All Forum Posts by: Lafi S.

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Lafi A Siyam

Yes you can wholesale shortsales. It's what I do. As far as telling the lender, that is your choice. But IMHO i would recommend being upfront with all parties about what you do and if they dont like it...NEXT!

Now obviously I dont say, " I am going to do a simultaneous closing and make $50,000 as soon as we close hahaha!"

But I do ask them what are their seasoning requirements if any, and if I decided to sell the house would they give me any issues about it. 99.9% of the time they say "after you close we want nothing to do with the property and we don't care what you want to do with it."

Now there was ONE incident where someone told me " If we find out your flipping it we will flag your name and we won't allow you to do any more shortsales with us."

Do I believe them? NO! These people have too much going on to track you down and find out what you did with the property after they already closed. And even if they do, it is an easy problem to solve. Find a partner and use their name to buy it!

Now I do agree with David, if you are new don't try this on your own...too many things can go wrong. I suggest you find an investor who is experienced in shortsales to help you first.

Good Luck!

I have my license with KW. When I first started off they recommended this and the millionaire real estate AGENT. Both of them are phenomenal especially for beginners.

Right, the local REI club is a great source for meeting people.

What type of leads do they bring you Paul? Because I work in short sales and those are the type of leads I am looking for. The only way to get those leads are through direct mailings, referrals, and door knocking. The door knocking part is what I would want my bird dogs to do and that is exactly what I'm looking for. Someone who is willing to go knocking on doors!

David,

I agree with you on that point. I only meant it in reference to the MLS so not to prevent other offers from coming in.

However, I do not have the homeowner sign two binding contracts. The first one is signed and submitted to the bank. Then once it makes its way to the underwriter, I will inform him/her of all backup offers that have been made.

Also, I inform all the buyers that their offer is one among others that will be disclosed to the underwriter and he/she will choose to accept it or not.

I wouldn't put anyone in a situation where a lawsuit can be filed. But I think if you inform all the parties of the situation and how you are handling it, they are usually receptive. Wouldn't you agree?

Lafi Siyam

what makes you say that chris?

The realtor I use keeps the listing as ACTIVE until the bank sends us an approval letter. In the remarks section of the listing he will simply put, all offers subject to Short Sale Acceptance.

I'm sure every MLS is different but I think the point is not to miss out on any buyers, and if you change the status prematurely you could be ruining it for the seller.

Lafi Siyam

Where is the best place to find bird dogs?

Lenny,

There have been a lot of websites popping up that compile the list of pre-foreclosures for you.

I use www.njlispendens.com which is updated daily.

You can try this website, I haven't personally used it but maybe it will help.

http://www.bankforeclosuressale.com/lis-pendens.php

ENTOURAGE!

Best show ever!

Other than that I watch CNN, MSNBC, CNBC and whatever season of Sports are on. Not big on TV shows.