All Forum Posts by: Ricky Ostrom

The seller is taking way too long on collecting the paperwork. My clients get it together and back within a week to me.

Who is negotiating the short sale, the real estate office or a third party professional negotiating company? You will be much better off with a third party company. They charge around $3,500 for the service and move the deal along.

Expect results within 2 - 6 months.

You could just charge to be a short sale negotiator. Some take $500 - $750 up front (non-refundable) and 2.5% - 2.9% on the back end at closing. Assuming you have done 10+ short sales.

A CitiMortgage note was sold to PennyMac, during our negotiations. Has anyone had any experience with PennyMac on doing a short sale?

It looks like all they want to do is a loan mod and resale the note for profit. :cry:

Just use your standard state sale & purchase contract and do a double closing A-B and B-C. Find a private money lender for the A-B closing. Add an escape clause, if needed, where applicable.

Some banks do not like to see an option contract.

Don't let a Bankruptcy stop you. If the property is upside down, then you still can have a deal.

A lot of times the mortgage company will request a motion for relief from stay, in which the property will be removed from the bankruptcy, due to the fact there is no equity (negative assets). With the motion granted, the mortgage company can proceed with the foreclosure.

If the mortgage company doesn't make this request, you can. Just contact the trustee of the bankruptcy and request an "Affidavit of Abandonment for Real Estate & Asset". Have your short sale packet ready, because the foreclosure clock will pickup where it left off.

Mine states:

"NOW, THEREFORE, for and in consideration of $________________ received as earnest money by Assignor and the balance of $________________ to be received by Assignor at closing of Contract for Purchase and Sale of Real Estate, the sum of _____________________________________ DOLLARS ($_______________), and other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, Assignor has assigned, transferred, sold and conveyed and by these presents does hereby assign, transfer, sell and convey unto Assignee all of Assignor's rights, title and interest in, to and under said Contract for Purchase and Sale of Real Estate."

Don't forget photos too. Take pictures of front, back and interiors, plus items needing repair. Also, pictures across and down the street to show the neighborhood.

If this is a wholesale deal and your assigning the contract, then you normally record a "Memorandum of Agreement" to cloud the title.

As stated from others and simple, just join your local REIA (Real Estate Investment Association) and get the contracts, training and buyers there!!!

I'm a bit confused, are you doing REO's, homeowner Foreclosures through another wholesaler, or through a Realtor? There is no other time I would expect a homeowner to ask for an escrow.