All Forum Posts by: Dale T.

Wells Fargo Denied a Short sale that I was working on because they said the buyer is using Transactional Funding. They said he is an investor and is Flipping, so they will not do the short sale. Anyone have any input on how to get around this? He was not using an Option contract

Hey, does anyone know a really good software that is easy to use and works great? I have used a Few but they are always missing the simple details and or are to Expensive. Any opinions would be great. thanks

Yes it can be done but I think they are all saying that it may not be a good Idea because they may not be stellar tenants. But yes, a relative or any other outside person can buy it. The bank does not want the Homeowner to buy it back (for good reasons) but people are doing it all the time. A cousin or relative with a different name makes an offer with cash and a few months later flip it back to the original Homeowner. Most of the time nobody hears about it until after the fact. But it is being done everywhere right now. Not your place or anyone else to police what anyone does after a sale.

I was told by Chase today that the Dodd-Frank Document needs to be sent to the Homeowner to be signed and it just started Today. WTF??? DODD _FRANK??? Like these iditos who caused the nightmare are now trying to cover themselves??? Really??? Really???

It is to make sure the HOMEOWNER is and never has been Fraudulent on and and all realestate transactions???? WTF???

@Michael

I have done this when i had to and NO it is NOT shady. If that is the Case then so is a Double close (or back to Back).

It was suggested by a Real estate Attorney. As I have said before, Many Investors are going to this method because of the banks and there rules. Plus, If anything is Shady, Or Not legal, it would be the banks telling any buyer what to do with there own money. If I bought it and want to sell it, that is my business and my money. Not the bank.

Hey WILL Bernard, I wrote that in there.
It clearly says:

"EVERYONE WILL HAVE TO KNOW WHATS GOING ON"

This is being done by Many Investors right now.

you could get creative and do a Closing with one Title compnay and then go close at another Title company down the street an hour later. You would have to let them both know whats gooing on and you have followed the rules as it says on the Litton paper, but only with the First Title company. The second Title compnay has no rules to go buy and does not have to follow what the First Title company has to follow from the bank. They will both be compliant. The second Title compmnay does not need to see the litton clause and should not care.
Some Investors are doing this method and others are doing a few other things. It will halt the 90 day clause that many of the banks are requiring these days.

Is it possible to do a Short Sale for a Homeowner and then find the buyer? Or are all banks requiring a buyer up front? Is this set in Stone with the banks or is there a way around this. Thaks

We did the Short Sale work on a property and recieved an approval letter. Some time after that the Realtor called us and the Homeowner (realtor is her aunt) and said the bank wants to see if it does not sell that they are going to do a deed inlieu or cash for keys deal. We said Ok, and backed out of it at the homeoners request. We have an Notice of Option contract recorded at the court house. So if they were not going to do a cash for keys and try to steal it from under us and sell it, we would be covered because it would not clear Title. Well they sold it out from under us and there was no cash for keys deal. There Title company ignored or missed the recorded contract we had.

What recourse do we have on this and how do I find out who the title company is? or any other suggestions? thanks

Hey Guys, I really did not want to use Realtors but if I have to, what is the best way to contact them? Or Should I just not use them all together and do my own Adverts. Realtors have been a pain in the past when I have done the negotiating for other investors. Any ifo Would be great. Thanks