Wearing More Than One Hat When Negotiating a Short Sale is OK – Just Cover Your A$$!
Posted by Patrick Precourt in Business, Investment, Preforeclosure, Real EstateJan 21st, 2010 | 7 responses
On this week’s Friday Coffee Break we cover some awesome questions from you Coffee Breakers! We go over what hats you can wear when you are making money negotiating short sales, whether or not using land contracts (not trusts) are a problem when completing a back to back closing, whether you actually need to leave “consideration” with a seller on an over debted property in foreclosure when getting them under contract, some of the latest tips on the new FHA guidelines and them waving the 90 days seasoning on our short sale flips, and much much more. Visit www.FridayCoffeeBreak.com for more real estate specific videos from Patrick Precourt.
7 Responses to “Wearing More Than One Hat When Negotiating a Short Sale is OK – Just Cover Your A$$!”
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About Me
Am a real estate agent in Minnesota. Recently have been seeing a push by some of the real estate gurus that those in bankruptcy are a great source of leads. Wanted your opinion on this topic. If they are good leads, how would you go about marketing to them?
im doing a land trust which has been recorded already and SS approved by lien holder (wilshire). my end buyer did an engineer inspec and asking to get the visable black mold remediated. which will take over $6,000. i dont have the funds my proceeds are all tied up in this property even if i do lay out $6,000.00..they stated they want this done prior to closing..i could pay less money to cover it up and sell it to another buyer,but this particular buyer seems to be qualified according to their credit report. help.
917-826-0705
you have my permission to use this in your coffee break.
Alberto from NY.
Hi Alberto,
Whatever you do do not cover any mold issues up. You will be hanging yourself out for all kinds of liability, not to mention this is unethical.
Look for a short term loan at your local Credit Union or borrow it from somwhere; family, investors in your area, etc…
Hey Pat, did I just hear you correctly…can I have my husband who is licensed real estate agent represent me as the buyer? Right now I negotiate my own short sales and I buy the properties. Can he really represent me? The short sale lenders are okay with that? Just disclose?
Thanks!
Lyn W.
Pat as always you offer great content and are genuinely interested in helping others in the business.
Peace!!!
Good morning Pat,
I am having issues with Realtors who claim that they have learned in their short sale certification course that they can not/should not list a property for resale before I own the property. My A-B P&S includes authorization to re-list and my selling addendum states that “seller will be owner of record prior to closing.” What else do you recommend to appease them?
I look forward to your Friday coffee break every week, Thanks.
Jeff
Pretty good post, definitely enlightening information. Never considered I would obtain the information I want in this article. I have been hunting all around the web for some time now and had been starting to get irritated. Fortunately, I happened onto your blog and received exactly what I was struggling to find.