All Forum Posts by: Matt Mathews

Go down to your city hall and introduce yourself to anyone involved in redevelopment etc. Check out city website for future projects to get some advanced knowledge. Ask the redevelopment council member if it would be ok to stop by from time to time. Tell them your story and ask for their help. Get to know everyone at City Hall.

You left one thing out! It's still the lender/Investors choice whether they want to participate or not. The other thing is; Before a short sale can be approved, the lender is required to do a work out or loan modification first. During this time the Foreclosure proceeding is delayed for minimum 90days. Considering the track record of lenders under previous bill, this one doesn't stand much of chance either. The old days of Banks needing to get that bad debt off their books so they can borrow more money through the Fed. doesn't exist in todays market.

Do You have your GC. license? If so, then contact REO Brokers in your area and offer your services as their clean out crew! When the Broker gets the property listing from the lender they have to pay out front to get the property marketable. Pick up a few of these jobs to get some quick cash. Ideas are everywhere, but cash is King in this market.

I am assuming that this is not a short sale etc. Right? If not-then the Buyers lender is doing the appraisal. Standard Comps would be at least 3. Foreclosures and REO's are acceptable. Under new laws Appraisers can't be associated with the lender like in the past. Because of that fact, the appraiser who did your home may not even be familiar with your market. This is happening everywhere. Question? How did you come up with your estimate? Are you selling by owner? Didn't your agent run the comps etc? Why would the Buyer want to pay more than the home is worth? You say your going to lose the Buyer??? FYI! I'm a Exclusive Buyers Agent here in Yucaipa, Ca. Use to live in Irvine many years ago.

T-Rex Global is perhaps the best self management software that I have seen. Not only gives electronic rent payment capabilities but it also calculates all of my tax info, depreciation schedules etc, which I send to my CPA.

Surely you included a contingency clause that allowed you to verify and inspect the property which gives you an out. Also, it doesn't matter what the shape of the lot is. Take your proof to the township and have them verify your info. Property could have had a lot split years ago that never got recorded, so old plot map may be wrong.

Your both right!! Short Sale Property has been around forever. Every down cycle will always have owners who owe more than the property is worth. With that said, however, from experience, short sales are not only a pain in the butt but they aren't really good buys. I can show you numerous Investors right now who joined the herd buying Short Sale Properties and are now upside down themselves. 80% of the market nationwide showed price declines this quarter from last year. Any price appreciation that you do see today is superficial because of all the Gov. handouts. The shadow inventory that everyone speaks about went from 800K to now over 1.2million. No matter what you niche' or strategy may be, If you don't allow for Future Value when you buy-I can almost guarantee that you will end up paying way too much.

Another law went into effect by the Attorney General. This law and the bill you are speaking of, came about when Investors/Scammers or not started calling themselves Loan Modification Experts. The law requires a 1million dollar bond plus you must be registered with the Attorney Generals office. Also to note!! Many other states now have similar laws on the books. Personally, I can't figure out why so many Investors want to waste their time doing short sale deals, when in fact less than 20% ever get closed. Investors/lenders make more $$ writing off the loss from the foreclosure. The few short sales that do get closed, are priced close to market value give or take 5%. Otherwise, they go back to the bank. I realize that in some states when your dealing with a local community bank etc, you may have a better chance with short sales. But here in Ca. that's not the case, at least from my experience as a Retired Banker and Licensed RE Consultant. The Rules and laws change daily here! Time to find another niche'

Just curious!? If your property is listed with a agent-Why wasn't your agents sign already at the property? I didn't see that remark in your original post!

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