All Forum Posts by: Benjamin Ficker

@Account Closed That is your version of the right thing. You have no idea if this seller has a debilitating medical issue, a death of the main income producer in the family, etc. The seller has no responsibility to anyone but themselves and their family. If they can put food on the table because they skipped their mortgage payments, then I vote their family doesn't starve. You are projecting a narrative on this seller without knowing any of the details. I have completed over 300 short sales in the last 3-4 years. I have seen retired men drain their retirement accounts in order to keep up on their payments only to have it go to foreclosure anyway. Is that the right thing?

I have seen banks call homeowners and demand their last $5k or they'll "be out on the street by the weekend" when they easily had another 3-4 months in the house regardless. Is that the right thing?

That fact is, this seller owes you or their neighbors nothing. They owe it to themselves to keep a roof over their family's head and food on the table. If the bank wants to take the house back in 90-180 days, that is up to them. If they want to wait 4 years, that is also up to them. But I guarantee you, the bank will make more money off of this by waiting it out until 2014 instead of foreclosing in 2010. Now they can sell the home for more $ and a homeowner had a place to live. They probably kept it looking nice and it did not become another delapidated vacant house on the block. That is the "right thing."

That's a great point. As much as I say "don't blame the person," I should be saying "don't blame anyone." Both parties are acting within the agreement they signed. If the bank doesn't want to foreclose within the given timelines, theta is their prerogative. No one is screwing anyone. It just is what it is.

I would argue that the homeowner has done nothing wrong. 2 parties signed a contract. The homeowner stated they would either pay money monthly or the bank could take the house under foreclosure laws. It is the BANK that has allowed this to drag out for 4 years, not the homeowner. If that homeowner has had some medical emergency, or lost their job, etc. what do you expect them to do? Again, if the bank wasn't ok with the arrangement, they would foreclose quicker, or they wouldn't make loans in the first place. Quit placing blame on those going through a hardship.

Yeah, you will need them to issue an approval letter since they are shorting what they are owed.

It will need to be listed, unless the loan is a small private lender. We've done a ton of short sales (I've negotiated roughly 300, our group has done about 2000) over the last few years. I can give you some pointers if you like. If the numbers are really close, you may not have to go short.

Thanks for the input. I am sending out the 8 letters, but I have to refresh the list at some point, hence stopping after 8. Obviously, if I get some kind of response from someone I will be keeping in touch.

Hey,

I have written a series of 8 yellow letters to send out to NODs in my area. My plan is to send them out once a week for the next 8 weeks, and then refreshing my mail list.

The letter content was taken from a few different members who posted examples on here and on their websites.

Yellow Letter 1

Dear John,

My name is Benjamin, and my partners and I are looking to buy homes in your area. Your home at 123 E Main St caught our attention.

If you are interested in selling, please call me at 503-468-5137

I can act quickly, and will the buy the house “as-is”

Please call anytime

Respectfully,

Benjamin

503-468-5137

P.S. I am wanting to buy soon, so please call.

Yellow Letter 2

Dear John,

My name is Benjamin, and I sent you a similar letter a week ago. Your home at 123 E Main street is a home that we would like to make a cash offer on. Any interest?

If you are interested in selling, please call me at 503-468-5137

I can act quickly, and will the buy the house “as-is” with CASH.

Please call anytime

Yellow Letter 3

Dear John,

I am trying to follow up on the couple of letters I have sent.

I saw your house at 123 E Main St and I am wondering if you would like to get out from underneath it.

If you are interested in selling, please call me at 503-468-5137

I can act quickly, and will the buy the house “as-is”

Please call anytime

Yellow Letter 4

Dear John,

I noticed that your home at 123 E Main St. was served with a Notice of Default.

I would like to help you out of this situation.

Please call anytime

Respectfully,

Benjamin

503-468-5137

Yellow Letter 5

Dear John,

I have a cash offer ready to be made on your home at 123 E Main St.

You can avoid foreclosure and possibly make some money out of this.

We can close for cash and close quick.

Please call anytime

Yellow Letter 6

Dear John,

Do you have a plan for your home at 123 E Main St?

My partners and I are very interested in this property.

We can close for cash and close quick.

Please call anytime

Yellow Letter 7

Hi John,

If you have missed a mortgage payment, you are not alone. There are hundreds and thousands of property owners in the area that are in the same boat as you.

You still have options. Even if you are underwater, you may be able to get some money buy selling us your home.

We can close for cash and close quick.

Please call anytime

Yellow Letter 8

Hi John,

I still want to buy your home at 123 E Main St.

Unfortunately I can not keep sending letters if you are not interested. Please give me a call at 503-468-5137 either way.

We can close for cash and close quick.

I'm a realtor in the Portland OR area, so your contracts are most likely different. There should be an expiration date on the listing, around here they are usually for 6-12 months, so it may be expiring soon. Even if not, there is probably a termination clause in the listing contract for you to get out. If they didn't find a buyer that purchased, you shouldn't owe any commission. Maybe some costs for marketing, but that depends on your contract.