All Forum Posts by: James Ward

Tom,

A few items:

1) Make sure that you disclose your intentions to immediately resell the property in your Purchase Contract.
2) Make sure a documented demand for the Liens to be FULLY released is also noted.

Be prepared to take a stance on both of these items. If needed, have an attorney make direct contact to the Lender(s) stating the above referenced items. And make sure the Attorney has the knowledge/ experience in getting these items correctly addressed.

Be prepared to:
1) Walk away if your Purchase Contract is attemtped to be altered.
2) Buy and hold the property as needed.

Hope this helps.

Scott,

We received an Acceptance Letter on 17MAY10 from Citi. The verbage you described was NOT included in the Letter.

A side note- Citi was only servicing the note.

Great explanation Steve.

You need to make sure you have a copy of your LLC Docs. It is also wise to supply a copy to your Title.

Bill,

No one is talking about REO's. We are talking about Short Sales.

As for your rental idea, it is not prudent for most Short Sale investors. As their business plan is to immediately resell.

As for addressing these types of items, well, I can speak for myself and Scott when I say these items are addressed multiple times thru the process.

Sean,

Go directly to your County for the info. Some counties put the info online, some you will have to go to them.

If you do decide to use a Listing Service, try them out on a trial basis. And try several different compnaies. Compare to find the best for your specific location.

Very interesting Scott.
We have received 2 in the last couple weeks from Citi. I did not see that specific wording on the Letter.
Was Citi just servicing?
Have you directly requested for that language to be removed?
Please keep us up on how this turns out.
Also, I will post the next time I get a Citi.

Thanks

H.M.,

You can change the Purchase Contract anytime you and the other party agree. But, that does not mean the Lender(s) have to approve that newly changed Contract. Also, the Lender(s) will sometimes act like they must totally review the entire Short Sale Package all over again, with a changed Contract.

Now, as for the BPO's. Lender(s) can and will order them many times. I have negotiated a Short Sales where 5 BPO's were ordered.

As for your offers. I have written many many times about this. You MUST justify any offer that you submit to the Lender(s). The better you justify with documentation, the better chance you have of the Lender(s) realizing your offer is worthy.

I hope this helped.

A few items I need to address:

1) Josh- This site ROCKS! Even at BiggerPockets worst, it still kicks ALL other REI sites A**!
2) Thanks- due to the down times, I have been able to accomplish more things. Since this newly found "free" time, was all the time I spend on here.
3) Another Thanks- for always keeping us posted on what is going on with the site.

Thats about it for now.

Modern Day Socialism.> Cause

Free Market Capitalism.> Answer

Short Sales like most every other type of businesses are ever changing. To be profitable, you must keep up with what is changing.

Are Short Sales easy? No. There is no simple, magical formula. But, if you work and learn, there are very profitable.

James