Comments on: 3 New Rules for Crushing Short Sales in 2010

By: Jay von Mohr

Jay von Mohr — Thu, 16 Sep 2010 17:50:00 +0000

Make sure of your rehab costs up front. Remember that high end houses require everything be high end (expensive), especially to move quickly in this market. Think about the total size of the property when calculating repairs per sq ft. Also add in estimated holding costs till it sells.

As far as buyers, you should ideally build your buyers list now. If you can access the MLS, lookup who is buying those type properties in that area during the last 90 days, then contact them. You’re best bet might be to just wholesale it to a cash buyer & let them do all the heavy lifting.

Other than that, I know DC Faucet (name spelling?) was partnering up with people on high priced short sale deals. I think he charged to join his group.

Hope that helps,

Jay von Mohr
Lancaster, CA

By: Jay von Mohr

Jay von Mohr — Thu, 16 Sep 2010 17:39:00 +0000

A lot of people continue to live in the property while it’s being negotiated for short sale. The problem is timing. She could move in & then an offer is accepted at any time & she has to move out soon.

I think it’s better that someone lives in the property to maintain it & so it’s not vacant (crime factor & it gets run down looking). When our company does short sales, we have a cash buyer so we wait out the process till the lenders wise up about taking our offer or foreclosing. I feel it’s better to have someone living there for us, the banks & the neighbors.

Jay von Mohr
Lancaster, CA

By: Jay von Mohr

Jay von Mohr — Thu, 16 Sep 2010 17:28:00 +0000

I’m wondering if you do your flips from within a self directed IRA, if that will bypass (or at least delay) some of the taxes.

Jay von Mohr
Lancaster, CA

By: Blue Business

Blue Business — Thu, 16 Sep 2010 16:25:00 +0000

Hey JP, Ive been listening to Shaun’s stuff AND the questions and comments (obviously). I recently came across a short sale “deal”. I really would love to tackle it myself but am NOT experienced at all. I wanted to let someone else handle it and split the profit with them. Is there a form that will allow us to collaborate or efforts and that will ensure that I get screwed? And that brings me to my next question… how would I be able to work with you or Shaun on deals that I come across

By: AtlantaREIA.com

AtlantaREIA.com — Mon, 06 Sep 2010 15:24:00 +0000

Shaun is great at short sales and has plenty of great advice to give. Thanks for the great post.

By: Angie

Angie — Fri, 03 Sep 2010 15:54:00 +0000

I would like to know any answers to this as well.

By: Mike

Mike — Mon, 30 Aug 2010 04:24:00 +0000

I bought a short sale and rehabbed the house and made ready to sell. I am looking at huge taxes on this as a flip house. How do I save in this area? Is there a way to turn this sale so I am looking at only capital gains tax and not regular income tax? This is my first flip and this tax thing has got me rethinking this whole game, or am I missing something? Thanks for any response.

By: Brooks

Brooks — Mon, 30 Aug 2010 03:22:00 +0000

Great insight. Money to be made in Every market…

By: Amadee' R Garibaldi, Sr

Amadee' R Garibaldi, Sr — Sun, 29 Aug 2010 20:09:00 +0000

Hi Shaun:
How can we do Business? I’d like a real partner whose not selling programs but whose looking for good deals especially luxury short sales.

Amadee’ R. Garibaldi, Sr

By: Ron

Ron — Sat, 28 Aug 2010 05:10:00 +0000

Should I let my daughter and her 3 kids move back into my defauled house to maintain it till a buyer closes on it?
The senior TD accepted a short sale and hopefully so will the junior TD, who got it from the junior TD owner that I defaulted with.
She used to live in it but couldn’t keep up with the expense and moved to a home where a family rented her part of their house (1bd/1bth). Now she has storage to pay as well as rent.
She is a school worker so she gets no pay in summer and her first check is spent before it comes next month. Meantime the big (3bd/2bth) house of mine hasn’t been kept up and the yards need work, to show buyers.
An offer by an investor has already been turned down by the bank for being too low.
I bought it for $355k in 2007, now I owed $360k and it’s for sale at $160k. I guess they offered less.
What are the odds she moves in and gets it presentable and a month later she has to move out for a new buyer. Her incentive will be against that if she has nowhere so comfortable to go to.
I still have my name on it but I think it is partially an REO.
What affect will a house-sitter have on the decision of the 2nd TD to accept my short sale?
On the other hand it may sit for months empty while she is hurting.