All Forum Posts by: Phil Z.

Ron's method of selection is not typical. Most asset managers seek Brokers who already understand the REO Property Management systems from the listing side.

"Legal Disclaimer: You will need attorney advice. I am not an attorney.  This is not legal advice"

I wouldn't bother going through the hassles of filing an out of state LLC. A local LLC should protect you in most cases that are not associated with fraud, and prevent anyone in your state from using the same name.

Unless they tell you specifically that the property will likely become an REO and will go to you .. then you're just doing a BPO.

It's not a good situation for a short sale.  You'll probably want to get the daughter to sign a power of attorney for the mother to sign all sales related documents.   I would also continue to escalate the issue with the 2nd.  At a minimum see if the daughter will sign/date a hardship letter that you prepare requesting Short Sale acceptance.

Did the seller provide a Property Condition Disclosure?  Can you prove they lied about the condition of the pipe? 

Definitely not.  If they owe more than it would sell for then you have a great opportunity to make a lot of money.  You would pursue the short sale process.  You can list and sell the house for 6%, or be the buyer and submit an offer at the lowest end of the neighborhood price range.  

This is not a bait and switch.  The listing agent lists for a price they feel is market value and what the bank may accept.  Then the bank does there appraisal.  If the appraisal is a lot higher, then the bank will counter at the higher price.

There are actually books out there that give remodel costs.  Not sure how accurate they are, but it's probably better than nothing.  The best way is going to be getting 3 itemized estimates from local contractors. 

Put $5000 as a 2nd lien pay off.  Youll need to do 2 short sale packages and the 1st will ultimately decide the amount to the 2nd.