Question for Joe Kaiser - Posted by Sally Fodern

Posted by Joe Kaiser on August 24, 2003 at 24:31:37:

By and large, banks aren’t stupid. Appraisers aren’t stupid either.
You’d need them both to be stupid, at the same time, to make
this work for you.

A bank is going to minimize their losses and even have people
who’s sole job is to do just that. Do you really think agreeing to
terms that do not minimize their losses is something they’re likely
to do, no matter how cleverly you set things up?

I’m sure it happens occasionally . . . so don’t get me wrong. But I
don’t believe it happens often enough to be able to make a career
out of it.

Besides, I have no patience for this type of investing. I don’t want
to wait for months in search of a yes or a no from the lender. I
don’t want to play the game of trying to con the appraiser into
valuing the thing at an amount that allows me to make a profit.

Sure, lenders want to avoid the repo headaches . . . but they aren’t
willing to give away the bank to do so.

Joe

Question for Joe Kaiser - Posted by Sally Fodern

Posted by Sally Fodern on August 20, 2003 at 17:29:21:

Hey Joe, question if you happen to see this message and have a minute. I like your idea of using the USPS to send post cards to preforclosures using their NetPost service. I’m going to give it a try. You include a message such as “At this very moment you are holding in your hands a photo of your most valuable asset, your home. Don’t let it slip through your fingers …” Now I’m not going to copy this word for word, or anything close to it, but I do have a question. From the sample wording you provided it almost sounds like you send these only to people where you are going to propose a solution that involves them staying in their house i.e. Helping Hand, or you give them the money to get caught up in return for 50% of their equity, etc. Is this correct? Or do you just use that phrase on the postcard because it “sounds good” and then just work the deal as best as you can, however you can, if and when they reply? Just curious …

Re: Question for Joe Kaiser - Posted by Joe Kaiser

Posted by Joe Kaiser on August 21, 2003 at 01:21:44:

Every situation is different and every solution requires some
custom fitting, so you’re right about the “however you can” thing.

I send to everyone generally, although I’m not using this postcard
technique at the moment. But, it wasn’t specifically directed to
people interested in keeping their homes. I have no waying of
knowing their intentions at this time.

Joe

Re: Question for Joe Kaiser - Posted by Sally Fodern

Posted by Sally Fodern on August 21, 2003 at 09:01:40:

Any chance you can give us an update on how the postcard worked vs. other mailings you’ve done? Maybe not so great if you’re not using it anymore LOL. I guess you probably prefer to just knock on their door or at the very least call them on the phone?? Toss us a bone … what are you doing these days? =)

Answer for Sally - Posted by Joe Kaiser

Posted by Joe Kaiser on August 22, 2003 at 22:11:19:

I buy and sell houses . . . pretty straightforward.

I’m less inclined to passively market and don’t rely on them calling
me anymore. Frankly, I can’t stand the suspense (blatant attempt
at humor to garner Tim’s favor and make the top 10 list)!

I hunt down owners of properties in trouble and get in front of
them anyway I can.

Joe

Foreclosures, equity, short sales, etc. - Posted by Sally Fodern

Posted by Sally Fodern on August 23, 2003 at 12:58:16:

Since you’ve recently started a new website related to foreclosures, and your new courses are related to foreclosures, would I be correct in assuming that you are focusing on foreclosures as a way to find motivated sellers? Do you talk to anyone facing foreclosure who will talk to you, or do you primarily go after those with equity, or maybe those with no equity and try to do short sales? I was thinking it might not be a bad idea to “specialize” in doing short sales since it seems like you would have a lot less competition (homeowners with no equity are probably contacted by only 1/10th the number of investors vs if they a lot of equity) What is your opinion of the whole short sale “craze” we read about lately, on the boards, the new short sale courses, etc. It sounds logical, but is it doable in the real world??

Re: Foreclosures, equity, short sales, etc. - Posted by Joe Kaiser

Posted by Joe Kaiser on August 24, 2003 at 24:06:50:

My opinion of the short sale “craze?”

Frankly, I think the whole thing is bogus.

I see what happens in my area and am tuned in to foreclosure
matters as much as the next guy . . . and this short sale thing, to
me anyway, looks like a bad angle.

Of course, you and the short sale gurus may very well be smarter
than me and have the thing really sorted out. I only know that it’s
beyond me and my capabilities.

Joe

Re: Foreclosures, equity, short sales, etc. - Posted by Sally Fodern

Posted by Sally Fodern on August 24, 2003 at 24:14:42:

I’m honestly interested in your opinion, really. Why do you think it’s “bogus”? I’m just a newbie, but it seems logical that a lender would do a short sale in certain circumstances in order to avoid the hassle of holding and selling the property … since they would incur extensive costs anyway. Are you suggesting that you just don’t think it’s realistic? Why is it a “bad angle” in your opinion? I truly do respect your opinion (have purchased all your courses) and I too am leary of spending too much time investigating short sales in fear of it being “bogus” as you say, but that’s why I’m asking. All I see is people touting it and I respect your no BS approach to things so I was hoping you could share the other side of the coin as you see it …