All Forum Posts by: Mitsu O'Riley

Originally posted by David Peeples:

If the bank gets contradicting info, they end up doing another one, and that BPO agent with high comps is knocked down in ranking.

Based on my experience, this is completely not true.

That is what I was told by a couple of different BPO agents. If one brings it in high, and the bank doesn't get near it for value, they don't feel the agent did a good job, and they get less orders from the bank. My BPO agent also lists REOs, and she worked up to that as banks got more comfortable with her number's being realistic. But either way, an agent will look at someone else's BPO, just out of curiosity at the least. It could make their point of view just slightly different.

Minna,
They don't know you are buying the house yourself, and as the listing agent, you can say that it was given to you with the offer. Or you can say you had it done when your seller questioned the the amount of the offer/list price, or whatever for explanation.

Mitsu

Originally posted by Andrew Massaro:

I've never done one myself, but have coached individuals in flipping sub-2's.

How can you coach someone on doing something you've never done?

I understand coaches get paid big bucks to teach something they know, and are experts at doing. I know most coaches don't currently do what they are teaching, but they have actually done some of the deals in the past or have set up and trained staff to operate a business doing what they teach. If you don't have to have personal experience, how can I become a coach? Seriously.

Originally posted by Dave Kennedy:

You didn't have a problem with the way the press conference was held? I thought it was a bit much. I think they need to pair down that rally mentality in these PC's.

I agree on other ones I've seen, but unfortunately, I missed it. I have the DVR on for the roundtable discussion.
I am on the phone all day with lender's, so background noise has to be limited. I appreciate your post to help to keep up on stupid things the govt comes up with.

This plan will not work to help anyone, but I know people will now just sit tight in their homes and wait to see. In the meantime the house won't be offered at a shortsale, and foreclosure process will continue. It will be too late for them. Prices in many states are down about 40% from 2 years ago. So, the taxpayer is now funding the bank loss on that 40%, plus the loss on what a homeowner can't afford any longer? Not realistic.

So many people have lost jobs, or salaries have been lowered. So people just can't afford what they used to. Of course stated income was just that. I expect that those loans will not be eligible for modifications. But, most self employed people did stated income. Some just didn't want to go through the hassle. Other's were closed that way when the loan was run through DU/LP. The no doc loan people have already lost their homes.

I feel they should offer benefits for people to short sale their homes, by being able to buy an affordable home, and not have the IRS tax, bond money for down payments etc. They should also apply fines to lenders that turn down short offers to only take less as an REO, and the homeowner be hit with deficiencies, tax, and bad credit for up to 5 years. This is broad, but it will get the market moving, and there will be renters, buyers, and willing sellers. Investors will be able to gobble up the REOs, since those homes are no as desirable to a new homeowner.
My 2 cents....

P.S. Dave, are you the only Obama hater in Mass?

Mitsu

I have an experienced BPO agent do one for my investors, and highly recommend it for straight agent deals. The BPO agent knows what the bank wants, and uses lower, but within guidelines for it. It costs about $50.00, and I give that to the bank's BPO agent. The BPO agent doesn't get paid enough to try and find high comps. If the bank gets contradicting info, they end up doing another one, and that BPO agent with high comps is knocked down in ranking.

You're a real estate agent, so you should be able to coax another agent to agree with your point of view. I don't think they will look at a stack of papers about statistics. Would you? Besides, an odor in a house can be your best negative thing of a nice house.

Steven,
Your next step should be to take an investing class, or find a mentor that will partner up on your first few deals. They usually take most of the profit, but you learn a lot. There is a forum here somewhere that discusses good investing courses. Start there.

Also, on your deal above, there will be many investors contacting them to tell them they want to buy their house. Automated marketing when a lis pendens is filed.....So best option is to check if the home is listed, and call the agent for info, anonymously.
Also,they might have a 2nd that hasn't filed, yet. There are a lot of possibilities and options to cover, but that's some info to start you off with.
Mitsu
Anyways

If you can keep your home, by renting out and paying the difference, then you should try to do that. If that is something you can't afford to do, then see if your bank will take a deed in lieu of foreclosure. It is fast and less stressful. Other wise, shortsale is the last option left before "letting it go" back to the bank. Talk to you lender and tell them, you have to move so your wife can go to school, and you can work. If they feel you are making the choice to not repay, quit work, etc, they probably won't be very helpful. If you signed the title on the property, then you and your wife are liable for the debt on the property, regardless of who is on the note.
Short sales are a lot of work, so hire someone to get it worked out right for you. Even though you can get all the info and guidance here on getting it coordinated, with you trying to pass board exams (possibly in two states), and your wife starting school, and moving, etc... you won't have the time you need, or the priority and focus you need to get out from under the house. Consult an accountant for the tax liability, since it is now a primary home, but will not be in the near future. With the short sale, your lender may agree to waive their right to a deficiency, or allow short pay to be payment in full.

They have to submit the paperwork for the summary judgment hearing. That is the first hearing. If they don't have their docs in order, then they have to request a hearing once they have filed the paperwork with the clerk of courts. If the paperwork is wrong, then I suggest the owners get an attorney. There are many cases in which the banks have been told they can't foreclose. Which basically means they don't have recourse for non payment.

Hey fellow mitigators,

I wanted to share the rules and regs (as I understand them) for mitigating since I expect it is different across the country.

In Florida, You can't charge an upfront fee for mitigation etc...
Also, you can't have your clients (SELLERS) think you are a foreclosure rescue company (in any way). These are the biggest parts that effect mitigators, and investors in dealing with Short Sales. Other parts of the Florida Statute (FS) dictate that an agent cannot be paid for mitigation, only a commission, unless they are not involved in the transaction (I believe). A mortgage broker can collect a broker fee for mitigation, at closing.
Also, as far as I can tell, a title company cannot do mitigation. They can have all parties send them the docs for the shortsale package, fax it in, ask lender for status, and receive approval/denial to pass along. The insurance commission restricts what part a title insurance company can have in the mitigation. From my understanding, if all they are doing is faxing and status calls, then they are fine. I can't see how someone can be successful in mitigation if they can't negotiate or discuss the particulars of a deal with the lender.

So, bottom line, in Florida, I can charge a fee paid at closing by buyer, seller, agents, and/or have the lender pay my fee.

I am not an attorney, and doing my business according to what is outlined above.
I want to find out about rules and regs for mitigation in other states, or a reference to a closing agent in your state that can help me find out and stay legal.
Thanks,
Mitsu :wink:

It is not up to the seller's attorney on what they want, since they are not about to lose the house. I know you've moved on, and I would too, since it's so difficult to get them to accept.
What I would do is send a letter (always better in writing) with your intention to submit an offer to them with your terms. Basically, let them know you are still willing to try to buy their house, as long as it's under your terms. It sounds like the agent and attorney are not helping the buyer, and eventually, the buyer is going to need someone to put in an offer to not lose the house. It's surprising (ok well not really) how many people will say "fine just do something" after a couple more months and no offerers. Besides, by then everyone will get out of your way and let you et the deal done.