All Forum Posts by: James Ward

Tom,

My biggest question in all of this is, why are you not closing with YOUR Title Company? Why are you allowing the End Buyer to state where the closing will happen?

As for the Title issue. If you have in your Purchase Agreement the "correct" language, and there is nothing in the Acceptance Letter about "flipping" then there is nothing else to prove. I agree with the above poster, have her "prove" where it is written that you must provide this.

I also would ask her how often her Title Company requires any other Seller to provide documentation from the Lender that is being "paid off" that they were made aware that the Seller is making a profit. Then ask, how long do I have to own a property before your Title compnay no longer requires these types of documents.

Hope this helps.

The short answer is- YES.
The long answer is- Check the above mentioned thread. The End Buyer can be using FHA, but their Lender MUST be fully disclosed of what is happening and they also must understand and feel comfortable with the transactions.

If you are dealing with a "true" Short Sale Negotiator, then very few will result in a Promissory Note.

But, if you just have someone filling paperwork into the Lender, then anything is possible.

This is yet another great example why you need to be able to negotiate the deal. (Or have a true Negotiator handle things.)

Also, I totally agree with Scott (once again). You need to both prepare the Client for what might happen and also be able to evaluate the deal.

Sam,

1) Property must be priced to sell. If you do not know the market, then you must put faith in a Realtor/ Appraiser.
2) Yes, I place values on all properties that I do. (Most of my clients use Realtors to put values.) I also estimate repairs and sometimes get pros to assist. (Most of our clients use pros to get estimate repair costs.)
3) That is a very difficult question to answer, without knowing more about the market area.
4) NONE, we offer the property at a 30-day sale price. No need to offer anything else.

Luiz,

The only thing I still need to know to better assist you, is

3) How long has the property been in the foreclosure process?

One other thing: who is negotiating the Short?

Thanks

A few questions if you don't mind:

1) How much is the offer?
2) Who is the primary?
3) How long has the property been in the foreclosure process?
4) What is the est. closing date?
5) What fees and commissions were cut?

With the answers to these questions, I might be able to give a better answer.

Dustin,

Sorry to hear of your troubles.

The simple answer- get a new ATR in the name of the new negotiations company. Yes, the new negotiations company can just jump right in. But, since most negotiations companies work differently, the new negotiator will have some work to do.

Actually, if the "old" negotiator did nothing on a file, it makes it alot eaiser.

I have a few clients that are closing 3 or more a month on a consistant basis.

But, they all treat Short Sales as a primary business. They all spend much time and efforts to get this type of business. (None of this- Check me out, I am sitting on the Beach and look, I made a $1 Million while you read this post.)

Hope I answered your questions. If not, let me know and I will try.

Lis Pendens- pending law suit.

Many states file Lis Pendends instead of NOD's.

Just treat the Lis Pendens list as you have been taught to treat the NOD's.

Smitnlit,
Sorry, but I do not give out that info.

H Mann,
When you have closed a Short Sale and you get another file with that same Lender, make contract with that negotiator and see if they will negotiate another file with you.

We always make direct contact with the negotiators we have a relationship. We request for them to handle the file.