Archive for January, 2010
Banks Accused of Short Sale Fraud – Another Reason I Love Doing Deals Without Them
January 25th, 2010 categories: Real Estate News
No wonder I love putting real estate transactions together without ever having to deal with a bank . . .
Jeremy Brandt is the CEO of companies like 1800CashOffer, HomeFlux.com and FastHomeOffer.com . . . all companies that bring lots of distressed sellers, investors and short sale agents together.
Check out this recording and transcript!
Over the past several months he’s been receiving all kinds of questions and complaints from his short sale agents about trouble with second lien holders. Read the full article, written by CNBC Real Estate Reporter, Diana Olick.
Brandt has apparently documented at least 200 agents that have had trouble with Citi Mortgage, JP Morgan Chase, Bank of America and other large banks, and a friend of mine recently told me the same thing.
She works tirelessly to help troubled home owners. She spends countless hours working with the lenders to get short sales approved so people can move on with their lives, and then is asked for most of her commission at the closing table.
A HUD specialist commented that this is clearly illegal and a violation of RESPA. So far, there aren’t any active investigations, though . . .
But why would there be? I mean, big banks are ‘too big to fail,’ so we’re rescuing them with taxpayer dollars anyway . . . why would we care that the poor beggars are grabbing for a little more? Just look the other way, George . . .
If anyone ever asks me to help them with a short sale listing, I hire a professional company who specializes in short sale negotiation so my client has the best possible outcome, and I’m not being asked (at least to my face) for my grocery money by some starving financial behemoth.
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Free FAQ Teleseminar About Real Estate, Notes, Owner Financing, and Stuff I’m Not Even Sure of Yet . . .
January 20th, 2010 categories: Seller Financing
Just a quickie blog post about my first ever teleseminar I’m hosting this Thursday evening . . . I’m taking some of the Questions that people Frequently Ask me and turning it into an event.
There a couple ways you can get the call-in info . . .
If you want to ask a question you would like to see answered in this call, or in a future one, use this:
If you just want to listen in, click here.
Also, I want to invite you to become a fan of my Facebook page where I’ll post future free events like this one . . . it’s also a way to start connecting and conversing with the small, but growing community I’m building of people who are interested in this whole owner financing conversation.
Thank you for listening to this announcement, we now return you to your regularly scheduled programming . . .
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Attorney Works With Agent Who Understands Owner Financing
January 12th, 2010 categories: Seller Financing, Selling Your Note
A note in Alaska, consultation on seller carry backs in Wisconsin and Dallas . . . this is all fabulous, but I really enjoy the opportunity to network with local sellers and real estate professionals when I get the chance.
There’s a real estate agent in Whittier who recently stumbled onto my website and we’ve done a little chatting.
Because he thinks outside the box, he’s going to be taking a listing that most agents wouldn’t be able to. He has more ways to help his client meet his objectives, and can articulate them with confidence. Here’s an email he sent his client recently:
“I thought that I would send you a link to the listing around the corner. They started off at $525k and now they are down to $509k. It’s been a month+ and no offers.
Offering seller financing may get her property sold. I am working with another seller who is selling his property to his tenant. I’m working with both parties and the ONLY way they pull this off is with seller financing.
In order to get the price you want, you’ll need to offer/market seller financing. You’ll get a lot more interest that way.”
The attorney/seller responded:
“I would like to talk things over with you and see what we can accomplish with my mother’s house. In terms of seller financing – yes we can consider that.
With a decent down payment, we could consider carrying back a note and subsequently discount and sell that note.
Perhaps the best thing to do is to simply list the property at our asking price and indicate that sellers will consider some form of financing. We’ll get a feel for what people are willing to do, and let them come to us with proposals to which we can counter with all sorts of creative financing methods.”
What a freaking breath of fresh air! You can feel how fluid this attorney’s attitude is because he understands the dance between property and paper.
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