All Forum Posts by: Audley Humes

I agree. I'm working on some private money, becuase I know that if I can't close on just one of these REO's, I will lose my creditbility. I just don't want my personal funds tied up for three months. But how then is everyone else flipping REO's? I've heard plenty of people flipping REO's to their cash buyers, usually within a 30 day time frame.

Up until this point, my company has only dealt with Short Sales. I have a really good connection with one of the largest REO Brokers in my area. My question is this, I know alot of people saying they are flipping REO's with transactional funding. The Broker is somewhat of an investor as well, but he say's the bank always comes back with a 3 month deed restriction. If people are flipping REO's, how would I get around this? Thanks in advance for any reponses.

NIck, that's a great idea! Always looking to add as much disclosure as possible. I find it very hard for a lender to come back with fraud with that being added to the final hud for approval. Will be implementing that immediately!

We use Short Sale Builder. It doesn't teach you how to do Short Sales, but as far as management software, I love it! It's a tad pricy, but if you have alot of files it's worth it to me.

This may vary from state to state, but in Florida we make sure all our Realtors explain to the homeowner that the Realtor represents us in the transaction, and not them. Every seller has to sign a No Brokerage Relationship Disclosure. This will def keep ya out of trouble.

If a Realtor has already listed the Short Sale, unless we intend to whoesale it, we staty away because if the Agent is representing the Seller and then represent us on the B-C listing, this will def. create a conflict of interest.

No problem.

Here's the infomration I've been sending to our Realtors to clarify all the concerns their Broker may be having.

Almost had a Buyers Agent pull out today, thinking we were committing Fraud on a deal that's due to close in less than a week!

The Newsletter that's causing so much chaos! -

http://www.freddiemac.com/singlefamily/news/2010/0412_payoff_fraud.html

Webinar with Jeff Watson, Ron Ballard, and Chris Mchlaughin (3 highly regarded Lawyers in our industry) -

http://www.shortsalesriches.com/3lawyerupdate/

Here's Ron Ballard Blog about the Freddie Mac Newsletter - I(probably
won't even need to read, because they explain the newsletter so well in the webinar)

http://californiashortsalelawyer.com/2010/04/freddie-mac-article-on-short-payoff-fraud/

Here's Freddie Mac Offical Policy on Short Sale Flips (stating that flips
are legitimate and they recognize closings in a day, week, or month later are perfectly legal)

http://californiashortsalelawyer.com/wp-content/uploads/2010/04/bll0924xA.pdf

Lafi,

This webinar is old. This was one of the first ones out. Jeff Watson, Ron Ballard, and a couple others have already discussed this issue. This webinar is nothing to be concerned of.