All Forum Posts by: Maryann L.

I think Will is right. The term assist works much better than influence. I've had quite a few agents THRILLED I was able to pull real data/comps (well not me but the listing agent) The listing agents who get how the process works are happy to provide the data for the BPO agent. Does it matter if THEY give it to the BPO agent or I do? I guess because I'm an "investor" or "flipper" there is that dark cloud something underhanded is going on.

I like Flip This House myself. To me, anything else is a knock off.
As far as "regular homeowners" wanting to get into the game? Good. We all worry about potential competition, but let's face it, there's plenty to go around right now. I think it take serious determination to really turn it into a business. People drop in and out of this give it 6 months, maybe a year and when they don't make millions drop out....happens a lot. I figure if you have the gumption to stay with it more than 2 years and really work it constantly, then you have a chance of making money and surviving. People think it's get rich quick, and it's not. PLUS, there is SOOOOOOO much to know and my first deal, I'll tell you, I barely am breaking even on to this day. I made POOR decisions and am still holding that house for income, and well, I learned from those mistakes. :D

I'd be interested in this too.
You may want to move this post to the MARKETING forum. You might get a better response.

We disclose almost everything. On the B-C we have a contingecy that states a short sale is being performed and the sale to the C buyer is contingent upon the successful negotiation and release of the note. Of course we don't let on what we bought it for and the first time ever an A seller asked me what price the bank accepted and I told them, but I guess if they ever asked what we resold it for, I'd probably say I can't disclose. Always when I think I might be prepared a 1st time situation pops up.

We do it the way Nick does. Right in my purchase and sale it says I can market the property for sale. If for some reason we can't get the price we want or can't get it to close, we may have to back out and go A-C directly, but that rarely happens.

My acceptance of C's offer states it's contingent upon sucessful negotiation and approval of a short sale.

We hit the local REIA's and ask for 5 minutes to speak and outline to those in the room how we work and how we pay them for referrals. We usually pick up 2-5 people a meeting.

Hmmm...interesting. I have an agent that brought me information on a 6 unit property. Nothings happened yet, but I wonder the difficulty.

Technically a duplex would generate profit from rental income, and I've never had a problem with duplex properties. Although I haven't done anything bigger than a 3 unit either.

Hmmmmm...

Dee,

It's likely the BPO agent had NO idea you were even involved in the short sale transaction. If the bank called the listing agent and the listing agent called the BPO agent, the BPO agent has no idea who you are.

My gut reaction is PASS on this property. Most likely you won't get the price you need to make any $$.

You can take a chance and call the lender to find out what the BPO came in at (not that they need to give you that information or will) but once you figure out, you'll know if you can still make money on this deal.

In my area BPO agents have told me they have 48 hours to submit back to the bank.

James, What constitutes a commercial short sale? 5+ units? OR do you mean commerical type buildings....

I would make sure you and the listing agent are on the same page. Basically that the listing agent realizes you're trying to buy this property at a deep discount and can back you up in that. If they aren't on board, it will make this BPO very difficult if the listing agent goes to the property.

I think the listing agent was called because the bank maybe didn't get clear information that you're in charge of negotiating (are you?) - If that's the case I would call the lender and cancel the BPO agent and reschedule.

I'm not sure what you mean by "use it against them" - If you don't show up at the scheduled BPO, how are you going to use that against them? THey are doing their job.

They need clear instruction that YOU are the one to be the contact and that you'll be the contact for the BPO.