All Forum Posts by: Pedro Gonzalez

I am looking for a PML in the state of CA that can assist a friend of mine in the closing of a transaction. The loan is for 60 days and the transaction is already at the title company.

If you are interested, please contact me and I will gladly provide you with the details.

Scott:

Thank you very much for your detailed response. It is very clear and helpful. Have a blessed day.

Scott:

Will my friend be required to buy the short sale property first and then once he in the title of the property, sell it to his buyer?

Thank you for your reply.

I would like someone with extensive experience in Short Sales to provide me with answers to the situation below.

1. I have a friend who has established an LLC in the State of CA to run all his short sale transactions.
2. He is a real estate broker in the state of CA
3. He is not acting as a broker on any of his transactions - he acts as a real estate investor
4. He is using a recorded option agreement to gain an equity position in the property.
5. All documentations are fully transparent, notifying both the short sale lender and end lender of the LLC buying/selling for a profit.

Here are the main two issues:

1. A national title companies will not underwrite a title policy. Everyone except the underwriter is on board with the concept of his short sale investor business plan. He has found a Title/Escrow company/officer in San Diego that will do the transaction, however, the title agent ultimately places the title insurance with Chicago Title, which has told him that they would not do his escrows in San Mateo County.

2. The lenders for the end buyer want to see his LLC’s name on a preliminary title report prior to them funding. He sees that as impossible and will not happen. Likewise the end buyer lenders will not fund jumbo or “investor†buyer.

What can he do to correct the situation above?

What can he do differently in the future?

Your ideas, direction, and comments will be greatly appreciated.

Thank you.

Jon:

Thank you for sharing your very well put together response to my question. I am glad that you brought to our attention to the macro view of the problem. It is easy to be blinded by anger or frustration and start talking out of both ends without having all of the elements of judgement.

Good point. What is next the Big Three Sport Leagues (MLB, NBA and NFL)?

The Federal Reserve has provided AIG $160 Billion dollars. Is it possible that the government fears that dirty secrets would come out if the insurance giant goes under. I have a couple of questions

1. How has the bailout money been used?

2. Why another $30 billions was approved to continue saving this insurance company?

3. Why the importance of saving this insurance company in particular?

Any thoughts out there? Have you found information that you would not mind sharing to the rest of us.

A $15,000 tax credit for anybody buying a home over the next year was dropped from the Economic Stimilus Package; instead, first-time homebuyers could claim an $8,000 credit for homes bought by the end of August. This is the latest revision made to the FTHB Tax Credit.

The House did not pass the bill. Now what?

When I use the Case-Schilling Index it leads me to believe that some markets like Phoenix and Las Vegas are near where the prices should be, therefore we should not expect to see a major price reductions in these areas.

Other markets like Miami and Tampa will see further price reduction (15% and 6% respectively). This is an improvement compared to the prices we saw in April 2006 when these two markets were 90% and 62% overpriced.