All Forum Posts by: Larry Moore

Eric,

Great website. Thanks

Justin,

I paid $600 to have the kitchen cabinets painted inside and out, with light cosmetic repair (some wood putty) and the labor to replace all of the hinges and handles. The price also included the paint, which he already had in stock.

In my last rehab the cabinets were a dark wood in pretty bad shape, and I had a painter paint them a light cream color. They looked great with new hardware. He didn't use an oil based paint, which I have heard is the preferred type of paint to use, and I think as a result the paint may have chipped a little easier. They were still a 100% improvement and satisfactory in a $95K home.

I looked at their site, and it looks like that is what they are doing. Looks like they are using the legal process to challenge the validity of the loan and work through the lender's legal department to purchase the note. However, in reading their Blog, they claim a success rate of over 90%. So what happens to the other less than 10% that are unsuccessful? They claim that the homeowner can walk away after assigning the property to them, and that they are basically done with the property and the foreclosure. If a portion of the notes are not purchased, then I would assume they end up going into foreclosure and the homeowner is not off the hook, as they were lead to believe. So, looks like there is a hole in their promise to end the foreclosure for at least some of their clients.

I will also include a copy of the first page of the purchase agreement showing that this is the only offer on the table and at what price.

Another word: REPETITION

Just read Jim Camp's book, "Starting with No".
Great book, contrary to most selling strategies and definitely not a proponent of the "Getting to Yes" system.

I only deal with homeowners directly. Make sure when you submit your package, that you boldly state in your cover letter that you are the contact for the BPO. When I follow up with the lender prior to the assignment of the negotiator to confirm the package has been received and nothing is missing or needed, they will usually confirm that I am the contact, or I will bring it up when inquiring about ordering the BPO. I also make sure that the homeowner understands the importance of the BPO and that if the lender trys to go around me and has the BPO agent call them instead of me, they are to refer the agent to me and under no circumstance set an appointment or give them access. Working through a Realtor generally limits your control over the process, which is why I don't.

Although the contract states possession at closing, I always schedule a walk through prior to closing so I can make sure they are moved out, and so that they understand that they must be moved out or there will be no closing.

I title my letter "Letter in Lieu of Listing Agreement". I also add, if it is the case (usually is) that the property is not marketable in it's current condition, for instance needs new roof, new kitchen etc. I also state that finding a realtor to list it has been difficult since the loan is upside down and the home is in poor condition and that the home has been marketed as as FSBO with only one offer (mine). I have the homeowner(s) sign it.