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All Forum Posts by: James Ward

James Ward has started 14 posts and replied 636 times.

Post: Wells Fargo

James WardPosted
  • Real Estate Investor
  • Ocala, FL
  • Posts 742
  • Votes 463

Dustin,

Several of us have explained a few different ways. You can find the info on....

http://www.biggerpockets.com/forums/103/topics/46971-wells-fargo-short-sale-addendum

H Mann,
Yes, almost everytime we negotiate with Wells, we use the same negotiator. This also allpies to most every other Lender.

Post: R they reserving the right to pursue?

James WardPosted
  • Real Estate Investor
  • Ocala, FL
  • Posts 742
  • Votes 463

I agree wiht Scott, it does not state that they will come after any deficiency.

And it is imperative to have waiver language in the Letter.

Post: Wells Fargo

James WardPosted
  • Real Estate Investor
  • Ocala, FL
  • Posts 742
  • Votes 463

H Mann,

We work with Wells Fargo on a regular basis. We find them to be one of the more eaiser Lenders to work with. The key to Wells and other Lenders is to use the same Negotiator whenever possible. This saves time and efforts.

We have not had any issues with the 30 day no filp rule. But it is due to how we approach Wells.

Post: Short Sale Negotiation Videos

James WardPosted
  • Real Estate Investor
  • Ocala, FL
  • Posts 742
  • Votes 463

We are presently making sure that we have all the releases signed that we needed. We do not want to publish any recorded sessions, without proper approval.

They should be published on the BP Blog section very shortly. I will place a link on the thread when I publish each video.

Post: What to look for in an RE Agent for short sales?

James WardPosted
  • Real Estate Investor
  • Ocala, FL
  • Posts 742
  • Votes 463

Kyle,

That is one of the BEST ways to make sure everyone is on board. It also, in a very short time, will allow everyone to get out all questions and doubts.

Glad things are working out for you. Keep posting your success for the BP Nation. This will assist other new Investors in understanding the processes.



Post: Favorite Investing technique?

James WardPosted
  • Real Estate Investor
  • Ocala, FL
  • Posts 742
  • Votes 463

I stick to Short Sales. I find the process very fun and not only enjoy the money, but also like the feeling of helping someone out.

Post: Wells Fargo Short Sale Addendum

James WardPosted
  • Real Estate Investor
  • Ocala, FL
  • Posts 742
  • Votes 463

Great to hear Alex!

Close it, make some money, and keep repeating.

Post: Why do only 35% of short sales close?

James WardPosted
  • Real Estate Investor
  • Ocala, FL
  • Posts 742
  • Votes 463

Reasons Short Sales do not close:
1) Incompetence
2) Impatient Parties
3) Ignorance

I could go on and on, but I guess you get the picture.

Post: Where to find reliable short sale leads?

James WardPosted
  • Real Estate Investor
  • Ocala, FL
  • Posts 742
  • Votes 463

The most reiable leads you will find, is to directly market to the property owners.
This will enable you to have full control of the transaction.

Post: What technique are you using to get paid on a short sale?

James WardPosted
  • Real Estate Investor
  • Ocala, FL
  • Posts 742
  • Votes 463

Jana,

You sound really confused!

There is NOTHING that states you can not make more than 20% from FHA. The regulation states that if the Seller is selling the property for more than 20% of what they purchased the property for, the property MUST have a 2nd Appraisal and an Inspection.

If you are not clear on this, read over the FHA guidlines again.

But, do not limit yourself.