All Forum Posts by: Eric Mieles

Maryann ICANN respect what you and and obviously your passion in doing it. As I said I love the art of investing and love that people see oppotunity where others don't.

I know that the basis of this post was whether or not it's legal and I know that there are good things that come from certain investors that benefit our market. However my response was in where the conversation went off with Minna and others (you included) and in seeing it from our perspective as short sale pro's.

I commend you for all that hard work and sticking in the deal and I agree on certain deals where rehab work would not be done by anyone else other than someone with an investors mindset and capabilities to get the job done helps. However what about homes where investors are just fishing for the big discount and the flip, the homes that have to be reversed staged to try to get a low ball offer accepted, processed and negotiated all so someone can get a hefty discount and flip it the same day?

I still don't see where the value is for the B person in this. I can only speak for my market but literally I can almost put any listing on the market today and will have a multiple bid situation this weekend. If I can do that and get a homeowner who will pay market value and be my end buyer why the need for all of the other stuff? Now let's see in the case the house is not in condition to be sold to an end buyer who can't qualify for FHA or conventional financing due to the condition then absolutely you shoot for a discount and work with an investor to do all the greT things you mentioned you would do.

As a short sale guy I have multiple deals and can send you the HUDS where I negotiate and KEEP and willing and able end homebuyer all the while negotiating stupid water softener liens....lol, HOA's who are stubborn, 1st, 2nds, child support judgements and a host of everything else to get to the finish line.

It's what I do and at the end of the day the results are just as you said.....seller avoids foreclosure, buyer get s great home, bank moves on.

So I can't Agree that you guys with this flip same day technique are always bringing value to the market. It just isn't so!

I read every single reply and I must say that know one really answered Minna's question in "what value does the investor bring" in a a-b-c close.

I have over a 100 ss in my office and it's all I do every single day and my focus and goal is to save my community and market from foreclosure. So in staying true to my mission and commitment what service am I providing buy having a same day flip transaction?

A couple were very quick to mention they bring cash or a sale or save the homeowner from foreclosure however know one shot back to the fact that a great short sale agent can get that done themselves with an end buyer.

For a great listing agent to take a listing they will commit to marketing, processing, negotiating and ultimately getting an approval. Why would they want to do all of that work that a short entails with an offer that's 60c on the dollar only for A.the lender counters to a price you will walk from B. They have to reinitiate the whole file once you bail C. Risk the seller getting hit with a larger deficiency/prom/cash contribution that I highly doubt you'll contribute to. All when they could have priced it right, marketed it effectively and potentially avoided all that mess.

I actually don't want an offer on the 1 st day. I start real high and graduallydrop my price so that I can show I tried my best to get as much money for the hose as possible. I send in my listing history and once I drop to a place that commodes offers I know I've hit market value which is what now can convey to the lender.

Don't get me wrong I love the art of investing and investors who see a world where others can't however I just don't agree with this one and it seems to only make sense for 1 group everyone else gets a little less.

So Donovan will anyone contribute to make up the difference and keep the deal alive?

Donovan yes you can try getting the difference and contributing to make up the difference for the 2nd. Sounds a little strange in what your going through with Citi. There one of the big boys and I have lots of files with them. Never have had it go like that.

Question did you prepare 2 different Huds for your packages to each lender? Just in case for future you will always want to prepare 1 HUD going to the 1 st with averyhigh amount showing to the 2nd and on the 2nd HUD you will show a very little amount going to them (2nd) this way you hope to fall in the middle which is where you wanted to be in the beginning.

1st HUD $7500 going to 2nd
2nd HUD $1000 going to2nd

Both agree to $3000

Yes please be careful selling it to anyone they can trace back to you. As Michael said you will have to sign an arm length affidavit and in violating the terms it could be considered fraud.

Hi Meagan im in Orlando and run a short sale processing company and we do it at no charge whatsoever. We jusT ask you use our prefered title partner. That's it. Message me if you would like to talk more.

Evening guys. I'm a newbie to the site however I run a short sale processing company. Many people don't know how important it is to do a thorough discovery up front and find out if there is a MI company involved. They hold the keys to the kingdom and have the last say.

However there sole goal is to recoup as much as they can. In doing so sometimes they will accept a reduced amount in the. Form of a cash contribution or prom note. Have you countered at all? Is there anyone in the deal willing to contribute $500-$1000?

Try fighting a little bit offering something very small. We have had luck on getting some reduced down allowing us to move forward and close however on others sometimes MI companies wont budge. Good luck!

Actually Homer believe it or not BOA has made tremendous strides in their handling of short sales. In a recent survey they were ranked one of the beter banks to do short sales with and several other lenders have fell behind.

Traditional short sales have sped up while initiating a short sale via HAFA has been horrible. BOA will use outsource companies such as LRC, AMS and UTLS to handle the huge demand of HAFA requests.

Part of the problem will also be inexperienced agents/negotiators handling the files for you and not doing there due diligence up front.

For exampleletssay your waiting on a deal to happen and the seller is going thru BOA HAFA and the agent/negotiator has submitted full package, has kept up equator tasks, been updating everyone only tone 4 months in and get HAFA approval yet didn't check if the loan had PMI and the PMI company does not participate in HAFA. All efforts went for nothing.

Here in lies the problem and thus time delays, frustrations and no deal!!! I strive to learn as much as possible and go through a discovery/due diligence period on all short sales upfront.