All Forum Posts by: Jay Feldman

ilovegoob
My only question is, You say

And you also say,
To me (My opinion) I see red flags. If the bank is agreeing to a short sale That usually means they believe the house is worth about or less then is owed. And you say she owes about $250K. I understand they may have the value wrong but it if was me I would be doing some serious home work. I have completed a number of short sales and form what i have seen they are not typically that far off on the value. (45-50%) Where did you get the comps?

Don trying to kill the party just giving
My 2 cents
Thanks
Jay

Hello fellow investors.
Hope you can help. I am working on upgrading my website and I would like to offer a number of "free reports". My problem is i really do not have the time to research and write them. I want to cover subject like, Avoiding Foreclosure (this could be more then one, IE Short Sales, forbearance, Foreclosure law, etc, etc) Credit rebuilding, Refinancing, and anything else people want info on related to Real estate. Free info for investors would be great as well to help build a buyers list. So if any of you know where I might get content that I can give out with out breaking any copyright laws please post you suggestions.
I look forward to hearing from you.
Thanks
Jay in CT

aly0705
Thanks for the reply.

I am mainly looking for a service that will print (mail merge if I desire) stuff, Stamp and mail so all i need to do is email or upload the mail list. I assume Vistaprint just prints the postcards for you.

I have tried to manage producing the campaign myself but I cannot be consistent due to other priorities that cannot be delegated. I know if I out source my marketing fulfillment I can concentrate on generating more leads and closing more deals.

Thanks again
Jay

PS: I will check them out.

Hello Folks

Can anyone please give some advise on who they use, what it costs, how well it works for them and any other feed back you can think of.

I would like to find a service that uses stamps and addressed envelopes and post cards. I think they work better than machine postage and address labels and or window envelopes. I have also heard there are places that will even hand write letters for you. i have heard them called yellow letter campaigns. Any and all thought are welcomed.

May mailings are groups from 25 - 300 at a time.

I am looking to automate as much of my marketing as possible. Any thoughts you have would be appreciated.
Jay

Hello fellow investors.
My partner and I are Real Estate Investors working with Foreclosures, Short Sales, Rehabs, REO Etc. (Anything with numbers that work) My partner is also a Realtor. Currently we are running "ACT Premium For Real Estate" and I want us to become more automated in particular with marketing campaigns and sales system processes. I am looking seriously at "Activator" by Mastermind software which integrates (seamlessly they say) with ACT. Can anyone give me there experience with it?
Thanks in advance.
Jay

I think leasing it back to the owner is a bad idea. Maybe someone from MA can comment but I thought that has been out lawed in MA. Either way I think you are asking for trouble.

On the idea of selling it back to the owner or shorting a property and then selling it back I think this to is a recipe for trouble. I thought I read this could be considered fraud. In particular if it is not an arms length transaction which that would not be the banks are looking to avoid that like the plague.
Good Luck

Eric
No problem on the wording and ********** yes, anyone can be sued for anything but there are many ways to protect yourself. We give customer/clients complete disclosures in writing as to what can happen and what we will be doing. We are constantly updating and changing them to reflect the changing industry.

As for the legislation as I said I have not had time to read. I was aware there have been bill/s past. Based on the quick glance of your link I could not find anything that referred to deficiency judgments or properties other than primary residences, can you point to where that is mentioned?
Thanks for the link

Eric
I agree a major benefit for one to work with you is you are an advocate for them in an effort to TRY TO PERSUADE the bank not to come after them but their are no guarantees and if we told the customer anything to the contrary we (or you) could be sued or even worse. My partner and I have completed numerous successful short sale transactions. (2 dozen plus) I feel we have good understanding of what works and what doesn't (although that is constantly changing.)

You stated

I think you may have made a statement that could leave you in a precarious spot. ALL of our short sale P&S's state much of what you mentioned, that the sale is contingent on the bank NOT issuing a deficiency judgement. We do not ask that no 1099 be issued because chances of them agreeing to that in writing we have found are close to nil. (I will come back to this latter.) The bank may not issue any of the above if the owner is willing to sign a promissory note. Doing that though will mean they will have to pay the bank, (maybe not all of the deficiency) just over a period of time. In regard to the deficiency judgment just because you have it in the agreement does not mean they will honor it. It is the owner that signs your agreement not the bank. I have found the bank issues an approval with some of the conditions stated in writing. If they do not mention either of the above they have 90 days to issue the deficiency judgement. If that does not happen there is a good chance they will issue a 1099. As for the 1099 if you speak with your accountant and the owner can prove he/she was insolvent at the time they will most likely not have to pay any tax. (Also new legislation may help as well I need to read up on that). All of the above may not be ABSOLUTELY correct but I think it is pretty close. Please don't hesitate to critiqued what I have said or show us a better way.

Edited: PS: Some how this ended up here when I had intended this as a reply "tomsedwick"

msedwick
You said

How many short sale have you done? Yes this can be done but what makes you think there is any equity in the deal to start with? How did you determine FMV, estimate of repairs and ARV? Did the bank do and appraisal? If so what did they come up with? (not that it is accurate) Some addition info (numbers) on your deal would be helpful.
Good luck

Wheatie
Sorry about that. I did look at who the author was, I assumed it was the original paster.

Here in CT attorneys are used for most closings. Foreclosure consultants I believe are legal here. I just signed up a customer who had paid a $1200 fee up front to United Home Savers. (located some where out side of CT) I fully understand there are 3 sides to every story but it appears that they are strictly in it for the money and not to help there customers. I read the contract the lady signed and I could not believe what I saw. Any one who tells someone, If they contact the bank (as apposed to the bank calling them) during the time which they are processing the available options it will be considered a breach of contract should be investigated by the powers to be. We do not charge any upfront fees and we work our butts off for the customers. The only time the customer may have to come up with money out of their pocket is if the the law day or sale day needs to be extended and they agree it is in there best interest to do so then they pay the courts costs. ($70 to file a motion "pro ce" or more if they want an attorney) Depending on the situation there have been times we paid the fee. Many of the houses we are working to short sale will sell in the 125-225K range and 2.5-3-5% is not unreasonable for the amount of work we put in. I have read about people getting anywhere up to 5% but there was no Realtor involved and to really to do out job right most of the time the properties need to be listed. What have you experienced?