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Hey guys, this is Bob Lachance from North Shore Enterprises, getting back to you with this week's Preforeclosure tip of the week.
This week we are going to talk about the importance of pre-screening our end buyer's financing. I am going to touch upon three quick points in reference to, again, pre-screening our end buyers financing in today's challenging economy.
First, what I want to touch upon is, if you buy a property via short sale and your intent is to resell this property within 90 days, make sure your end buyer does not have an FHA insured loan. That's number one.
Number two, if when you buy this property your intent is also to sell this property, make sure that you disclose everything, everything, to your end buyer's financing.
If you guys want to visit my blog at boblachance.com, I will attach one of the most recent flipping guidelines that I just received from one of the largest lenders in the country. So you will learn a lot from that, and again, I will elaborate a lot more on my written blog at boblachance.com.
The third and final one is if your end buyer is only putting down 5% make sure that you ask your loan officer if that county that their property is in has been flagged as a declining market. That is so huge.
With that said, those are the three points I am going to get into this week in reference to pre-screening our end buyer's financing. For more of a breakdown, please visit my blog at boblachance.com.
That's this week's Preforeclosure tip of the week. See you guys next week, and you guys have a great 4th of July.
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