All Forum Posts by: Doug Haisten

What is the "Equator" mentioned above?

So Jon, ,with you making so many offers, you must spread these over a large number of listing agents. How do you get the LAs to submit that many offers that don't get accepted? I have trouble with agents not wanting to take my offer because "they know the bank won't accept it unless it is closer to list price".

I see people doing postcard mailings and see the benefit of the recipient seeing the verbiage without having to open an envelope. However, how do you word the card without mentioning "foreclosure", "deliquent", or "loose your home"? With a postcard using those words or similiar would be airing out the laundry and make people upset I would think. Or do the cards say only about buying houses any condition type verbiage?

Doug

Thanks eveeryone those are good points. I need to find a site for California similiar to the one Wheelhouse gave me for Arizona, print out the pertinent verbiage so they can see what happens after the short sale. I will have to be careful to emphasize I am not giving tax or legal advise though and stress they need to seek legitimate consul.

As to apathy, your right. Way too many other oppurtunities to go rather than waste time on someone content to go to foreclosure.

Doug

Lately I did extensive reading (here on BP) about the whole deficency issue.It seems California, where I am located, is a state that doesn't allow for the mortgage companies to go after the home owners that go through foreclosure or short sales. That being said, I am still going to seek attorneys quidance here. As the saying goes "what the large print giveth the small print taketh away"! Since my purpose it to a large degree helping people I don't want to give them bad information.

When faced with a situtation such as Alex's and banks that have dug their heels in on the flipping wouldn't the most expeditious course of action then be to go right to the A-C and get a fee from C.

I am just starting to pursue helping people facing foreclosure (in California) get out from under that "weight". Assuming they are unable to get a modification and unable to make up the missed payments and fines/fees they will benefit by:

1 Not being embarrassed by a foreclosure
2 Getting out from the debt of a property that has grossly
devalued (upside down)
3 Will have less impact (on their credit) than from a foreclosure
4 Won't need to worry about a deficency judgment
5 No out of pocket fees for selling the house.

What is the possible "upside" to not taking short sale?

Doug

Speaking of taxes, on a SS does the homeowner have to pay income taxes on the amount of the loan the bank discounts?

Im just starting to look at short sales. In southern California the MV of the property is substantially less then amount owed, sometimes $150K and more. Are mortgage companies discount those amounts? Even so, I can't buy and make money if the lowest the banks goes is the MV. I quess I am asking how is the offer price arrived at.

Doug

Will is right about establishing relationships. I used to do that in life before real estate when I was in the construction trade. Juan is right to in being persotant. I met with another listing agent today and the results were absolutley favorable. i discussed face to face my business plan, buy and sell philosophy, cash offers with no contingencies, and exactly the type properties I am looking. I feel highly confident I will be able to work with him for getting some early notices on properties. I was surprised though to hear him say that at this point in time the 70% of ARV minus rennovation is not working with the mortgage companies (around here anyway) right now. Still, there is alot of experience and knowledge from people in the forums of BP.