Disclosure is Key When You are Both a Real Estate Agent and a Short Sale Buyer!
Posted by Patrick Precourt in Investment, Preforeclosure, Real EstateAug 21st, 2009 | 6 responses
Liability is always going to be an issue in real estate investing when you are wearing the hat of an investor and the hat of a real estate agent! Listen in as to whether or not you are liable for damages (by the seller) if you have negotiated a short sale and the short sale does not work. This video also covers how to re-list and re-sell a property without taking title to a property, how to get additional funds to a 2nd lien holder if you are making a spread as an investor, a full discussion on the advantages and disadvantages of using a Land Trust today and much more. Visit www.FridayCoffeeBreak.com and www.ShortSaleDailyNews.com for more real estate specific videos and articles.
6 Responses to “Disclosure is Key When You are Both a Real Estate Agent and a Short Sale Buyer!”
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Hey guys, great info that you provide. Are there certain lenders that you just avoid that are not worth screwing with, and certain ones that are very easy to deal with?
My concept is to assist Real Estate Agents in closing their short sales and your website and information like this has streamlined the process. This is excellent information. Would you consider Mentoring me and possibly get involved in what we are doing on a National basis? We have contacted National Title Companies and are doing numerous deals for them and I get envision a Third Party negotiating company on a National level.
I know I am sticking my neck out telling you this but I am totally committed to make this happen.
Patrick: in this video, you made the following statements in support of your position that land trusts should not be used -
1. Major title companies (like First American) will not insure land trusts
2. SS banks (like Wells Fargo) will not approve deals done with land trusts
3. Rationales for using land trusts like seasoning and transfer tax exemption no longer apply.
Please email me separately to discuss.
Thanks, Patrick and Bob. This is GREAT stuff. I’ve been having problems with 2nd mortgage holders taking a discount since they now get their own “PMI” to make them whole if the property goes to foreclosure, but you just told us how to deal with this in this short video.
Is there anything we can do with or how can we approach MlS listings that state short sale approved $XXX,XXX, and also ” this is a short sale $XXX,XXX third party approval required??
So I am clear, if we are the investor in a transaction, I should NOT be the one listing the property (since I am now a realtor and broker) on the MLS?