All Forum Posts by: Marcus Mccray

Tim, this is right up my alley. I am an agent turned investor and have negotiated and closed my share of short sales. I can tell you most agents are not familiar with wholeselling and are afraid of the concept.

The best advice is to...
1. find motivated sellers yourself and not deal with an agent if possible. this will save you lots of money on your profit spread
2. find an agent who either knows about wholeselling or is open to doing them and learning. (if one has to learn it may take a learning curve to get things done)
3. you can outsource it to a company that handles short sale wholesale deals for investors (there are some on BP forums but they do charge )
4. contact the listing agents of short sales and approach them with the proposition. They could quadruple-end the deal by selling to you then you become the seller and they earn another commission.

I do agree with the agent on one issue. I always try to get the bank to approve my short sales at the lowest possible price no matter what to create as much of a spread as possible. The only down side is the listing could and often does attract a lot of attention and offers and the agent could get in trouble for not submitting every offer to the bank. The catch-22 in that is submitting more than 1 offer can end your progress and send your negotiations back to square one. I advise all my fellow agents to submit the first or lowest offer (which ever comes first) to the bank and try to move along with that offer as far as they can.

I am licensed in CA and can do agent work for you if you have a deal out here. Maybe we can work together!

No, asking for limit increases does not incur a hard inquiry because when you call your credit card company they don't have to run your credit report to see your history or make the determination to raise your limit. That is an on the spot decision that can happen over the phone. Use supporting facts like if you have never been late and/or you use the card often. Or you can always use the classic "I just got a better offer in the mail from another credit card company".
As far as hard inquiries go you shouldn't worry about those unless you're trying to get approved for more credit. Even then you would have had to be applying for credit like a madman within a short period of time to be declined especially if you have good credit already. When applying for a car or home loan you have a 30-day period where all your hard inquiries/applications count as 1 hit only. The credit reporting agencies know this is a big decision and most people don't go with the first loan offered but rather shop around for the best possible financing. Overall hard inquiries don't have that much of an affect on your score. And soft inquiries, when you or a company requests your credit w/ out you applying for anything have no affect on your score wha so ever.

Thanks for your help on the other thread as well Scott! I have all that down as far as negotiating as Realtor and investor and needing to support your offer and have taken care of that. I focus on getting all my short sales approved at the lowest possible.
The real issue was if I would run into trouble if I negotiate w/ the bank myself even with full disclosure of being an agent (although not in that state) and being the principle as well as the normal wholesale disclosures.
I am willing to outsource but I am very cheap when it comes to something I can do myself and it being just to save time.

The seller and I agreeing on the price was just info for who ever responds as I am well aware that it will be the bank that determines price.

I intend to flip and I have the funding but only for a back to back closing. The short term loan is a back up plan in case I can't find a cash buyer or one with hard money funds. As you all know seasoning clauses can be a... you know and seller financed B to C deals are easier to move, more involved but easier cause then you can sell to a buyer with institutional financing.

I just like to have as many options covered as possible. Thanks for the tips guys! I really have to get moving on this as the seller called me a little while ago anxious to get things underway!

Nick I sent you an email w/ my number too!

I have a pending deal set up and need info. I am knowledgeable in negotiating and closing short sales but in this case I am not sure about negotiating the deal as I am the buyer. The seller and I have already agreed to the price and the seller is willing to do whatever it takes to get out of the property quick. So far there is no agent involved. I have my license but the sale is in another state.
I already have the necessary disclosures to complete the deal, I'm just worried about legal issues if I negotiate to get the sale approved and being the buyer.
Also looking for short term financing at 5points and 13% interest w/ at least 3 months differed payments so I can offer seller financing on the resale.
Any help and/or suggestions will be appreciated!
-Marcus :lol:

The trick to keeping your score moving upwards is to carry low balances on your revolving credit cards but if your score is good then I wouldn't worry about it. I'd just get that car paid off ASAP.

I tend to get long winded when talking about credit so I'll try to keep it short. This is what adds points (does not apply to installment payments ie car, house,)

* Payment history-on time, above the minimum
* Amounts owed-obviously this should be as low as possible but never $0
* Length of credit history-the longer you've had an active credit card the better
* New credit-NO NEW CREDIT this drops your score!
* Types of credit used-the more active credit accounts you have (in good standing) the higher your score

You want to pay on time, over the minimum payment amount. The secret is to always carry revolving credit card balances but keep your balances low but never at $0. Always ask your credit card companies to increase your limit and/or lower you interest. This will help you take advantage of the formula above.

Buying a car is an installment account and may have even dropped your score since its a new account. Its best to work with revolving accounts that you already have like VISA , Master, department store, or gas cards. Make purchases with those use the info above to raise your score.

Hope this helps!

Thanks for the welcome Nick!
I happen to do loans through Amerisave as well as being a real estate agent.
I used to run a credit repair business on the side and was very active as a leasing agent (helping people find rentals).
Basically I have combined them together as a Rent to Own program helping renters repair their, reducing their debt, and finding a private owner willing to do a lease option all the while helping them get qualified for a home loan. If the client goes through me and ends up buying a home with a loan from Amerisave I refund the enrollment fee. If I can't find them a lease option property I find them an affordable short term rental until I find one or they qualify for a mortgage.
With credit repair I help clients remove negative items from their report as well as teach them how to add positive points to their score. I keep in contact on a monthly basis to track progress. I do everything legal no creating new credit profiles etc...

If you want I can email you some samples of my work.

I am in the same boat as Shane in looking for help. I do however have experience in negotiating short sales and closing them as a Realtor.
-Seller has verbally agreed to accept my offer which is less than what seller owes in order to resell it
-Seller owes $129K, home is worth $139k>
-So far there is no Realtor, agent, or broker involved just me and seller
-Seller is current on payments but in can't make Nov payment

Am I wrong in assuming its not safe legally to negotiate with the bank myself?
And if so how would you guys suggest I go about it?

Just in case this is a legit question, your credit score is based upon the information found in your credit report. From that information the arrive at your score based on the following criteria...
* Payment history 35%
* Amounts owed 30%
* Length of credit history 15%
* New credit 10%
* Types of credit used 10%