All Forum Posts by: Dave P.

Ron Paul 2012....please.

http://www.breitbart.tv/white-house-reporters-grill-gibbs-over-selected-questions-for-obama/

Also, it's a divorce situation and is very messy. The woman wants to short sale it and avoid foreclosure, but the husband is uncooperative and will not work with anyone.

What can I do in a situation like this? They both are on the deed.

As others have said, walk away. There are plenty of fish in this ocean.

Are you flipping the properties yourself or representing the buyer/seller?

If you are willing to share, what profit margin are you averaging per deal closed?

I just work with buyers and sellers. Every now and again, I will have an investor buy one of the listings. The great deals that I mentioned in the previous post were purchased at about 70% of a "quick sale" price.

I would say the majority of deals that I consider "good" are 85%-90% of current market value. And yes, to your point, there are plenty of these buys out there...if you make enough offers.

Jim's post reinforces my thoughts on value. No offense Jim, but the comment quoted below sums up how I see a lot of buyers getting into trouble:

I know of a luxury estate right now that was appraised at 2.2mil last summer and now its a short sale for 1.2mil and its been on the market for quite a while and I have been told that the owner is getting close to foreclosure. I could probably get the price down more, if the bank doen't want to end up foreclosing on it.

I see a great deal of buyers pursuing short sales in this manner. Realistically, who cares what the property is listed for?

If you are buying to flip, the only that should matter is what you can quickly sell it for.

If you are buying it for "buy and hold" than the real cash flow is the only thing that should matter.

Any experienced short sale agent or short sale investor will tell you that the secret to finding a great short sale purchase lies in the BPO.

The banks allow their destiny to be controlled by a real estate agent willing to conduct BPOs for $50. That, is the reality of the situation.

As an agent, I do short sales often. As others have said, there is nothing difficult about them.

However, I have seen many rookie investors get all excited about a deal just because it's a short sale. The fact of the matter is that most short sales are not truly great deals.

Many are priced better than other comparable properties, but certainly not "give-aways". Of the past 40 or so short sales that I've done, I've seen maybe two "great buys".

More commonly, I see a buyer that got a good deal that looks great in comparison to the sucker who bought before them.

You have to sort through a lot of losers to find a winner.

This statement tells me you do not understand how an Investor works a short sale. Under NO circumstance, would I start any negotiations with the bank before having a signed purchase agreement with the seller, and an agreement that the agent ad me to the listing agreement. This way, all other offers that come in, come to me so if they are well above and beyond what I can negotiate with the bank, I have an oportunity to sell the property once I have closed with the bank to this new buyer keeping the spread.

Good point, and you wouldn't get very far in your negotiations without a ratified contract anyway.

The agent is licensed and legally and ethically bound to protect the best interests of the seller.

Technically, that is not necessarily true. For example, in Florida, licensed brokerage is considered to be transactional, unless otherwise recorded.

Therefore, the agent is a fiduciary to no one. In other words, there is no "looking out for the best interests", contrary to popular (and logical) belief.

Guys,

Just because an agent doesn't cut their commission doesn't make them greedy. If you feel that way, then you are closer to being a lib then you think.

I will work with investors all day long, but I never ask them for a cut of their proceeds.

If you want to collect commission, then get a license (in my opinion). As everyone knows, It's not that hard.

http://www.calculatedriskblog.com/

Polite persistence. Also, try faxing them a simple message to be in touch with you soon. Draw a smiley face on the fax. Make sure it has your loan number on it.

Seriously.