All Forum Posts by: Alex Locklear

For those that have worked short sales that are already listed with agents, how have you handled the commission part? If it's already listed and you plan to relist on the B-C transaction, isn't that a ton of commission?? (potentially 10-12%?) or are you simply adding your name to the listing agreement already in place?

How are you getting agents to agree to add you to the listing or let you re-list in your name? Seems like a daunting task.

Thanks

No one's done a VA short sale?

Can anyone explain how a VA short sale is different than any other one? What % must the lender net?

Jeff,

I believe a lot of people (including myself) like the postcard route. Of course, some do prefer letters. The post card in my opinion sort of forces them to read it or at least grabs their attention.

During the start of the foreclosure process I'm sure they are receiving all sorts of mail and the last thing they want is to open another letter from someone they don't know.

I am working on a couple of short sale deals as I type; getting the leads aren't the hard part. Getting them to work with you, collecting all the documents, and actually negotiating with the banks is what can be tough.

As far as getting leads, definitely do some sort of direct mail to NODs. Also, if you aren't afraid to put out bandit signs...those will get your phone ringing as well. But be aware of the sign police too....oh and you should get a mentor. Or someone who's at least done a deal or two who can hold your hand practically and walk you through it all. There are some on here that have tons of experience with shorts. My mentor sure is doing a hell of a job with me...

Good luck!

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What is the difference in paper work between a conventional loan and an FHA loan?

What is a simo?

I got a great short sale lead today and I thought I'd take a minute to share how I got it.

From the list of NOD's I've gathered in my county, I searched about 10 owners names on facebook (Just did 10 to try it out). Much to my surprise, 6 out of those 10 people had a facebook account (and I know they were the right people because they were in the same network as myself).

Real quickly I sent each person a quick message, simply letting them know that I saw their property was in the process of getting foreclosed on.

I've already had one person respond to me with their phone # and requesting me to call ASAP.

Of course if you plan on doing this and to more than say 10 people, I would make a separate facebook page than your personal one. I'm assuming some people will report you as spam and could possibly get your account terminated.

Just thought I'd share this little trick! Hope everyone has a rockin week. Let's do some deals.

Keep looking...you live in CA...I'm sure there are a few title companies that understand double closings.

Justin, great detail!!! I'm sure there are tons of people who are interested to read what you have just shared. Good information!