Do Foreclosing Lenders Cross the Line by Black-balling Investor Buyers?
Posted by Patrick Precourt in Business, Industry Changes, Investment, Preforeclosure, Real Estate, Short SalesJul 15th, 2010 | no responses
In today’s real estate environment Lenders are doing more and more due diligence and scrutinizing the majority of short sale deals to try to save money. Listen in as we discuss what you should NOT do in order to stay off their BLACK BALL List! On this week’s Friday Coffee Break we also cover where the future of the short sale business is going, where to find out if you need a license to negotiate short sales in your state, how and where to escalate and FHA file, the best way to handle Auctions and whether or not they are an effective way to purchase properties and more. Visit www.fridaycoffeebreak.com...
Is It Fraud If You Flip a Successful Wells Fargo/ASC Short Sale?
Posted by Patrick Precourt in Business, Investment, Preforeclosure, Real Estate, Short SalesMay 21st, 2010 | no responses
Flipping short sale properties is an incredible way to make money in today’s’ real estate investing world, however flipper beware! What I mean by that is beware of the coveted short sale acceptance letter and how it is written. Too many time I see banks try and slip in some sly verbiage that would make flipping a short sale practically “illegal!” Listen in as I not only cover this “hot” topic but I also cover whether or not you have to file a DBA (doing business as) of your LLC with every different county where a short sale you are negotiating is located, if a Land Trust still...
The Latest “Unknown” Government Short Sale Changes! Will the new HAFA Program Work or Not?
Posted by Patrick Precourt in Business, Industry Changes, Investment, Preforeclosure, Real Estate, Short SalesMay 6th, 2010 | 5 responses
On this week’s Friday Coffee Break we dig into two of the latest and greatest government changes in their infamous HAFA Short Sale Program. You won’t believe what they added this time that will make your sellers pretty mad! We also cover our upcoming Equator.com webinar, our upcoming PropTrackr.com webinar, whether or not a HELOC (Home Equity Line of Credit) that gets charged off will qualify for the HAFA Program, whether or not you can collect a loss mitigation fee on top of a real estate agent commission, the best way to turn a potential wholesale short sale flip into profit when you are...
How Long After a Short Sale Can a Lender Go After Me for the Difference?
Posted by Patrick Precourt in Business, Investment, Preforeclosure, Real Estate, Short SalesApr 16th, 2010 | one response
Don’t you feel like it seems like the short sale game is changing on a daily basis? One day the government comes up with a new program that states our sellers are not liable for the tax portion of the forgiven debt only to find out that again they wasted the Tax Payer’s money (our money) because only a tiny pool of homeowners actually qualify! Listen in as I go over how long after a short sale transaction that a lender can go after our clients (the homeowner(s)), what to do when you are negotiated a short sale only to find out the lender requires the property be listed by a licensed real estate...
Can A Homeowner Do A Short Sale If They Are Current?
Posted by Patrick Precourt in Business, Investment, Marketing, Preforeclosure, Real Estate, Short SalesApr 9th, 2010 | 4 responses
There is a lot of misinformation in today’s real estate world and one of the biggest ones revolves around the question of whether or not a lender will take a short sale or discount their total amount owed to them when a homeowner is current on their mortgage. Make sure you listen in as we uncover what lenders are doing today as opposed to last year, the best ways to create monthly cash flow while being a short sale investor, the inside tricks to “Managing a BPO” so you get your desired outcome, whether or not a lender can tell a seller what he or she “has” to list their property at and...
Disclosure, Disclosure, Disclosure — What Exactly Do I Need in Writing to “Protect” Myself?
Posted by Patrick Precourt in Business, Investment, Preforeclosure, Real Estate, Short SalesMar 19th, 2010 | 2 responses
Disclosure is the number one thing that real estate investors and licensed real estate agents have to do in today’s real estate climate. When you are sitting with a seller or talking to them on the phone you have to make sure you are crystal clear on what you want to accomplish. If you are an investor “tell them” you are an investor, if you are looking to assign a contract that you have on their house “tell them”, if you want to do a short sale flip “tell them”, well you get the point! Disclose everything! On this week’s Friday Coffee Break we not only cover the...
In Real Estate Winners Never Quit and Quitters Never Win! Which One Are You?
Posted by Patrick Precourt in Business, Investment, Preforeclosure, Real Estate, Short SalesMar 12th, 2010 | 4 responses
In the real estate business quitting or even thinking of quitting is NOT an option! Time and time again I hear too many investors making some sort of excuse! (I am waiting to start because… I can’t do this because… I need to get more educated because…). If you take action and keep pushing through the hurdles you face on a daily basis you will have no other choice but to succeed! Listen in as I not only talk about this ever common business challenge, but I also cover how to weed through all the “GURU’s” on the Internet and which ones to follow, how to deal with a Realtor...
With the “Updated” FDIC Loss Share Agreements: What’s the Future for Short Sales?
Posted by Patrick Precourt in Business, Industry Changes, Investment, Marketing, Preforeclosure, Real EstateFeb 25th, 2010 | one response
Lately, we have been getting bombarded with questions about the FDIC Loss Share Agreements and whether or not this will crush the short sale world as we know it. I will tell you this; it will affect our short sale businesses. How much you may ask? Well listen in and I will tackle that “hot” issue! On this week’s Friday Coffee Break, we also cover whether or not using a Power of Attorney over an Authorization to Release information is better, whether the use of an Option Contract creates more confusion then it does good for investors, my read on the “new” FHA suspension of the 90 day...
When to “Fire” your Seller in a Short Sale Transaction!
Posted by Patrick Precourt in Business, Investment, Preforeclosure, Real EstateFeb 4th, 2010 | one response
On this week’s Friday Coffee Break we go over the best time to say “thanks” but “no thanks” to your short sale sellers! In the short sale business you will sometimes have to be like Donald Trump and say “YOU ARE FIRED” to your sellers. Listen in as we not only cover this extremely important topic, but we cover the BEST handwritten verbiage to put on a postcard to get a homeowner to contact you over the competition, what sneaky things lenders are now doing when attempting to collect on a deficiency judgment, whether or not you can protect yourself against...
Beware of Realtors Who Learned Short Sales Through A Certification Course!
Posted by Patrick Precourt in Business, Investment, Preforeclosure, Real EstateJan 28th, 2010 | one response
On this week’s Friday Coffee Break we touch upon the little known facts about dealing with real estate agents that have learned short sales through a half day certification course. Could they possibly be the expert after half a day? Who knows, but make sure you listen to this video and I will let you know what I think! We also cover whether a bankruptcy list is a good list to target and where the best place to get that list is, whether or not you should cover up a mold issue that arises after an inspection, the best way to handle a 2nd lien holder when they are being unreasonable and much...
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