All Forum Posts by: Brett Sodders

I love BiggerPockets and have gathered a LOT of info on this site. That may be one of the most beneficial things I've watched.....even though the realtor was about as sharp as a spoon.

Awesome response Clifton. I copy and pasted your exact answer to my realtor so he could read and understand it himself.

Sooo... it's looking like I'm going to be taking on my first short sale. Question for the crowd: Do you guys generally sell to an all-cash investor or a retail buyer? The reason I ask is because my realtor is concerned on how to market the property. He stated that most banks require seeing a listing agreement prior to accepting an offer. He doesn't know how he would also be able to list the house AGAIN after they accept my offer. Do you guys just put your homes on Craigslist and market to cash investors that you know? Or do you re-list on the MLS...if so, how? I'm thinking I'm going to need an all cash buyer because the "C" buyer's lender would see that "B" doesn't actually hold title prior to the transaction. Could someone clear this up for me? Thanks for the help everyone...

I've sent out around 100 letters over the past week via a pre-foreclosure list (foreclosure radar)... Haven't had any responses yet. I'm going to continue this approach, but I just wanted some other ideas. I have drafted a mailer to send to attorneys that I'm going to start this week. I want to also contact realtors, but I don't know how to approach them. Does anyone have any examples and does anyone have a sample letter they are sending to these contacts?

Thanks
Brett

Hey guys,

Got a few questions for the experienced. I'm curious as to how you guys obtain leads for short sales. Do you send out mailers to those that have a default recorded, sale date, etc. Or do you acquire connections with realtors? If you go the realtor route how do you approach and exactly how does that process work? Just looking for some suggestions to help get me kick started with a short sale...

Thanks for the help,
Brett

Caleb... They put "equity" (I guess you could call it that) into the house when they bought it. Even though it means nothing now it probably is a big pill for them to swallow. I'd imagine they'll try all avenues to stay in their home compared to others....

Will....love the idea. Probably won't make too many friends, but definitely an interesting strategy.

Wow...awesome reply. Thanks for the help!

I'm just looking for a little bit of clarity from the experienced... I'm a bit confused on how to handle a short sale that has 2 mortgages. I'll give na example: John Doe has a house that has a first mortgage of 200k and a second of 50k.

1. Who do I contact regarding the short sale? And if it's both, which one do I contact first?

2. I imagine the second is much more willing to play ball considering they have the most to lose, correct?

3. The short sale package gets delivered to whom?

This may be a stupid question....just need a little bit of clarity.

Corry,

To expand on the OP's question... What does your disclosure to the bank look like when you make the original offer?

Brett