All Forum Posts by: Stephen McKee

"Your client only has 72 hours to be offended by that offer"

I'm so going to use that, LOL!

If the seller, sells you the property at 3M and records a note for 2M you could then refi the property and pay out the seller.

In most cases the terms will have to be very favorable to the seller. They may want a significant down or a extra 10% upon pay off for allowing you to do this.

If you give me the outcome you are looking for in exact dollars I could write a time line.

Go to the city to ask the details of the lien. If the terms are acceptable just bond around it and close. I have done this on several properties with several different clients. Most incurable code enforcement / building and safety liens require all the repairs to be done. The cities I deal with require 10k put into a city escrow account to temporarily release. 99% of the time the cities will reduce if not wave the past fines.

Also, If this property is in Ca and you are going to pass please email me the info.

I keep hearing the same thing about Chase. The agent I am referring this file to was telling me that Chace has been more bendable sense they picked up all the WaMu junk.

California has an order of operations. Taxes, General Leins, 1st, 2nd, 3rd, etc. If you buy a 2nd you know own all the prior liens. The court house steps are not for the meak and you better do a lot of research before you bid. I have seen a lot of people go BK after one auction purchase.

Just wrote a $7,500 check on a $75,000 purchase. My office as well as several others that I know of are requiring a 5-10% deposit. We are also requiring all inspections be waived prior to full acceptance.

Another simple solution is a seller carry back and then refi. You'll probably have to give a years interest up front and agree to a balloon note.

I use www.peoplefinders.com. Low monthly fee and a lot of info.

I'm with Mike. It's back to basics.

Visit offices weekly
Provide valuable information
Offer something other brokers don't
Establish a strong web 2.0 presence
8-5 every day

You'll be back to 20k a month in no time. There were 350 transactions in my city last month. I ask my self every month how many I closed. If there is plenty of business out there its my fault for no being apart of it.

Be careful with commission cuts. Some of them are RESPA violations. The seller pays me when a buyer purchases the property. If the buyer resells the property through me I reduce the listing commission by 1%.