All Forum Posts by: Brett Goldsmith

@Wayne Brooks Great point, I do see both sides of the coin. As a listing agent you want to do what you can to harden the buyers money as I do agree too many buyers by their actions directly or indirectly end up screwing over sellers in a ss.

Some agents will want escrow open prior to short sale approval. This is either due to them wanting you to be more committed to the deal or lack of experience. I generally do not have escrow open until the short sale is approved with a minimum of the 1st mortgage. There's nothing wrong with opening escrow early but it's not something I would generally prefer to do.

In the scheme of things short sales make up a small amount of overall sales. Plenty of borrowers who were modified with underwater loans are redefaulting. At times borrowers are only short after closing costs or due to extravagant delinquency and foreclosure costs. I'm involved in quite a few short sales right now in LA county. The subject 2 opportunities can arise with borrowers in foreclosure and who have equity and at times a win-win scenario can be worked out.

Plenty of short sales in LA and some creative sub 2 opportunities with borrowers in foreclosure. 

Reverse mortgage short sales are possible. Strict HUD guidelines. Generally want 95% of their appraisal.

Let's talk about their situation and what kind of partnership you are looking for. Private Message me.

I love buying short sales. You need to be patient and disconnected as things don't always work out, but when they do, it can be a great opportunity! Pros are that you have a shot at getting into a property a discount depending on the banks value of the home. Cons are that short sales can be complicated transactions to complete, timely, and you may be left in the dark as a buyer with poor agent communication. You need to know what you are getting yourself into, so I'd ask how many liens are on title. If there are judgments, tax liens, etc, you will want to consider lowering your offer as you may need to contribute towards settling that debt. 

Welcome @Josh Wallace

If you're interested in targeting homeowners in foreclosure in LA county or ever have any questions about the foreclosure process or work out options mortgage servicers offer borrowers, let me know. I'm always looking to help where I can and create win-win relationships.

Congrats! Some are more stressful than others. Once you can see red flags and the forest before the trees it makes them less stressful as you have s better idea of what you may be up against. Just call me next time and it will be less stressful, I'm in the business of solving short sale headaches !

Is one able to pull lists of borrowers who have obtained a loan modification?

Finding a borrower who is in foreclosure and who has equity can prove to motivated leads. 

Most people who receive loan modifications have little to no equity. At times when borrowers have too much equity, many investors will deny them for a modification based on that factor alone. The mortgage servicers / investors thoughts are that they may as well just sell the house and pay them off. Check out the statistics on defaults on borrowers who have been modified they are incredibly high. A modification is a band aid to many borrowers which gets ripped off when the ARM adjusts. Many times borrowers barley qualify for a loan modification in the first place and they are "playing" with their numbers to paint a more desirable financial picture of themselves then what truly exists.