The Investor Proof Short Sale Approval

[B Cory]

As most of you may know, Wachovia (A part of the Wells Fargo Company) has come out with a new Short Sale Approval letter stopping investors from buying the property, and marketing for a end buyer or putting a end buyer in escrow before closing the 1st deals. Chase has also come out with similar language, that according to my attorney is questionable. This is now BofA, Chase, Wells Fargo, WAMU, Wachovia, EMC, and America's Servicing Company. Has anyone found a strategy to get items from the approval removed or amended? Rumor has it that there are attorneys out there getting these removed or amended. Let's work together as investors to find a way. :idea:

[Scott Hubbard]

A good real estate attorney can get them to remove the clause on a case by case basis. The problem : Approval is subjective and it might be cost prohibitive to do so.

Let's say, for arguments sake, the approval letter is issued. Then, you contact your attorney to start the appeal process. Well, from experience, it takes several weeks to get this thing removed, in the meantime the approval letter expires and guess what, they do not extend it. Now your faced with paying an attorney his fees.

My advice:

1. Sell your stock in all these banks cause they are all going to burn eventually!

2. Tell every buyer and seller you come into contact with how terrible they are to deal with and to transfer all deposits into these banks into a regional or a credit union.

3. Discourage all buyers to not use national banks for mortgages because they do not care about anything other than their bottom lines and would rather see you burn in hell should you ever need their help.

4. In your own business accounts, you should be using non of these banks.

5. Write in your blogs how terrible they are to deal with and recommend to readers they pull all business dealings with them.

Let them choke on their own REO inventories, then when all the buyers have taken up the tax credits and there is no one left to buy their crap, lets all low ball them!

Conspiracy is a double-edged sword.