Your Biggest "watch Out For....."

Comments(5)

• 
  TheShortSalePro16th February, 2004

  Frankly, if I were a distressed homeowner, and I relied upon the purported expertise of a speculative real estate investor who promised to resolve my problem... only to learn that they didn't have a clue...and the deal went south due to avoidable events.... I would call the local prosecutor's office and file charges.
  
  That said, I would be very careful about what representations are made to the homeowner.
  
  Get yourself a good CYA letter, and have it signed.

• 
  yipes16th February, 2004

  When doing a Short Sale , being knowledgeable and honest should keep you out of trouble. Educate yourself on short sales and develop your skills.

• 
  u2s5thmember16th February, 2004

  TheShortSalePro,
  
  Would you be willing to post an example of a thorough CYA letter?
  
  Thank you in advance for your time,
  BG

• 
  TheShortSalePro19th February, 2004

  This would be signed by the Homeowner address to You:
  
  I understand that you are not an attorney at law, an accountant, a real estate broker, or a mortgage broker, and have no particular qualifications to resolve my problem. I am not relying upon you for any legal or tax advice. But I trust you, even though you can't guarantee results.
  
  If the deal goes south, even if it's because you don't know what you are doing, I won't complain.
  
  
  ===============
  
  Of course, I'm kidding about the content of the letter, though it would be ideal.
  
  It would be your get out of jail free card if things got ugly. You should anticipate problems if your deal goes bad. Especially if it fails due to a foreseeable event (read: inexperience)
  
  All too often a displaced and disgruntled homeowner consults with an attorney after the fact. The attoreny says something like, "He/she should have known that that would never work...."
  
  So, be prepared. And never, never offer any advice to the Homeowner that might be construed as legal advice. Judges don't much care for folks practicing law without a license... especially if it results in loss of homeownership.

• 
  u2s5thmember19th February, 2004

  Yikes!! I can see why most people shy away from this field. Thank goodness I'm not "most people"...
  
  I am concerned about the "foreseeable events" as you mentioned above. I keep forgetting I can offer to help out other investors in my area so I might gain that experience.
  
  Thanks 'Pro for helping me CMA... It was getting quite cold out here in Colorado with M.A. being bare...