in that area...BUT, that agent also knew my was not long after taking the listing that the essential hardships of having a short sale starting popping up, paperwork, participation requests, title searches, etc., we know...that is truly when the Agents that aren't in the trenches with this stuff every day start to flounder...which happened here...

Where the client needs HELP and someone who can maneuver ins/outs of a short sale, can knock down doors and get this transaction done...A Short Sale know by now if you are one or not...I am not knocking anyone, we all have strengths in our job abilities...I say stick with those, Maybe you can wing showing luxury homes if your just a "newbie"...maybe you can get that listing even if you have never listed in that neighborhood before...BUT DON'T TAKE A SHORT SALE LISTING IF YOU TRULY HAVE RESERVATIONS ABOUT DOING THEM....

I'm happy to pay a referral, I'm happy to help be brought in on the deal...I am happy to help them, BUT THEY NEED YOUR EXPERTISE AND HELP, DIRECTION, KNOWLEDGE REGARDING POTENTIALLY LOSING THEIR HOME...

If you don't have that, move over...But do it before they call me and realize...IT WAS TOO LATE!

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