All Forum Posts by: Account Closed

Does anyone know of a good place on the internet to find an article that I can use to explain a short sale to someone in simple terms? There is a woman next door to one of my listings that is about to go into foreclosure and I want to get her something to read that is simple to understand. I think when I was talking to her a lot went over her head as to the process.

D

fiduciary means they have a legal obligation to represent their client and no other person in the transaction in order to get their client the best deal possible. An example would be if I were listing a property and I told a potential buyer that the seller would take less, or is going through a divorce, that would be divulging personal information not in my clients benifit and therefore would be a breach of my fiduciary to that client.

As for making them lean towards you. The realtor has no decision making or bearing on who the bank sells the property to. The bank is looking at the numbers only and has no emotional attachment whatsoever. My recommendation to make your offer strong would be to make an offer that is as simple and as quick as can be. If you can close in two weeks, great, put that in your offer. That's two weeks less that the bank will have this on their books and two weeks less of carrying costs for them. Remember, for them it's all numbers and no emotion.

Use another realtor. It's not bias that's the issue, it is the fiduciary. The realtor selling the house has no fiduciary responsablility to you. He does however have one to the bank to get them the best deal possible, not you. Get another realtor that is familiar with that area. The comps that the listing agent shows you can be leaning in his favor to make the home look better. Also, find out how many homes that are on the market or have sold recently in that area are REO's. As I posted in another thread, just be cause it's an REO doesn't mean it's a good deal. If 20% to 30% of the homes in that area are REO's then that alone will depress values in that area.

A title search with a title company will let you know if the deed is clear. If not using a realtor use an attorney

I have found that quick and to the point works the best. Not too much information or too many graphics. The focal point should be where to get in touch with you ie: phone number, web site. It depends on where you are advertising. On the road or billboards, this is more important.

Why don't you suggest they do this. If they don't hate each other and are going at each others throats in the divorce, Have them both set up an LLC and then put the property into a Limited Partnership. Now property is not part of all the BS associated with the divorce, and is now more of a business assest. You could then lease the property out to subsidise the mortgage a little and then whatever losses there are for the year, write them off on the taxes and then sell it when they get into some equity (hopefully soon)

Maybe you can at least educate them on the difference between an "investment" and "speculation". I have clients that do the same thing with pre-construction, I have done it as well. But every time I emphasize to them that this "speculation", not an "investment" (I guess investment just sounds better so it's easier to say)

Maybe you can at least educate them on the difference between an "investment" and "speculation". I have clients that do the same thing with pre-construction, I have done it as well. But every time I emphasize to them that this "speculation", not an "investment" (I guess investment just sounds better so it's easier to say)

cattle keep the taxes low :D