Posted by Brian_wa on July 26, 2007 at 15:31:10:
If you know how to flip the right way, there won’t be a problem because the lender would not know…
Brian
Short Pay Blues - Posted by Ben
Posted by Ben on July 26, 2007 at 06:46:45:
I was doing short sales before the industry had a name for them. Tells you how long ago it was. Made a boatload back then.
With the record foreclosures up ahead it looks like a good time to get back in the game. Here is the rub-- the banks today are asking for pay stubs, bank history, job history, tax returns and all the rest of it, before they will consider a short offer.
I have found a few techniques to get around this. Anyone care to swap ideas?
short sale w/o borrower hardship? - Posted by Kristine-CA
Posted by Kristine-CA on July 26, 2007 at 17:12:30:
I’m wondering the same thing. Has anyone recently closed a short sale
with no documentation to the lender of hardship for the borrower/owner?
Where the negotiating was based mostly on the value of property vs. the
amount owed? Kristine
Re: Short Pay Blues - Posted by Shogan
Posted by Shogan on July 26, 2007 at 08:47:14:
I would love to hear some ideas. I am 0 for 4 in short sale attempts thus far. I am putting a pretty package together, but the banks want FMV. I can’t seem to get them to understand that FMV is what someone is willing to pay today, not what it was apprased at last year. Any ideas to get my first short sale would be very much appreciated!
Re: Short Pay Blues - Posted by Brian_wa
Posted by Brian_wa on July 26, 2007 at 07:07:34:
Sure. What ideas you want to swap? I’ve found a couple of ways, too. It works on some banks and not on others.
Brian
Re: short sale w/o borrower hardship? - Posted by wobbliebox
Posted by wobbliebox on July 28, 2007 at 04:15:28:
I did a short without a hardship letter, instead I sent a death certificate
Re: Short Pay Blues - Posted by Matthew
Posted by Matthew on July 26, 2007 at 09:04:07:
Ice tea makes nice looking roof leaks on ceiling and coal maks nice looking mold issues. No joke but its all how you handle it. I have used it to make the banks more agreeable.
Some of you may say this is deceitful well sometimes drastic measures call for creative solutions.
Re: methods - Posted by Ben
Posted by Ben on July 27, 2007 at 06:47:29:
The key is to get around the paper trail. One way to go is to offer to buy the note. The first reply you will get is we don’t do that. Then you have to go to the top of the food chain, to talk with someone who knows what you are talking about. Your turn.
Hilarious - Posted by Ben
Posted by Ben on July 27, 2007 at 06:42:24:
Hey, it is a ruse. Ice tea and coal. Yes, I 'd like some. Reminds of the joke of the 2 Jewish guys yakking about burning down their slums.
Yokel says “Harvey the insurance company will no longer pay me for fire damage. What do I do now?”
Harvey replies, “There’s always water damage.”
“I see,” said Yokel, “but Harvey, how do you start a flood?”
Re: Short Pay Blues - Posted by Brian_wa
Posted by Brian_wa on July 26, 2007 at 10:05:50:
Dude,
That’s really deceitful. I have told my sellers to not clean up the house or mow the lawn but to actually stage problems is a completely different story.
What’s the chance of you getting caught? Not very likely until you meet a disgruntled seller who decided to “out” you because he didn’t like you for some reasons.
Do be careful man.
Brian
Re: methods - Posted by Brian_wa
Posted by Brian_wa on July 27, 2007 at 07:25:10:
I wrote them a letter and told them to get the BPO done first and explained to them in the letter that once the BPO is done and they accept my offer, I can give them whatever paperwork they want from the borrower. I told them it would save them time and me time as well.
Many of them were willing to accept just the P&S, HUD, and Offer letter to order the BPO.
Re: Short Pay Blues - Posted by Matt
Posted by Matt on July 26, 2007 at 10:55:02:
Brian-
the homes are foreclosed or vacant but it goes for the same as setting up a foreclosure to deceive. Pick your poison.
The larger banks, Countrywide - Posted by ben
Posted by ben on July 27, 2007 at 08:23:38:
and such are much stricter, less flexible. But I guess there are individuals in many instances who could make decisions. In any event I have a few coming up. Maybe I will blog here at cre as events unfold. BTW, I have some non perfroming notes if you are interested.
Re: Short Pay Blues - Posted by Brian_wa
Posted by Brian_wa on July 26, 2007 at 11:06:20:
In one scenario, I asked a moral question. Why does everyone acts like I actually did it? Can a person ask a question without being burned at the stake? Give me a break.
As for the above situation, it looked like Matt actually attempted many times to deceive the lenders in short sale cases? YOu can’t tell the difference between the two situation?
Brian
Re: The larger banks, Countrywide - Posted by Brian_wa
Posted by Brian_wa on July 27, 2007 at 08:30:23:
Anything in the King county area of Washington state? Let me know ok?
Brian
Re: Short Pay Blues - Posted by Matthew
Posted by Matthew on July 26, 2007 at 11:32:07:
Look Brian I didn’t KNOCK your investment SCAM idea, Do you know for a fact I do/did these things? IDIOT You are clueless. Don’t ask if you don’t want to face the reality. and let me and other investors that are in the street make things happen while you Keep sitting on the sidelines finding “moral” ways to screw other investors, then you deny it because everything is “hypothetical”.Grow up. your such a child - So much for sharing-
Sure thing - Posted by Ben (OH)
Posted by Ben (OH) on July 27, 2007 at 08:31:54:
Mostly midwest for now. How about an email and I will add you to the mailing list.
Re: Short Pay Blues - Posted by Brian_wa
Posted by Brian_wa on July 26, 2007 at 15:30:23:
Moron,
You told us in the original message that you “have used it to make the banks more agreeable.”
I just said to be careful. What’s wrong with you?
Asking is one thing, but being accused of actually doing it is another. Get real moron #2.
Funny… - Posted by Jerry- Fla
Posted by Jerry- Fla on July 26, 2007 at 15:09:09:
LOL…yep…that’s goin on in every market.
The biggest problem i see with short sales is flipping them. Most Lenders i’ve seen won’t let you flip them.