[sdrealtor]

Speaking of competence, he comes a rant. I have a client that has been trying to buy a home from one of the top most “competent” agents at one of the major brokerages RSF office. This guy is such a blowhard. He has listed about 20 properties over the last 2 years (mostly $2M or more). He has actually sold 1 of his listings which was priced about $250,000. In over 2 years he has failed everyone of his cleitns miserably!!

I sent him a cover letter last year with an all cash offer of nearly $2M on a property he had and still has listed which told him exactly what would happen if they did not take the offer. I just re-read it for the first tiem and it was amazing prescient if I do say so myself.

They sent it back with rejected in red ink written on it. In the last 12 months they have invested an additonal $150K improving the property, paid over $20K in RE taxes and serviced $1.5M of debt while the property is now worth less than we offered 1 year ago. By my calculations, this competent jackass has cost his clients over $500,000 because they wont take anything under $2M. In antohter few years they will probably get that $2M. That is after spending another $500K carrying the property and losing about $1M. The punchline to it all is that the owner is a retired Wall Street exec who sells videos about how you should downsize and simply your lifestyle. They deserve each other.

[sdrealtor]

Daniel
Definitely not taking part in any fraud. The lenders ask for certain things and you provide them. I’m shocked that they dont ask for more but they don’t. The seller typically signs something that says all the information I have provided is truthful and accurate, which it is.
sdr

[sdrealtor]

Daniel
Definitely not taking part in any fraud. The lenders ask for certain things and you provide them. I’m shocked that they dont ask for more but they don’t. The seller typically signs something that says all the information I have provided is truthful and accurate, which it is.
sdr

[sdrealtor]

Daniel
Definitely not taking part in any fraud. The lenders ask for certain things and you provide them. I’m shocked that they dont ask for more but they don’t. The seller typically signs something that says all the information I have provided is truthful and accurate, which it is.
sdr

[sdrealtor]

Daniel
Definitely not taking part in any fraud. The lenders ask for certain things and you provide them. I’m shocked that they dont ask for more but they don’t. The seller typically signs something that says all the information I have provided is truthful and accurate, which it is.
sdr

[sdrealtor]

Daniel
Definitely not taking part in any fraud. The lenders ask for certain things and you provide them. I’m shocked that they dont ask for more but they don’t. The seller typically signs something that says all the information I have provided is truthful and accurate, which it is.
sdr

[sdrealtor]

I have not done a hundred however the team I assembled has been party to over 100. I did not say that little documentation is required, I said that the documetnation they require is inadequate in my opinion to adequately analyze the selelrs situation. For example, they typically ask for a couple months bank statements but make no effort to determine if there are additional bank accounts. They also do not ask for retirement accounts or brokerage account statements as a matter of course. I have completed short sales when NOD’s were never filed (in one case despite no payments made in over 1 year) and when payments were never missed. There are strategies for getting short sales done in such circumstances that are very effective. There are strategies that work when the 2nd is sold out and the 1st is not but the 2nd doesnt want to deal. There are more strategies then I could write in an hour that we have employed successfully.

Here is your comment:
“Generally most banks will not entertain short sales until the seller is technically in default. Given that a notice of default does not happen until about 3 or 4 missed payments it would seem improbable that this guys bank will approve of the short sale.”

There is no way for you to say it is improbable without knowing the details of his situation, who is negotiating on his behalf, what strategies they are employing, who his loans are with, are they purchase money or recourse loans and on and on. That is what you said that was misleading.

[sdrealtor]

I have not done a hundred however the team I assembled has been party to over 100. I did not say that little documentation is required, I said that the documetnation they require is inadequate in my opinion to adequately analyze the selelrs situation. For example, they typically ask for a couple months bank statements but make no effort to determine if there are additional bank accounts. They also do not ask for retirement accounts or brokerage account statements as a matter of course. I have completed short sales when NOD’s were never filed (in one case despite no payments made in over 1 year) and when payments were never missed. There are strategies for getting short sales done in such circumstances that are very effective. There are strategies that work when the 2nd is sold out and the 1st is not but the 2nd doesnt want to deal. There are more strategies then I could write in an hour that we have employed successfully.

Here is your comment:
“Generally most banks will not entertain short sales until the seller is technically in default. Given that a notice of default does not happen until about 3 or 4 missed payments it would seem improbable that this guys bank will approve of the short sale.”

There is no way for you to say it is improbable without knowing the details of his situation, who is negotiating on his behalf, what strategies they are employing, who his loans are with, are they purchase money or recourse loans and on and on. That is what you said that was misleading.

[sdrealtor]

I have not done a hundred however the team I assembled has been party to over 100. I did not say that little documentation is required, I said that the documetnation they require is inadequate in my opinion to adequately analyze the selelrs situation. For example, they typically ask for a couple months bank statements but make no effort to determine if there are additional bank accounts. They also do not ask for retirement accounts or brokerage account statements as a matter of course. I have completed short sales when NOD’s were never filed (in one case despite no payments made in over 1 year) and when payments were never missed. There are strategies for getting short sales done in such circumstances that are very effective. There are strategies that work when the 2nd is sold out and the 1st is not but the 2nd doesnt want to deal. There are more strategies then I could write in an hour that we have employed successfully.

Here is your comment:
“Generally most banks will not entertain short sales until the seller is technically in default. Given that a notice of default does not happen until about 3 or 4 missed payments it would seem improbable that this guys bank will approve of the short sale.”

There is no way for you to say it is improbable without knowing the details of his situation, who is negotiating on his behalf, what strategies they are employing, who his loans are with, are they purchase money or recourse loans and on and on. That is what you said that was misleading.

[sdrealtor]

I have not done a hundred however the team I assembled has been party to over 100. I did not say that little documentation is required, I said that the documetnation they require is inadequate in my opinion to adequately analyze the selelrs situation. For example, they typically ask for a couple months bank statements but make no effort to determine if there are additional bank accounts. They also do not ask for retirement accounts or brokerage account statements as a matter of course. I have completed short sales when NOD’s were never filed (in one case despite no payments made in over 1 year) and when payments were never missed. There are strategies for getting short sales done in such circumstances that are very effective. There are strategies that work when the 2nd is sold out and the 1st is not but the 2nd doesnt want to deal. There are more strategies then I could write in an hour that we have employed successfully.

Here is your comment:
“Generally most banks will not entertain short sales until the seller is technically in default. Given that a notice of default does not happen until about 3 or 4 missed payments it would seem improbable that this guys bank will approve of the short sale.”

There is no way for you to say it is improbable without knowing the details of his situation, who is negotiating on his behalf, what strategies they are employing, who his loans are with, are they purchase money or recourse loans and on and on. That is what you said that was misleading.

[sdrealtor]

I have not done a hundred however the team I assembled has been party to over 100. I did not say that little documentation is required, I said that the documetnation they require is inadequate in my opinion to adequately analyze the selelrs situation. For example, they typically ask for a couple months bank statements but make no effort to determine if there are additional bank accounts. They also do not ask for retirement accounts or brokerage account statements as a matter of course. I have completed short sales when NOD’s were never filed (in one case despite no payments made in over 1 year) and when payments were never missed. There are strategies for getting short sales done in such circumstances that are very effective. There are strategies that work when the 2nd is sold out and the 1st is not but the 2nd doesnt want to deal. There are more strategies then I could write in an hour that we have employed successfully.

Here is your comment:
“Generally most banks will not entertain short sales until the seller is technically in default. Given that a notice of default does not happen until about 3 or 4 missed payments it would seem improbable that this guys bank will approve of the short sale.”

There is no way for you to say it is improbable without knowing the details of his situation, who is negotiating on his behalf, what strategies they are employing, who his loans are with, are they purchase money or recourse loans and on and on. That is what you said that was misleading.

[sdrealtor]

SD R, I suspect they are the exception rather than the rule but I have a couple dozen of them that seem to be exceptions. Every one of them that i have seems to be an exception.

Being experienced and competent as a Realtor does not necessarily equate to be so with short sales. A year ago, I figured out that this business would be all about short sales and REO’s for a few years and sought to capitalize on it. I spoke with many people and figured out how to streamline the process and build something that could scale up. I left a big brokerage because the process would not work in that environment. I have dealth with many negotiators and lenders already. Across the team of people I have assembled to assist me, we have done over a hundred short sales with just about every lender and every combination of lenders. Before we even submit the offer, they tell me how it will likely proceed and generally are spot on. What we do isnt rocket science. I just modelled my short sale business after the way the best REO guy I know conducts his business. Anyone with half a brain who took the time to figure all this out could do what I’m doing and I’m surprised more arent.

As for the depth of information they request, I have worked with every major lender out there and have found that sellers can provide limited information without being dishonest and not get asked for more indepth information. It has happened over and over again. I’m surprised they arent more rigorous in their reviews.

[sdrealtor]

SD R, I suspect they are the exception rather than the rule but I have a couple dozen of them that seem to be exceptions. Every one of them that i have seems to be an exception.

Being experienced and competent as a Realtor does not necessarily equate to be so with short sales. A year ago, I figured out that this business would be all about short sales and REO’s for a few years and sought to capitalize on it. I spoke with many people and figured out how to streamline the process and build something that could scale up. I left a big brokerage because the process would not work in that environment. I have dealth with many negotiators and lenders already. Across the team of people I have assembled to assist me, we have done over a hundred short sales with just about every lender and every combination of lenders. Before we even submit the offer, they tell me how it will likely proceed and generally are spot on. What we do isnt rocket science. I just modelled my short sale business after the way the best REO guy I know conducts his business. Anyone with half a brain who took the time to figure all this out could do what I’m doing and I’m surprised more arent.

As for the depth of information they request, I have worked with every major lender out there and have found that sellers can provide limited information without being dishonest and not get asked for more indepth information. It has happened over and over again. I’m surprised they arent more rigorous in their reviews.

[sdrealtor]

SD R, I suspect they are the exception rather than the rule but I have a couple dozen of them that seem to be exceptions. Every one of them that i have seems to be an exception.

Being experienced and competent as a Realtor does not necessarily equate to be so with short sales. A year ago, I figured out that this business would be all about short sales and REO’s for a few years and sought to capitalize on it. I spoke with many people and figured out how to streamline the process and build something that could scale up. I left a big brokerage because the process would not work in that environment. I have dealth with many negotiators and lenders already. Across the team of people I have assembled to assist me, we have done over a hundred short sales with just about every lender and every combination of lenders. Before we even submit the offer, they tell me how it will likely proceed and generally are spot on. What we do isnt rocket science. I just modelled my short sale business after the way the best REO guy I know conducts his business. Anyone with half a brain who took the time to figure all this out could do what I’m doing and I’m surprised more arent.

As for the depth of information they request, I have worked with every major lender out there and have found that sellers can provide limited information without being dishonest and not get asked for more indepth information. It has happened over and over again. I’m surprised they arent more rigorous in their reviews.

[sdrealtor]

SD R, I suspect they are the exception rather than the rule but I have a couple dozen of them that seem to be exceptions. Every one of them that i have seems to be an exception.

Being experienced and competent as a Realtor does not necessarily equate to be so with short sales. A year ago, I figured out that this business would be all about short sales and REO’s for a few years and sought to capitalize on it. I spoke with many people and figured out how to streamline the process and build something that could scale up. I left a big brokerage because the process would not work in that environment. I have dealth with many negotiators and lenders already. Across the team of people I have assembled to assist me, we have done over a hundred short sales with just about every lender and every combination of lenders. Before we even submit the offer, they tell me how it will likely proceed and generally are spot on. What we do isnt rocket science. I just modelled my short sale business after the way the best REO guy I know conducts his business. Anyone with half a brain who took the time to figure all this out could do what I’m doing and I’m surprised more arent.

As for the depth of information they request, I have worked with every major lender out there and have found that sellers can provide limited information without being dishonest and not get asked for more indepth information. It has happened over and over again. I’m surprised they arent more rigorous in their reviews.

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