All Forum Posts by: James Ward

Herb,

If you are planning to conduct business in Short Sales, make sure you are aware of the Lenders that put "hold" contigencies on their Acceptance Letters. Either stay away from those Lenders, or be prepared to be able to work to assist in getting such contingencies removed.

As for getting the "hold" removed. It is not impossible, but it is VERY difficult. Their are more and more professional Short Sale Negotiation Companies that have found the "way." To accomplish this, you MUST have your entire Short Sale Package set up to assist in the procedure.

Another way is to plan to hold a property if needed. This can be accomplished by setting up Funding from the start. Meaning, you need to find a Lender that will be able to provide the funding. Make sure while you eveluate the Property, you calculate these holding costs. (You might just find that the holding costs can quickly eat up any profits.)

Hope this has helped.

Congrats Justin!

Kelly,

I think your time and efforts are better spent justifying your offer. Make sure your are able to completely show any and all discounts to what your perceived Market Value is currently.

Here is my opinion, since I was personaly asked.

Can it be done, in a round about way maybe.
Should it be done, no it is not worth it.

The only way, I would advise is to do the following: Get an Attorney involved. Get the Attorney to "act" as the Buyer and have the Attorney rent/ lease back to the wife. If and it is a BIG if, an Attorney is willing to be party, then do it. But, I would NEVER be a party in a transaction like this. (And I have been asked literally 100's of times.) Let an Attorney take the chance.

Hope my opinion has helped!
James

I am glad you decided to chime in Scott. I find it really funny everytime it is expressed that the services are "free" or even "paid" by the Lender. No one ever takes into consideration who actually brings the money to the table.

I knew this thread would be interesting!

I find it a necessary fact that the Real Estate World have BOTH, Investors and Realtors. To say one is "better" than another is a false statement. Both have different objectives.

Wait!

I know that is not what you wanted to read, but that is an answer. If everyone waits, all parties will become "better" borrowers. Also, they can save up money and come to the table with more of a down payment.

I was all prepared to give an answer, and like so many times, Scott has already given a great answer.

So, follow the advice that Scott gave.

Figure out what the property is "worth" to you, and submit the offer.

Remember: The Lender(s) will also formulate a value on the property.

So, make sure you are able and prepared to justify your offer.

Kristian,

Most Short Sale negotiators can get the "fees" paid, as you put it, by the Lender. So this action is not really revolutionizing!

As for the actual "fees", how much are they charging?

Another item you mentioned is the Realtor commission. Yet again, I know most Short Sale negotiators can also get the amount agreed upon in the Listing Agreement.

Now, another question. What "legal services" are being provided to the Sellers?

Thanks!