All Forum Posts by: Alex Locklear

I am real close to getting a verbal approval from Wells Fargo on a short sale deal I've been working on.

Today they sent me a couple of more items they need to move forward; one was a "short sale contract addendum".

One of the terms in this addendum states:

"The parties agree that this short sale transaction will not constitute appraisal fraud, flipping, identity theft and/or straw buying".

I'm stuck. Surely people are buying and reselling wells fargo short sales. How do I get around this?

Thanks in advance for any help!!

So no, my new found riches will be invested back into my company for marketing.

I'll tell you what though, even though $2170 is not a huge deal by any means, I can see how getting chunks of cash can quickly be addicting! Getting this first one only makes me want more and more...

Thanks so much everyone for the congrats and I'm so happy I have inspired some of you out there. I remember myself frequently coming to the "success stories" forum to get myself "remotivated". Deals are happening and people are making good $ every single day. Why can't you grab your part of it?

Find what it is that inspires you and let that be your guide. For me it is my 2 year old son, my wife, and my love of real estate.

1. What does grabbing the deed allow for? And when can I legally ask for it?

2. When listing the property, is the seller still the home owner at this point?

6) What is the intention of stating in agent remarks that the property has issues effecting title?

7) Same thing with public remarks and listing all of the negative things about the home...what's the point of doing this? Don't we want offers coming into us?

Thanks guys for all the help!! And Michael, can I do all of the above even if the owner doesn't want to give me the deed?

I don't know about the others, but I don't think it would necessarily be put on the MLS for loan payoff and costs of sale...it would be put on MLS where the real market value is...whether that be payoff or substantially lower, right? One problem I believe I see out there are agents listing properties way too high to begin with...

From what I was told the house needed to have a listing agreement. Not a specific type, but a listing agreement.

This was killing me...lots of lenders are asking for this. I've heard some will take the "it's a FSBO, you save $, etc" and some won't...the short sale process is long enough so I just want to comply with whatever they want.

Now to convince the agent...

Wells Fargo, as part of their package, wants to see a listing agreement that the homeowner has showing they've actively been trying to sell.

Should I have a realtor I choose to list the property for me, take the listing as an exclusive listing (pocket listing)? This way it's never actually put onto the MLS?

Then on the B-C transaction where the property would be listed for me, this is the one that would go onto the MLS and ultimately bring me my end buyer?

I have actively been trying to complete a creative real estate deal for well over the past 2 years.

I have read, studied, networked, marketed, and learned tons of information about the real estate/real estate investing industry. I think about real estate from the minute I wake up, until the minute I go to sleep. I eat, drink, and sleep Real Estate. It is simply my passion.

Up until yesterday (2/10/2010), however, I had made $0...ZERO dollars in Real Estate. I could not for the life of me put a deal from start to finish. I just couldn't do it.

I discovered the hard way (by losing out on a lot of good deals that were being thrown in my face) that I had a few issues that needed to be worked out if I was ever going to make some money. I determined the two main issues were: the lack of confidence in myself and the truth of the matter at hand.

A great mentor and highly respected individual, Mr. Nick Johnson, had a couple "heart to hearts" with me and also suggested a book called "Crush it!" by Gary Vaynerchuk. After reading the book, I knew it was time to take action. Time to "get out of my comfort zone" and do whatever it takes to succeed at my PASSION.

I quickly realized and overcame the issue of lack of confidence that was within. I think its safe to say that whatever you're trying to accomplish, if you don't have full belief in yourself and what it is your doing, you'll never be successful at what it is you want to do.

I also was able to determine what really was the truth at hand. The truth is, more often than not, we as investors are needed by home owners, agents, banks, etc. We HELP that homeowner avoid foreclosure, we HELP the banks get rid of bad assets, we HELP agents by doing short sale negotiations, we HELP tired landlords by finding a buyer for their property that needs 15k in repairs. We are needed, legit, and important in the real estate industry.

I know this is getting long and starting to sound like a motivational speech by a guy that has done 1 deal, but I just wanted to let those who haven't completed a deal yet know, DON'T QUIT if it's truly your passion. If this is what you want to do, do it. If you haven't gotten that first deal, I promise there's a light at the end of the tunnel...just figure out the issues within that are stopping it from happening.

Details of deal:

It was a wholesale deal, where I found a seller willing to accept 70K and a buyer willing to pay $72,170. I assigned the contract for $2,170.

Many thanks to Nick Johnson for helping me out, Alex Joungblood, and Justin Schnettler.

I hope we all do what it takes to be successful in 2010!!! :cool:

Okay thanks for the suggestions.

My final intention is to actually have the property listed for ME, once I have a contract submitted & negotiations have begun.

If I'm telling them it's going to be a FSBO, but then I turn around and list it once under contract, couldn't they come after me for doing this?

Bill-

Thanks for the reply. I have heard that before that the banks can't make the owner list it..since technically it's still the seller property. But how do you go about telling the bank that? Should I just stress the fact that I'm a CASH buyer and a realtor is only going to add more fees?

I am going to use a realtor to list the property for me on the MLS once everything is submitted to the lender.

I'm working with a seller and her lender wants to see a copy of the listing agreement. At this point, there is no listing agreement.

How should I go about this? Should I find the realtor I'm going to use to list the property for me and have them sign a listing agreement with the seller for my offer price and then later change the listing price? Or should I have the listing agreement signed between me and the agent for my offer price?

Any help is appreciated!