Derick Sutton’s – Dive Into Real Estate Investment Property Tips

I would like to Mike and Chris at Mr 3 Days for sharing this with me and all I have to say is WOW! We all knew something sinister was going on with the whole bank bail out thing.  Imagine that, the Government, FDIC and the Banks hosing every tax payer in the country.  THIS IS NOT A JOKE!  Get outraged and call your Senator and Representative!

by Derick Sutton, http://www.diveintorealestatepro.com

A Short Sale approved for a Tampa Investment Property for a client and needs a Real Estate investor buyer.

4209 Orient Rd in Tampa
Short Sale Approval is $38,000

Call TONY GONZALEZ
Keller Williams Tampa Properties

EMAIL:Tony.Gonzalez@KW.com
Cell: 813-340-6938

God Bless!
Derick Sutton

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P.S.S While most people are suffering from the affects of the current real estate market there are many more that are enjoying the opportunities that the market has brought about.  Derick Sutton of Blue Marble Property Solutions has released a powerful new advanced training series entitled ‘Dive into Real Estate Pro’.

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Blue Marble Property Solutions, LLC is a Better Business Bureau Accredited Business.  As a Christian owned and operated Real Estate Investment Property Company, Blue Marble specializes in Buying and Selling Pre-Foreclosures as well as negotiating Short Sales with lenders.  Blue Marble Property Solutions’ Managing Partners are Derick Sutton and Ted Hall who have 60 years combined experience in business and real estate.

by Derick Sutton
http://www.DiveIntoRealEstatePro.com

Laura emailed me a question about a short sale offer that had been initially accepted then rejected because the lender received a slightly higher offer and she wondered if they could do that.  So I thought I would post a blog with my answer because I am sure this happening all over.

Laura stated “I put in a full price offer on a short sale. I was told that the bank accepted my offer, and that Fannie Mae had to sign off…three weeks later, I was told that there was a cash offer that was slightly higher than mine, and that I needed to offer more…is this legit? Can they accept more than one offer?”

Thanks for your assistance.
Laura

Laura unfortunately,they can accept another offer if they did not sign yours and fax it back to you.   The contract is not enforceable until they sign and fax back.  To make sure that this doesn’t happen to you again, add a statement in the additional terms of the contract that simply states that:

“Seller will not submit any other offers to the lender unless Seller cancels this contract in writing”.  Run the statement by your lawyer or agent to make sure it complies with your state’s laws.

If the seller/Realtor rejects the statement in the contract explain that multiple contracts confuse the lender and this is non-negotiable because you have been burned before.

If the bank rejects your initial offer of 85% of the value let them counter and see if you want to accept it.

Also, don’t be afraid to ask for 6% seller concessions toward closing costs and repairs (they will probably approve 3% but why not ask for more),

Also add that “The closing is contingent upon lender’s short sale approval in writing that is satisfactory to the Buyer and Seller”.  This statement may already be a Short Sale addendum provided as part of the contract but it allows both you and the Seller to stay in control of what the lender is offering as a short sale.

As always run all of these by your lawyer and/or agent to make sure it complies with state law.

Hope that helps.

For more information about foreclosures, short sales, real estate investment property, creative owner financing, probate real estate investing, auction homes, internet marketing to buy and sell property, business credit and wholesale investment property strategies visit http://www.DiveIntoRealEstatePro.com for free training in those and more areas. Also, get your free report when you visit.