All Forum Posts by: Andy Chu

This is a perception of value thing. If the clearance aisle at walmart sales 99% off and when you get check, you only get 98%, then would you still feel like it's a good deal?

From the buyers perspective, there's no such thing as okay to pay more. It's, just imperfect information.

My suggestion is that if you want to list below the appraisal, then show the appraisal, otherwise, it can only hurt you. Just my 2 cents.

Learned more from this convention than any other 4 real estate conventions I visit a year!!!

Many of our clients are the banks ( helps that we are the foreclosure capital). Most banks hire asset managers and they each control 200+ properties in different geographical location with different local customs and rules.

Long story short, whatever your offer is and verbiage, we send it to the bank with this basic set up.

Sales price
Closing costs requested
Home warranty
Repairs
Actual close date
Due diligence
Financing/cash
Earnest money deposit

These are the basic terms of any real estate contract. The rest of the verbiage goes by the wayside because the bank will send bank addendums that will supersede any local state contract or attorney drafted contract.

Hope this helps

All an assignment of contract does is swap one buyer with the next. It is not a special type of file in the eyes of title. However, with that said, the seller must agree with the swap and typically bank owned properties and short sales do not allow the swap

You can also do something called an assignment. This assigns your right to purchase the house to another person for a price as you so choose.

Assignments of contracts are not used very commonly anymore due to title companies (West Coast) not willing to take on these transactions. Also, short sales and REOs typically prohibit these contracts as well.

If you can find a seller willing to allow you to lock up the property with minimum Earnest Monies and allows for an assignee clause (Buyer and/or assignee) for an extended period of time, then it can be done.

Best of luck!

Have you thought about offering 58K to purchase the note? No agents get paid at that point, but the second is still in second position, foreclose on the property (since the original loan was 138K), and if you get the note, waive the deficiency to the borrower and the 2nd (Citi) gets wiped out.

I tend to stop buying around August through October. The reason being is that comps tend to be highest its going to be for the year, therefore people tend to overpay. Starting November I start hitting the market hard because, there just arent that many buyers.

I dont know what it's like in other markets, but I assume Utah up there with where I am in Vegas. Once an NOD has been recorded, every realtor sends letters. In fact, in our area, once an NOD is recorded, I usually see 40-50 letters about NODs. That all becomes junk and information overload.

Have you considered teaming up with a BK attorney? How about a modification company? Once the BK is done, they still have incentive to short sale, they can sometimes get cash for keys or relocation assistance upwards of 3,500 to move out.

In regards to modification companies, those are next to impossible to go through, and once they do, the borrower's chances of going into default again is over 50% in the year afterwards.

Just a thought!

Any acceptance of tender will be considered rent in full in the eyes of the courts. Be very careful of accepting any monies. If you are okay with $675 and want to leave it status quo, that's fine. But remember, if you accept even a penny, and try to go to court for the remainder, the courts will see it as you accept the legal tender as payment for the month.

Just food for thought.

Documentation could also be as simple as sending a friendly email reminder. See example below

Dear ,

It was great to talk to you today. Per our conversation, this is a friendly reminder that you will have a inspection on September 21, 2011 at 5:00pm. See you then.

Sincerely,

Landlord

Other things that have worked well is to include air filters and smoke detector changes in the lease. That way's its a friendly way to go into the property and see how it looks while doing minor maintenance.