All Forum Posts by: Josh D.

Scott I like your post about selling the big bank stocks. After seeing how disorganized and badly managed these companies are (BoA I'm talking about you) I wouldn't be caught dead owning their stock. But to get back to the original question of the post...

How are investors getting around the approval letter language. I recently got one from Wachovia that said something like "No other escrow transactions are pending or contemplated"?

Thanks

Josh

I had read the blog post by Justin McClelland and checked that online store, they are out of stock on that paper, I emailed them and they said the manufacturer discontinued it. Crazy to think no one makes paper like that, maybe I should give up Real Estate and start selling that paper to everyone...

Josh

Does anyone know where to find yellow ruled loose leaf paper? I have searched high and low to no avail.

Thanks,

Josh

So I'm all ready to start my yellow letter marketing campaign but I can't find the yellow ruled loose leaf paper anywhere. I checked Office Depot, Staples and searched the web for over 45 minutes looking for it.

Does anyone know where to buy this paper???

Your help is always appreciated!

Josh

I'm negotiating a deal and have a seller who hasn't paid her 1st or 2nd in 2 1/2 years.

I just got the 1st to accept the buyer's offer. I recently discovered the 2nd (Discover/Morgan Stanley) sent the seller a 1099-C last year. She filed the appropriate forms on her tax return last year so she wasn't taxed on the forgiveness of the debt.

If Discover sent her a 1099-C doesn't that mean they wrote off the debt? How does this affect her debt to them or their legal claim on the property?

Perhaps Discover was assuming the property would be foreclosed upon last year and as the 2nd assumed they would get nothing so they filed the paperwork writing off the debt.

I was hoping I could somehow get around getting their approval because of this.

Any insight would be appreciated!

Thanks

I am a Realtor and obviously don't have a problem with listing options, I just don't want to get into trouble. I guess I need to check my local associations MLS rules as it pertains to option holders. Thanks for the feedback guys!

Josh

Someone was telling me you can not list properties on the MLS that you do not own in Florida.

If you have an option contract on a property, have paid the seller consideration and recorded the notice of option in the public records, don't you have the right to list the property on MLS (in Florida) even though you don't own the property?

My understanding is the option gives you an equitable interest in the property and allows you to list the property on MLS to flip to a retail buyer.

Is this correct? If not how are short sale flippers advertising their properties to retail buyers besides craigs list?

Thanks!

In my opinion I would always work with the listing agent. I'm an agent and could possibly pick up the 2.5-3% but I guarantee the offers where the listing agent gets both sides get preferential treatment, most of them will give you the last look at the very least.

My friend is a Realtor and uses a professional negotiator to process his short sales. He charges $3,500 and the banks typically pay it. There have been occasions where the bank tells him they won't pay it. The key is the owner of the property and the buyer sign an agreement that the negotiator will be paid the fee as a consensual lien at the time the buyer submits the contract. If the bank won't pay, the negotiator can file a lien on the property for the agreed fee. Sometimes the bank refuses to pay and the negotiator has to play "chicken" with the bank threatening to burn the deal.

-Josh