Unfortunately there are a great many home owners in the same boat, and not many viable options. In my experience with processing short sales, Bank of America and Ocwen are approving short sales and short refi's based on a verifiable hardship, which could be medical, financial, a change in family status, job transfers, and I had one that was approved based on poor school conditions. When there is no hardship, and a homeowner chooses to do a "strategic default", there could be repercussions, including the homeowner participating in the loss, or even being asked to pay back the entire deficiency. There is a free counseling service that could answer some of your specific questions, as the rules seem to change quite often. The Maryland HOPE Program can offer alternatives to avoiding foreclosure. Their number is 1-877-462-7555.... more
You need to feel good about working with your realtor. If you feel comfortable speaking to them about your concerns do it. Ask to sever your relationship and interview new agents to help you find the home/properties you are looking for.
Your agent maybe correct. You may be in their wrong price point for a particular area.... more
Unfortunately, you didn't provide any contact information, and there's none with your profile. I pulled the comps. In brief, 1757 Red Oak Lane sold for 277,000 with a $14,000 seller subsidy--contract date December 29, 2007, closed January 28, 2008. That's the lowest...so, $263,000. And that was 85 days on market. There are two actives--one at $299,950, the other at $285,000. They've been on the market for 177 and 109 days, respectively. There's one other sold that went for $319,900, $15,200 seller subsidy (so $304,700). It's described as "renovated/remodeled," and was on the market for 229 days.
If you're trying to pursue a short sale, why aren't you using someone who specializes in that? Most of the investors I know--and I'm an investor, though primarily in Northern Virginia--use a handful of people who handle most of the nitty-gritty for you. Many of those pros, though not all, are Realtors. I'm not trying to steer you toward one, but just pointing out that you can consume a huge amount of time and effort trying to do a short sale on your own.
I hope/assume you know the basics--getting the short sale package from the specific lender, doing precisely what's asked, and so on.
Regarding your strategy...
Some of the mentors have modified their fee structures so you really don't have to put much up front. Instead, they'll take 50% of your profits from the first few deals. Remember, though: 50% of something is better than 100% of nothing.
You might consider starting out either birddogging or wholesaling. It requires little or no money, and the transaction process is much simpler.
Meanwhile, I hope/assume you're attending those local reia meetings. Try to get to several of them; each has its own "flavor."
Hope that helps.... more