All Forum Posts by: Rob Huxman

Adam,

All I can say there is that you don't get what you deserve you get what you Negotiate! Yes there are ways around this. They key here is going to be getting a highest price offer you can. The lower the deficiency amount. The better the chance that you will get around that. The 1099C is for Tax loss generally National City will not waive 100% of that.

I personally right now only own 6! I did own 42.. That being said No they did not Foreclose I carry a 2nd mortgage on 38 of them still and have another 14 Second Mortgages out there. I got tired of the Landlord scene and hopefully by the middle of 2010 I will own ZERO! I can say that because all of my properties are in a trust so I really don't
own any my trust does. Wow so I guess the answer here is really none I don't own anything! Not even a car...

1. You don't pay anything to the buyer's agent. That agent shares the commission with the seller's agent.

This one always gets me laughing!

The Commission always shows on the sellers side of the HUD yet that being said. If you hit up a Home Owner that is selling without an Agent they will generally give you a better price. And as soon as they hire an agent the price will go up to cover the costs to hire a Realtor. So yes on the HUD it will show that the seller paid the agent. YET you will also be paying a higher price for the house to cover their cost.

So the question here is WHO REALLY PAYS???

The buyer!

And I also totally agree with Eddie I never said I would use a buyers agent to find me deals I was just saying if I were to find one I would just tell 100. Your chances of getting a deal from 1 person are slim! Where as with 100 you might get one or two here and there. I don't think I have used a buyers agent sense I was new in this industry.

Yet the question was not about what I would personally do. It was based on what he was looking to do.

This looks like fun!

In 2010 I will get out of Negotiating Short Sales all together! (Done Thousands) Get over my addiction to the industry. Find a job somewhere cool like Bass Pro Shop very part time. Spend more time with the kids. And relax! Oh and of course Vacation.

Been doing this for 16 years now and the best thing I have found is www.grasshopper.com it starts at $10 dollars a month and it is awesome. The thing I like about it is that I can set hours of when I want to answer the phone. And I can have other extensions to explain or products and services. The other great thing is you can add different lines to answer if you can't get to it on time. So it makes it really simple.

Just wanted to ask a quick question!

Why would you want to work with only one Buyers Agent? I would honestly find 100 and see who brings you the deals. Any Agent that wants you to sign any 6 month agreement to work only with them is hurting for business.

Here is some basic math

1 person has 2 eyes!

100 people have 200!

I would rather have 200 eyes looking for stuff the 2.

See I totally agree that to wholesale is really not that hard. Most people just getting into the business make it harder then what it really needs to be. If I were you I would go to a good lead provider mine get me 500 leads of people that are 60-90 days late on there mortgage for $200.00 now I cant do 500 leads myself so I sell 300 of them for YEP $200.00 and take my 200 for FREE. Run the comps on the property and see who has this thing called "EQUITY" I know some of you that have been doing this awhile might remember when people had that! :) Or you can simply write offers on Bank Owned properties or any properties that are below market. This is a numbers game the more offers you write the more deals you will get. Close them with Hard Money if you want to flip them. (Bet your mentor was still going to charge you for using his source) I have over 200 Hard Money Lenders if you need them. And sell it yourself. Or if you want to do a A to B B to C Transaction use a Transactional Funder I have 3 of them. Its really not that hard.

I have a General Short Sale Package I can give you. Please keep in mind though most lenders get the Short Sales entered into there system faster when you are using there paperwork. Let me know what lenders you are working with and I will send you there packets as well.

National City Bank is one of the best to work with. The only problem you may have here is that you said its your relative. This might be what is known as a Arms Length Transaction. You might want to look into that. As far as zillow goes while it really is a cool site I sometimes question there prices sometimes. I would call a Realtor and ask them to pull some sold comps in the area. Just to warn you National City will try to get the Home Owner to take the HELOC as a LOC and want them to pay the difference on what they get from the Short Sale and what they owed. As far as BOA goes everyone else says there a pain to deal with. I personally have had great luck with them. I will let you in on a little trick with them just don't tell anyone. When you call the Loss Mitigation Department ask to be transfered to the Short Sale Department right away. Yes they are two totally different departments. Once you get to the Short Sale Department play stupid and ask if they have gotten your file. When they say no ask if you can email it or Fax it while you are on the phone. They allow me to do this 100% of the time. Now when they get it they will tell you it takes up to 5 days to get it into the system. Tell them that is perfect and ask if they can schedual a BPO for you. Generally they will do that on the first call. Don't tell anyone about this though! (Like I am not on a public forum) If you need the Short Sale Packet for either lender let me know I have all of them.