All Forum Posts by: Justin Pandelo

Taz,

Legally, anyone can raise an objection to anything. Ive seen lenders lose their interest in properties where the homeowner makes a windfall, and it was all legit in court. That was with inked sigs, so the real problem with the legal questions here really boils down to good old CYA.

The article states here:
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4. Legal certainty and protection
Businesses that implememt procedures for complying with sections of the ESIGN Act have some assurance that they have obtained consent and provided electronic documents in a manner sufficient to make the electronic transactions legaly valid.
In addition, they obtain information to show that the record they provided could be accessed by the consumer. As a result, the consumer consent provision may protect e-commerce businesses from baseless legal claims by providing an electronic or paper document trail of the transaction when disclosures or other records are provided electronically to consumers.
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Your original comment was that the contract cannot be enforced in court when in fact it can. Its the actual recording at present where issues still lie.

I'll post here over PM to make it easier for others with your question.

I have Adobe Acrobat 8 Pro. When I have the signature line on my screen in a given PDF, I got to the menu at the top.

Tools-->Comment & Markup-->Pencil Tool

Then I just sign holding the left click on mouse and manipulating it like a pen to sign on the line. A stylus would make it easier though. After I save the PDF, you have to print it to a new pdf using Distiller. That last step is so those not in version 8 can see the newly signed signature.

Jason, you got good taste. I'll tell Mitch and Murray to send you the good leads. ;)

On a serious note, all my listings are signed in PDF using acrobat. All my contracts are agent executed using the same. I love it and want to expand it outside my REO deals.

Taz is wrong, see here:

http://realestate.about.com/od/representationagency/tp/esign_act.htm#

I hope to be instituting this in my licensed sales work as well as my investment career. My REO clients primarily utilize email, pdf, & internet portals. Electronic signatures are common in CA. They have had whole paperless closings there (mortgage, title, & real estate). VREO is a company that specializes in this market. If this was not legally binding I wnder why they do so well.

Good luck with your career, & keep us posted on your success with the setup.

Lance,

I was hoping to speak with you after the holiday weekend. I am an REO Broker for GMAC Homecomings and have already made inroads to get points of contact in the Bulk REO Dept which I would imagine is the same people you are talking to. I was trying to also get someone to speak with at EMC, HomEq, JPMC, & Deutsche for buying notes. If you have any info on contacting the latter companies "note brokering" departments, I would be greatful if you could enlighten me via PM. Great info above man. Makes me glad I decided to get more involved here at BP. Have a good holiday weekend.

I live in Marlton, and am an REO Broker. I am looking to begin my investing business in NJ. I setup my own LLC and am currently looking for mentors and partners. I see alot of my investing clients making money and I want in too. PM me and we can network if you like.

I am actually a member of Network 2.0 which meets in Garwood once a month. Newbies are welcome, food/dinner is served, and best of all there is no charge or fees. Excellent connections, great speakers and plenty of education. I definitely recommend them.

Their meetup info is here:
http://realestate.meetup.com/1174/

I am not an organizer of this group only an attendee. Like I said its great for newbies.

Thanks Ryan. Very good information. Definitely working on the networking very successfully actually. I have picked up great leads from a NJ Networking group I attend (Network 2.0). Great information for free with a great spread for dinner and the contacts I have been making there have been top notch. I am looking to compliment my "in person" networking with the online as well. Look forward to seeing you on the forums.

Thanks guys, look forward to exchanging info in the near future on the forums. Thanks again for the warm welcome.

Hey all,

I have become a pretty busy REO Broker here in NJ and am up to my ears in GMAC defaulted properties being listed across the great state of NJ. Gotta love having a RE Lic & Investing. I had a question on the possibility of buying a junior lien and I must admit I am unsure where to start. I have a regular resale/non foreclosure/non ss listing for $2.5M & change. It is pending foreclosure sale on a month to month basis as it is in a forebearance agreement currently. The 1st is close to $900k and the 2nd is around $232k. I have come across some interesting reading but am unsure if I can use the strategy here. Looking to buy discounted mortgage note on the 2nd which is 2 months behind and pending foreclosure late September. No adjournments by owner have been used yet. Was going to see if I could buy the 2nd through my LLC (formed after using great advice here, thanks BTW) at a deep discount, and then obviously be compensated for the full $232k default amount at closing (have a potential offer coming in soon). Was hearing many 2nd position lien holders will sell their position off last minute thinking if the 1st forecloses they lose it all. Wanted to apply the strategy here. Bonus is collecting a commission on this of 3% on top of that. Is there any chance I can make this theory a reality? Also who in EMC would I contact? Or would I contact JPMC? Which Dept do I ask for? Need advise quick, please help me guys/gals. May even sweeten this with a consult fee for anyone willing to step up and mentor me through this process. Thanks again to all for their previous great advice here.

J