All Forum Posts by: Ted Akers

Steve,
Sorry, yes I did misread it. As REO inventory builds maybe these guys and others like BofA will get a clue. Fees may make them feel better about their deal, but it will still boil down to a net price to the buyer.

The Short Sale Riches system has provided many starting investors with a good blueprint - one that not all realtors will buy into, but you do not need all of them, right? Enrique, monthly coaching calls are a good starting place but generally do not seem to provide detail. For both of these topics you may find as much detail browsing this site and asking specific questions, as there are a multitude of experienced short sale investors here.

Hello Jeff, and welcome to Bigger Pockets. This is a great site for both education and contacts.
To your success,

Good spreadsheet. What makes BP so valuable versus other forums is its members willingness to share.

David,
One more thought. You mentioned "someone" doing a cash close search for you. If a title company percieves you to be a full time investor they will likely run the list for you. They used to all run them for free. Many are starting to charge relatively small fees for their searches. As an alternative title will definately provide the list to a mortgage broker you might know and more likely at no cost or at least minimal cost.

Hey David,
JCC is right. Title should be able to give you the mailing address in addition to the subject property. Because these are cash buyers you can bet that 90%+ are not owner occupants, so your time spent in getting mailing addresses will be well spent. I do not have extensive experience with any of these to recommend one over the other, but here are some skip tracing links:

www.publicrecordspro.com
www.emailfinder.com
www.ussearch.com
www.intelius.com
www.peoplefinders.com
www.anywho.com
www.lycos.com
www.zabasearch.com
www.switchboard.com
www.411.com
www.reversedirectory.com – free
www.reversephonedirectory.com
www.merlindata.com - $.25 phone lookup
www.americanfactfinder.com

The Option Contract is effective for disclosing to all parties that you intend to resell and creates an equitable interest allowing you to market or list the property. Jodi, what has your experience been regarding banks accepting your offers when submitted under a land trust?

Nationally recognized attornies are fine with and promote double closings; but ALWAYS with the premise of full disclosure to all parties. Hiding any part of the transaction not only from the homeowner but also from the lender is where your potential problems can surface. California, Colorado, and most other states have enacted legislation to prevent foreclosure abuse and to require cooliing off or recission periods and more detailed disclosures. Much of that legislation focuses on people that advertise as "consultants" there to "help" the homeowner, when the intent is to purchase or flip. Suggestions from several seminars and webinars is to never advertise or tell the homeowner you are there to "help" if you are not truely performing a consulting function.

Double or back-to-back closings are being done frequently with Transactional Funding for short sale and REO flips. Many large title companies will not do them, but there are likely several mid-sized to smaller ones in your market that are comfortable with them. Check with your local Real Estate Investors Association for suggestions. Regarding your buyers funding, most wholesale conventional mortgage lenders will require 90 days seasoning, some longer. However, it can be hit or miss depending on the underwiter - same lender in one location says yes and in another location says no without seasoning. You can substantially improve your program successs by finding those that do not require seasoning. Your greatest liklihood is with portfolio lenders (not many left now), community banks, or credit unions. I have somewhat of a list if you would like to contact me.
To your success,

Welcome to another Colorado BP member and thanks for your service. You will find tons of experience and valuable advice here in the forums. There are innundating numbers of other forums and real estate mentor programs and techniques out there. Josh's advice is sound. Map a program of one or two areas to focus on initially that you feel are a fit for you.
To your success,