All Forum Posts by: Jonathan Rexford

Okay So far we have

Buy Art,
Furniture
Prepay rent
Moving expense

anthing else.....

Wanted to get a good thread of ideas on how to pay a seller some moving money that would not violate the lenders rules based on the approval letter. Remember it is the LENDER RULES.....NOT LAW on most cases unless it is some federal loan.

I will start
1. Buy some items at market value from seller
2. Prepay some rent at a house or apartment with check made payable to landlord

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Anyone getting funding in their personal name to make these deals happen? If so who?

David,
Who is driving this boat. You or the buyer. If this buyer doesn't want to put up EMD then he is not a buyer.

Now with that said. Do you have an approval letter for the short sale? if not then why not just take a contract on the property and tell them that they have 24hrs to make their money hard after the short sale approval.

I do this with the majority of my short sales.

Since I sell most of my short sales without realtors, I will take mutiple bids on contract. I will choose the best bidder after I get the approval. It is a long term round robin auction...:)

Caleb,

I am with the others. Based on the math of 3-5 calls a day you will be on the phone 90 minutes. That is nothing. When a person calls they are trying to find out why they should do business with you. Foreclosure is a scary thing in their eyes. All they know about you is something on a piece of paper.

Now on the other hand if your marketing drives them to get some information about you, then drive them to a 800# voice mail.

4% response rate is pretty high. Especially for a group that is hiding from the mail and phone.

Michael gave you a good script. But mix it up and build reporie with these people and I like the last line what Michael said about "Who do you know" I am going to swipe that one

I have two lines with a company called Coa Telecenter. I like them. I pay about 65.00 per month and no per minute charge. I get 10 mail boxes per number. I can also use it for fax in and fax out which is great dealing with Short Sales.

Man....Here I swore that I was not going to do them anymore also. But we have a lot of these loans in our area. I finally did pick up one. I am at the 1st stage of getting my ATR in the system. If it is a real pain then I may just back out and play realtor.

We have been getting our own BPO's on the properties. Even after our own COMPS. When I meet with BPO agent, I just hand them ours. Not sure if they will use it or not. But I have had them tell me that we are dead on with value. Some won't play ball with you. But, I have gotten BPO values from the lender on a few occasions.

Well our calls are to people who have some type of ad or sign in the yard. So I am sure I am ok with this type of calling.

Yes you can do a loan modification. You will need to do a 3 way or call in like a 3rd party that does this as a business.

Be prepared to prove a hardship. You must give the bank a reason of why they should do this. If payment is current, then it will be harder, but it can be done if you can show a pending hardship with the seller.

Don't call the bank and say that I took over the payments without qualifying and I need you to do a loan mod...lol.

Just figure out what you want and back your way into it.