All Forum Posts by: Christopher W.

I'm still new to short sales but how can they enforce this? Once I close on the property it's none of their business what I do with it. Why do they care if I resell within 30 days or even 30 minutes of closing?

So according to BofA, we would have to hold on to the property for 30 days before flipping the short sale? I guess that means no transactional funding. But if I had private money and didn't mind holding the property for 30 days, then everything would be fine?

Oh, I forgot to edit that part of my post out. Anyway, my question still stands. I thought that most lenders don't like to see land trusts?

I'm not a lawyer either and I asked this question a few days ago. The portion of the law that I find interesting is bolded below:

2945.1. The following definitions apply to this chapter:
(a) "Foreclosure consultant" means any person who makes any solicitation, representation, or offer to any owner to perform for compensation or who, for compensation, performs any service which the person in any manner represents will in any manner do any of the following:

Because short sellers are not charging the homeowner any fees, I don't believe this applies to us. I guess only time will tell, though.

I have heard of this method, but I thought that most lenders would rather see a standard P&S agreement rather than a land trust? Obviously I know that it is up to the individual lenders what they accept, but shouldn't we apply our practices to the lowest common denominator?

I found this site a few weeks ago while researching as well. I have been on almost every day since then reading and taking notes. So much great info and so many great people!

Ok, good to know! thanks for all the replys!

Really? That is interesting. I was always told the same - that local smaller companies are better to use. I know that Foundation Escrow here in San Diego does back to back closings. I don't know if they work nation wide, though.

I have a question about the July 2009 law regarding California Foreclosure Consultants. If we are talking to homeowners and negotiating a short sale for them, does this law apply to us?

I read the law and the only thing I can think of is that the law specifically states "perform for compensation". If we are not charging the homeowner any fees, then this should not apply, right? It seems like this law was written for people doing loan mods.

Just wondering what other Cali short sellers are doing out there!

I figured it would be a conflict of interest if I were to be representing the seller and collecting the profits from an eventual resale. So I'll keep my investor hat on!

I also read on another post that most lending companies won't pay any commission if the agent is also the investor. I don't have any experience with that, but it seems to be more profitable to be an investor rather than an agent in short sales.

But then what if we get leads that are not from Realtors? Can I represent the sellers as a listing agent and then collect both a commission and the profit from the flip?