All Forum Posts by: Nick Reuter

Congrats jim :mrgreen:

Dan what are they experiencing? I'm very curious. I'm hoping you aren't going to say harassment or anything like that - that certainly should not be occuring (and gives honest investors a bad name)

Bad idea... try to get them out. As others have said, there is no right, at that point they are essentially squatters. Move on!

I was just reading this blog here:

http://massrealestatenews.com/short-sale-lawsuits-will-realtors-be-next/comment-page-1/#comment-2625

which was generating quite a bit of commentary. It talks about realtors getting caught up in short sale scams.

Truth is; there ARE things you need to be aware of when investing in real estate. If it "feels" wrong, then do some due diligence to make sure you aren't breaking any state or local laws. Above all disclose what you are doing. There's a lot of bad apples and scam artists out there, unfortunately, that are a fly in the ointment for all the ethical investors out there.

Certainly, making money on a short sale is not unreasonable. There is work that you do to earn that reward, like anything else. Playing smart and within the rules is your trump card.

Another point: I think about these comments like " You MUST be in default in order to do a short sale." and "Impossible to do a short sale on a second home/ income property" and it's really insanity. The bank also has a stake here and needs to do their proper due diligence. They can't (or at least shouldn't) come back after the sale and complain about what happened when they had all the time in the world to carry out their research and analysis to see if the offer price being made is a fair one and logical for the lender to accept.

This isn't Best Buy. There is no 90 day price guarantee.

This wouldn't worry me at all. The BPO is written by the agent. Unless you are coercing them or something (of course you aren't)... then pointing stuff out, like damages and local property values, should be completely fine and ethical.

One thing I was thinking about. No home value is really a fixed number, right? A house is worth what someone will pay for it, which varies person to person.

In other words, no house is worth, say, $312,547.00. That house is worth a range, i.e. 295,000 - 330,000.

Your job when "influencing" the BPO is to get them to say it's worth $295,000 in that range. You aren't trying to get them to be unethical or unreasonable and say $250 or anything (unless that's truly a fair number).

Play fair, and others will play fair with you :)

Good luck - Nick

Wow hey everyone so sorry I missed all the requests for the PowerPoint here in this thread :)

If you want it; please send me an email at support short sale artisan dot com and I'll reply back with what I have. I hadn't subscribed to this thread so Missed many of the posts.

Thanks Kenneth for forwarding it along to those I neglected ... sorry everyone!

-Nick

Definitely a personal question; and depends on so much as Bryan says. Where you are, what the investment looks like, if you have any collateral. My first rental property I went in with 0 down and had hideous loan conditions, I would never do it again.

Of course if you have nothing to lose then you have everything to gain, right :)

Good luck Tom. Volume is important so build that pipeline and as you get going build a process that you can replicate so you aren't always reinventing the wheel with each new deal. Remember to keep your contacts as you work since you will end up working with the same people over and over again and stay organized.

I have to say I agree with the above. All that does is limit the time on one portion "approval" of the short sale process. The rest of it can still take a looonnnnggg time. So do everything in your power to minimize those times by putting together compelling, ironclad documentation.

Good luck. If you want to PM me I think I have some samples laying around I can share as well for free.