All Forum Posts by: Dave P.

I was actually impressed with Stewart. He rocked Cramer.

I'm no Cramer fan, but come on. That's like beating up a six year old. Big deal.

Why doesn't Stewart take on Barney Frank then?

I love all these guys with a selective conscience.

http://cbs2chicago.com/local/Mike.Puccinelli.fingerprint.2.957819.html

What the hell?

I'm sorry to say it is not that simple Matt. It is not up to you to waive their obligation to pay back their original lien holders.

If you desire not to use an agent then you will either need to get written permission from them or convince them to take the lead and begin communication with the bank.

The bank will require that they submit a short sale packet and it will consist of the following (at a minimum):

-last two months of bank statements
-last two years tax returns
-last two pay stubs
-hardship letter
-etc...

The next step would be to enter into a written contract with the distressed seller with a purchase contract. This contract is for the amount that you are willing to pay for the property. This agreement is then forwarded to the bank and they will decide whether it is a deal worth taking or not. They do not have to allow the sale to go through.

They will hire an agent to conduct a broker price opinion. The purpose of the BPO is to determine "market value" of the property. If this value falls within their parameters, then they will take the deal. If it doesn't ,then they may or may not....depending on how good of negotiator you are.

Assuming you reach a deal with the bank, this does not necessarily mean that the seller is off the hook. The bank may or may not seek a deficiency judgment against the borrower...but that is a whole other topic.

Good luck getting around the Realtor. There is no easy way to do that.

Why is your friend in love with this property?

If your friend has recently adopted 4 little kids, does she REALLY want to get into a foreclosure needing "extensive repairs"?

Questioning and influencing the BPO is "The Game".

And, It is the entire game. You fill out all the paper work and make all the phone calls to get to the point to fight about price.

At any rate, what would possibly poses a RE agent to not want to push this deal through.

It's simple, when you're busing tables you are not allowed to answer your phone.

Obviously, I am kidding. However, I am only half kidding. I know dozens of agents that were used to making six digits that now make $ZERO. Most have no clue that their former earnings were purely a function of timing and irrational exuberance by the American consumer. They are ill prepared to earn in this market and now find that their only means of survival are odd low paying jobs.

In Florida, it is harder to become a hair dresser than a RE agent...and yes, I'm an agent.

As far as adding articles to support your case, I personally think they are a waste and I doubt the bank would even look at them. All that matters to them is what the value is when they do a BPO.

Just to clarify. I agree whole-heartedly with that. Any supporting documentation that I send in is to dispute a bad/inaccurate BPO.

Click my sig link to see a copy of my most recent letter sent in disputing a bpo (as of 3-7-09).

Why doesn't he just broker the deals? He already has a willing seller and a willing buyer. A 6% fee on transactions is pretty nice. I'm guessing his deals have an average sales price of over $400,000.

How many $24,000 commission checks do you need to make a nice living?

I'm not sure what you mean by packaging unless your thinking I left something out.

Yeah, I was clear as mud. Just to reiterate, I don't do SS as an investor so take it with a grain of salt. But, If a property is not listed, and there is a low offer from an investor, I would just guess that you will have an extra hard time getting approval.

All the experts scream "it's all about the numbers and the bottom line", but what they leave out is that the packet has to get by the first and second line of defense before reaching the decision makers.

Having a complete packet that meets all their (usual) criteria, makes it easier. A listing agreement may not be required, but the absence of one may make your packet a little less complete.

Is the property listed?

I still have a feeling that your offer may not be taken seriously due to "packaging".

As per your question about supporting documentation, I don't think it ever hurts to add data that supports your case. I just sent a twenty something page packet to the bank supporting an offer (complete with letter of explanation).

It's well worth the time for me (or better yet, well worth someone else's time) to submit the supporting docs...