All Forum Posts by: Jonathan Rexford

Well we know who the listing agent represents. The communication from the bank could be in form of a Marked Up HUD 1 to do the counter offer or it could be a very inexperience agent that doesn't know how to ask the right questions.

I would ask the agent these questions:

1. Has a BPO been ordered? If so how old is it and what was the value.

2. Did you submit a preliminary HUD for the property? If so what are the terms and did you get a copy back to show the numbers you have provided?

3. What type of negotiations have you done with this lender besides faxing the contract paperwork and short sale information?

These are going to be the basics of the information that you can ask.

I use one called Pamela that is for skype. Not sure of the price currently, but it is one that I have used for years.

Refinancing would be based on your qualifications or your buyers qualifications. Personally I would not refi unless it was necessary. What is the value of the property? If it is nice then it might be a good keeper.

If you are currently getting good amortization then why kill the pay down. I would probably just wrap the note and make the spread. Use your buyers downpayment money to short the 2nd and the rest is gravy.

Just an idea

Let me ad a couple more things. The HAFA program will only work unless the servicer is going to register and comply with the program. They must be offered the workout first and qualify for the 31% ratio. Most of my short sales here lately have been from people that have lost job and loss of income and would not qualify under the program. The people who engage the HAMP program can move straight to short sale or DIL without going through the trial period.

The 90 day provision has got me stumped. Makes me think away around it, but I am still thinking about it.

I think the program is going to support a lot of real estate agents because it does lock in sales commissions. They don't say anything else about 3rd party fees except what is considered normal closing costs.

As the saga continues

Under the HAFA program they also are setting terms where the buyer of the short sale cannot transfer title (sell) for 90 days after.

As a short sale investor & realtor I have decided to move back to using trusts. We have a problem listing a property as contract holder or option holder per MLS rules. Doing back to back funding is what I do with my own deals.

I have not had an approval with using TRUSTS YET. But it will be soon.

Option deals are difficult to list. So I guess it is each to its own.

Main thing of all of course is to disclose when disclosure is needed.

Personally I am not a fan of property managers. reason being is that they sometimes think they have an open check book. They will fee you to death.
What has been proposed is somewhat loose in regards hourly fee. She would be working for you. The agent of the landlord for sure. Plus is she up to date on Fair Housing laws. Because if she messes up you are held liable also.

I see fees of 10-15% in my area along with service contracts.

Kyle,
I never have been one for listing prospecting. I just have the license to use it when I can. But I don't see why it would not work with listings if it is more personalized like Dear Sam message.

Jeff,
This may not help. But I have searched high and low on how to do this. One BP member even has a tutorial to do it. But I am not a techy. So I wrote my own letter. Took it to copy shop along with yellow pads and its done.

I have small gummy lables. My assistant or I will address and its done. I only do 5-20 per day currently. Don't have enough to really track results as this has just gone out. Plus I am going to put on hold until I get back from holidays.

Hands down Click2mail for post cards. For smaller mailings I use glossy mail. For the guy that said 30% response rate is killer. I rarely get 1% response rate on post cards. Which is good.