My Short Sale Plan - Your Thoughts?

My Plan: Approach investors in my area and offer an outlet for any short sale leads they come across. I will use my time and energy to work the leads and pay them a percentage of the profits.



In my experience the majority of investors get these leads and trash them. It takes several months and hours of frusration working with the banks. I believe it is better to have a piece of something than 100% of nothing. Do you think investors would be willing to share leads they were going to throw away?

Comments(21)

  • cjmazur6th April, 2009

    Investors might be not understand what your proposing.

    would getting a subscription to NOD be easier?

  • warfield6th April, 2009

    What is NOD?

  • cjmazur6th April, 2009

    Notice of default... the start of the foreclosure process.

  • TheShortSalePro7th April, 2009

    Presumably, the "investors" have already done some due diligence if they discard the prospect.... (because it is a short sale candidate and represents additional hours upon hours of work)

    IF the speculative investors are interested in purchasing the property... but at the right price, and are willing to go into contract at that price... you could work something out such that you can "facilitate" the deal and get paid at closing.

  • cjmazur8th April, 2009

    I have never heard of debt being charged off prior to foreclosure.

  • NorthGeorgia23rd April, 2009

    Why not just offer to buy the Note yourself?

  • jmangan23rd April, 2009

    Because the 2nd is completely underwater, I would not consider it unless and until the 1st agrees to a price where I can make a profit.

  • cjmazur29th March, 2009

    Maybe that should tell you something about the contract?

  • cjmazur29th March, 2009

    be glad the close at all. in CA it seems no one will do a double close w/o full disclosure to all

  • cjmazur30th March, 2009

    Have you tried the yellow pages?

    you were talking about transactional financing and having a hard time educating the title people, so you much be doing something outside the box.

  • cjmazur21st April, 2009

    That seem like a pretty aggressive price

    The house is 36K underwater, and you want the bank to eat 101K.

  • rglover54821st April, 2009

    I cant figure the $105k offer?, unless your market value is wrong. You your self said the only 6k repairs...which isnt much at all for a $210k house

    You would probably need some supporting info for a 105k offer or you will be promptly disregarded and not taken seriously.

  • NewKidInTown31st May, 2009

    If you think an item is a good buy, would you buy it?

    If you could by that same item on sale at a discount store, would you still buy it?

    If believe real estate is a good investment, then foreclosures are how you buy real estate on sale. The discount store you go to is the bank.,

  • cjmazur4th May, 2009

    To be clear, are you buying foreclosed properties (REOs) or properties in foreclosure(pre-foreclosure)

    The latter is much more risky.

    What is your concern or risk you see?

  • cjmazur15th December, 2008

    newkid, why would you say they always had the right to a deficiency judgment?

    The shorts I have don, fully released the borrower. Maybe more due to being a purchase money mortgage?

  • ICGPROPERTIES16th December, 2008

    You have to realize that each lender has different investors, and that each investor has different guidelines.

  • cjmazur16th December, 2008

    I would be very uncomfortable living with the contingent liability of them coming after me for the deficiency.

  • TheShortSalePro16th December, 2008

    "FYI the lender is Countrywide, it appears that they changed the standard approval letter they send out approx 30 days ago, so be prepared on all your CW shorts to expect this."

    There was never a standard approval letter from CW, or any major servicer. Each "approval/demand" letter is crafted to comply with the criteria imposed by the owner of that particular loan.

    CW services loans for multiple investors who own mortgages. Each investor/owner has its own set of criteria for accepting short sales, DILs, modifications, etc.

  • reweb16th December, 2008

    In the past I have done numerous CW shorts and the letter was virtually the same with the expception for the fill in the blanks parts. CW even stated to me that the letter they generate was changed in general approx 30 days ago.

    Thanks.

    Any solutions?

  • cjmazur16th December, 2008

    This seem like a simple contracts issue.


    It seems the boiler plate signed (potentially) gives the power to peruse.

    Why would a new note be needed?

  • cjmazur17th May, 2009

    was the bofa loan used to buy the place, or a cash out refi?

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