All Forum Posts by: Corry Taie

If they ask if I am flipping the property, I tell them yes, unless I plan to hold it. As far as disclosure to the bank, There is no law stating that you have to disclose it to the bank. My addendum says that I have the rights to list & resell the property & the buyer intends to resell for profit.

Sorry about that.
Not sure how to recategorize it.

I hear ya. We buy at a discounted price according to the banks BPO & sell at or below FMV. Thay can cry all they want, but we don't artificially inflate value. I see where you are coming from though. I agree that there are alot of scammers out there. But there is a way to do it legitimately. Therein lies the problem. Too many wannabe's trying to figure out how to cheat the system & make a buck the wrong way. There is plenty to be made the right way.

Disclosure & accurate valuations are key. When you try to cheat, it will bite you.

OOPS!!!

http://mortgage.freedomblogging.com/2009/12/30/oc-man-charged-in-mortgage-fraud/23459/

Jon is correct. There is no way around them. You write off as much as you can. A good CPA can do this for you. I would make sure you have a really good one & have them take care of it for you. They know all the ins & outs of taxes & what they can or cannot do. This will save you ALOT of headaches.

If they make the first offer to you to buy the property. You then either counter or accept the offer. At that point, always make sure to disclose what is going on so that you don't have any issues. There is a spot on the counter/ acceptence form for you to make notes. That is where you would put those disclosures in.

I trust my agents as well, but I always at least keep tabs on what areas are doing & what the market is doing. If the property is not moving. I would look into why & how much it will really sell for in a hurry. Your agent should be brining you properties that are in desirable areas & that will move quickly as well as pricing them right so they will move. If not, then I would be looking for another agent. These kinds of mistakes (from agents) will cost you time & money.

No problem.

I put....
Cash or conventional, no FHA/ VA please.

When I get an offer, I counter & in the counter I disclose everything. I put....

1. Contingent upon acceptable short sale acceptance to seller & successful closing of sellers previous transaction.

2. Seller will become owner of record prior to closing of this transaction.