Forum Replies Created
August 24, 2009 at 3:37 am #30014
Your message is too political for this group. We are into making money here. We don’t have time for thinking beyond Imperialism (and we don’t really have the time for that either).
Although I do think the government should indeed own everything in order to better control its people and their reckless spending. I think people who make more than, say, $100,000 per-year, should have to give all the excess over that amount to the unfortunates among us who walk our streets aimlessly day in and day out, and whom through no fault of their own are unable to contribute anything to our economy, much less our society .
Of course these folks don’t work or contribute, but they still have to eat and see a good movie now and then on their digital TVs. What right do the rest of us have to run around all fat and full of Mac and Cheese and Hostess Dongles when these people can’t even steal a decent shopping cart to put their stuff in?
Many of the unfortunate folks out there don’t even have enough money in their pockets to buy a cheap bottle of campaign, much less a decent single-malt Scotch. That’s exactly why they so often turn to straight whiskey and don’t care where it comes from. If the government owned the distilleries, it would be free booze and drugs for everyone… and Disneyland would go back to $10.00 admissions and A through E tickets…and all this silliness would be put to rest.
After all, what can anyone do with more than $100,000 a year anyway? With that kind of money one can buy a decent house, drive a decent car, buy decent cloths and eat decent food. What on earth do these people do with all the rest of that unspent money? Why, after all, would anyone want more than that? We have people in Africa and all over Europe who are starving…they are the ones who need our money…not us fat and overfed, overly ambitious Americans so bent on curing disease and the aging process, reducing crime and preparing for the futre of Mankind!
And, not only that, but many of those neighbors of ours who are coming across our Southern borders in droves arrive here with very little spendable cash after paying their coyotes. Who’s going to support them if the government doesn’t step in and start seizing bank accounts pretty damned soon?
So, I say, let’s elect more Democrats and give the whole freakin’ thing to the Last Reich in Sacramento and Washington! That’s the only way we will ever get out of debt…we simply need to keep borrowing money and taking over the world one impoverished nation after another, instead of just trying to look like big shots, and looking big goofs instead!
Freedom is just another word for nothin’ left to lose. And we all known that noing is worth…well…nothing. Although it is free. In that our freedom is free then why fight for it…especially in foreign countries that have done nothing to us (except for a few harmless bombing attacks. And, hey, the herd needs culling from time to time anyway).
Pure Editorial BS. Don read it!
The Author of this note and the person being responded to by it haven’t and entire cingulate sulcus between them, much less the slightest idea of what they’re muttering about.August 24, 2009 at 1:04 am #29940
Don, to compete with us, all anyone has to do w/r our short sale program is beat the following:
- 100% full, All-Cash immediate offer with Proof of Funds (separate and verified with each transaction)
All offers go to 85% of the appraised valuation
All properties taken As-Is with no Contingencies
All funding takes place within a maximum of 72 hours of approval
The listing agent keeps 100% of his commission
The listing agent does not lose his listing
The listing agent can keep his/her sign on the property and continue with any advertising they wish
We NARS and its affiliate company do 100% of all the paper work and leg work (packaging, interviewing, documentation, bi-weekly follow-up follow up with all parties, etc.
We sell all properties to retail buyers at 88% of certified Fair Market Value
We do all negotiations (with 1st, 2nd, HOA, taxing agencies, creditor lien holders, hazard, title and PMI insurance carrier, FnMA, etc.)
No per-transaction costs to our Emerald and Ruby level members
We, NARS, are the investor in every transaction, and we receive 100% of the profit spread between our distressed purchase price and the retail end-buyer price.
Our trained Emerald and Ruby members receive for themselves at least 60% of the total profit-spread on every transaction
We pay all costs for refurbishment, if any, and all other related costs
We cover any reasonable price bump by the lender
We are intimately familiar with all pertinent legal aspects of handling Offer and Compromise real estate transactions
Any short sale missed will be picked up at the foreclosure sale when an end-user is ready to move in
Our training and training materials are among the very best in the industry
We either do not deal with lenders requiring exorbitant seasoning terms, or we put buyers in under EHT tax leases until the seasoning period has ended.
Now…Don, m’boy…if you can compete with that, please let me know and I’ll send you all of our business.
With all that said let me respectfully request that outside this particular thread, do not any longer advertise your own short sale program here. We’re not worried about the competition, only about people advertising their own wares on my dollar without specific reference to what the board is for.
Don’t get me wrong…if you want to offer advice and educational information about the short sale process in general, your input is most welcome. Just stop referring so repeatedly to what YOU do in this business that is contrary to we do, and that is not in the best educational interests of our members and students.
ThanksAugust 24, 2009 at 12:33 am #29917
Donis absolutely right on this one!!
If you are not a licensee then you cannot have a buyer. Say that a couple times and you have a $10,000 fine and 6 months in the jug.
BillAugust 23, 2009 at 9:35 pm #30017August 19, 2009 at 7:00 pm #29970
The race is ON!
Nope. No race. Just money making without competition or strife.
Don, here’s the deal…we are all on this discussion group for one reason…to learn. And we want to learn from teachers…not from the other students. This site is designed to be an educational tool…not a social bulletin board or mud-slinging backboard.
My feeling is that when someone has been in the trenches and done as many transactions as have Scott and Dave, and show a bent for leadership, then they are qualified to be teachers. If there is a problem with the lesson or the lesson plan, then they are to be criticized…but only if the problem persists AFTER reporting it.
As far as your contacting the auction company and getting less than the results your were hoping for…I applaud your saying so. But there is no reason to impugn the advice of Scott and Dave until you’re sure that you’ve discovered a flaw in their standard modus operandi. One screw-up does not constitute ineptitude…if it did, I’d have been back flipping tortillas at Nacho Mama’s* a looong time ago.
Keep posting Don. You stimulate controversy and that’s good. I’d suggest just trying to be a little more obvious about being on our team when you can, and a little less tutorial w/r to your expertise.
*Nacho Mama’s = A Barbecued Rib and Taco House combination joint.August 11, 2009 at 4:45 am #29848
Remember that use of an option or CFD in a short sale scenario is against the law.
It is also against the law to use an end-buyer’s money to position your self as an investor in the transaction. An A to B purchase must be wholly separate from the B to C sale and purchase.
Investor B profiting from a sale to end-buyer C is against the law unless fully disclosed in writing to Bank A and Bank B, and to the short seller and the end-buyer. (The lender’s reasoning is that if the house was worth more, they were deceived…why weren’t they offered the true value?)
Arranging in any manner whatever for the seller to receive funds of any kind as a result of the short-sale is against the law (bank fraud).
Dictating or assisting with a hardship letter is against the law (collusion in bank fraud)
Misstating a short sale applicant’s hardship is against the law (bank fraud).
Overstating a short sale applicant’s insolvency is against the law (bank fraud)
Suggesting that a short sale owner of record stop making payments during the approval process is against the law (collusion in bank fraud and proffering legal advice without a license).
An investor’s colluding with a BPO Agent is against the law.
Buying the property into a land trust is currently against FHA and VA regulations; FNMA and FLMC are also watching land trusts with a keen eye (they don’t know how we use land trusts, however, and we are scheduled for meetings with each of these entities within the next few weeks).
Having any documents signed (even though inactive and unrecorded) prior to the five day right of rescission’s completion is against the law.
If you are dealing with ANYONE who purports to be a short sale expert, ask them if they know these numbers…and if they don’t, stay as far away from them as you can: 1695, 2945, 90-05, 4681 and 544…if they are not intimately familiar with these numbers they are, in all likelihood, amateurs and breaking the law, and will suck you into to their upcoming equity-stripping and unconscionable advantage law suits.
Today there is little that is more litigious than dealing in short sales without the proper training, understanding of, and complete compliance with, the law.
That’s why we charge $8,995 for our training and participation. Others (often using options and doing all the wrong stuff) charge more and merely purport to teach you how to negotiate your own deals (easier said than done). We do all the negotiations for you and complete all the paperwork for you (fully at our cost) and always offer All-Cash with Proof of Funds, As-Is, no contingencies at 85% of the appraisal on the property with immediate funding upon approval and a 72 hour close.
Beat that, woodja!
BillJuly 24, 2009 at 2:06 am #29781
Pardon me for jumping into your little repartee Don and Cork, but let’s get something straight. We now have 45 transactions in process and 65% (at least of them will get approved). Our offers are at 85% of the the appraisal, and all-cash with immediate full (legitimate) proof of funds, no contingencies and As-Is.
We fund instantly and buy instantly.
Benefits for listing agents…
Option #1 (old way): – YOUR WAY
Keep Banging your Head against the Wall
Option #2 – OUR WAY
Our Expert Program: All-Cash Buyer and Professional Negotiation Team
1 Marketing your short sale listing, costs you time and money
No marketing needed, save time and money we buy now
2 Wait for a buyer ??? could be weeks or months
No waiting ??? immediate offer from Buyer (us)
3 Can???t start bank negotiation/your file until you have bona fide offer
Bona fide offer is instant ??? bank negotiation starts immediately
4 Buyer loses interest after waiting months for bank approval Buyer will still be in place, waits as long as needed
5 Listing Agent commission reduced
Listing Agent receives full commission with no charges of any kind against it
6 Listing Agent spends time / headache negotiating with bank
Professional short sale team handles the negotiation
7 You risk law suit for proffering legal advice & breaking the law
All dealing reviewed and approved by our attorneys, all of whom are approachable at any time for legal advice
8 1st TD & 2nd TD holder disagree on payoff for 2nd TD
Our high trained and skilled full-time experts get both/all note holders to agree on 2nd TD payoff
9 You are usually in over your head an fighting your way through despite the hassles (salespeople are not designed to negotiate complex SS transactions)
Leave it to the pros experienced in working short sale negotiations with the banks
10 You are frutrated because bank won???t respond to or return your calls or faxes; they won???t give you their email address…or time of day.
Our well-paid, full-time professional negotiators have highly developed personal relationships with virtually all key banking personnel, greatly expediting the process
11 Mountains of paperwork overload overwhelms Seller / Listing Agent
We handle ALL paper work and have streamlined the documentation process, making paperwork almost unnoticeable.
12 Listing Agent must constantly be addressing Seller???s doubts and nervousness re. timing during the long drawn-out process
Professional team manages the Seller???s expectations and communicates regularly
13 You have to appease Buyer and Buyer???s Agent, needing constantly to communicate, keep updated, negotiate, manage expectations, worry about nervousness & backing out..
Our all cash Buyer is a professional corporation and needs no hand-holding or communications with anyone…and they keep all parties apprised of day-to-day progress, including you.
14 Consumes all your time and energy and drains you while creating wholly unnecessary anxiety and stress and worry
Your time is freed up so you can go out and get more listings
15 Seller is worried and a big bother throughout process
The Seller has peace of mind and is apprised of all day to day progress
You put up signs run open houses, put ads in the newspaper, print up fliers and wait moths for an offer.
You spend nothing on advertising…we make an immediate offer and the property is sold and your commission is on the way.
You typically get 1 out of 10 SS applications approved (don’t say otherwise…we know the statistics)
We get 6-7 out of 10 approved and the approvale rate is climbing.
You do the work and have to pay for ancillary costs (appraisal, home inspection, beneficiary statements, negotiations with junior lien holders, insurance agency, Home Owners Association, PMI carrier, etc., etc.
We do ALL of that and cover all related costs.
If your offer is inadequate you don’t get the deal
If the property needs repairs or the bank wants a little higher offer, we comply and pay for all such costs
After your approval if you have a GNMA, FHLMC VA or FHA you have anywhere from a 30 to 120 seasoning period bedofee the deed can be transferred.
No seasoning irrespective of the type of financing.June 20, 2009 at 1:06 am #29600
‘Haven’t heard of it particularly, but if I was the under writer I’d probably turn down the request if I had the information. Although it would depend upon her other income and expenses, and if they fall within the approval parameters she should be OK.June 17, 2009 at 6:20 pm #29576June 17, 2009 at 5:30 pm #29571
Let’s agree on some terms here:
Standard (Moyesian useage): “Refinance” – Keep the same lender with a new loan on the same security
Non-standard (Gattenistic verbiologination): “RE-finance” – I.e., to “finance again”…or to “…get a new loan on the same security with the same, or a different, lender.” In other words: “Hey Ma, we financed the ad burned thang once and paid it off, so let’s Re-finance this dad-gum joint. Whuddya say?”June 12, 2009 at 11:24 pm #29515
HERE WE GO AGAIN….
Cork. Your are smart. You are erudite. You are articulate and have it down pat. You’re even beautiful…in a way that I’m sure God understands. However, you’re returning to the old Corkiberish crap again.
Please do us the grandest favor in the world and let us benefit from your insights in plain freakin’ g.d. Americanized Anglo Saxon basedEnglish!!
Don’t presume that because a few of us can (or are willing to) keep up with your malapropistic, contractile assaults on the language that anyone else can or would care to.
Say what you mean without the cutesy-wootsy sh**! Or Doctor Mialoq will be all over your young a** again, and I’ll be right behind him.
BillJune 12, 2009 at 10:56 pm #29552
OK, so shoot me. At first, I was only going to delete the offensive post that started the political thing, but it led to a chain of comments that had to be removed too because pretty soon the entire thread converted to something else (and Cork was going after it like a mongoose in a bucket of meal worms) . Much of the dialogue made sense and I agree with most of it, but it was completely out of place and off-base. Sorry.
If someone wants to discuss politics, this is not the forum for it. But if someone wants offer political insight into existing circumstances rather than complaining about them, that’s fine. But I will assure you that the US is not turning Fascist, and the world will not end in 2012…what ends in 2012 is the moratorium on lenders sending 1099-C’s for debt-relief on short sales and the real estate recession…that’s it.
When the doomsayers head for their caves I’m gonna go get their houses and sell them back to them when they re-emerge with their sheepish grins and buckets full of stashed-away gold.
Listen…I have no problem with political comments on the discussion group. I agree with Scott that as long as they relate to what we’re doing and are not obviously partisan or argumentative, they’re fine.
But remember that our mantra now is: We’re going to get rich BECAUSE of the current market and political-economic climate…not IN SPITE of it.
Let others figure out how to dodge and duck to avoid the problems while we FEED ON THEM.
The world hates change, yet it is the only thing that has ever brought progress. — Charles Kettering (Not Keating…that’s a different dude)June 12, 2009 at 10:22 pm #29557
Nope. Sorry Doc.
The Cognitive Rigidity trap here is: “If borrower is not natural person.” In other words if the borrower IS a natural person (not a fictitious or business entity) then notification of the lender of the vesting of the property into an inter vivos trust is not mandatory in order to avoid the DOSC.
With any property over 4 units, one would, however, have to notify the lender and get their acquiescence, as Garn-St. Germaine relates only to 4 units and less..
The phraseology you’re referring to is in FHA documentation and does say “unless prohibited by applicable law.”
BillJune 3, 2009 at 10:24 pm #29458
My Dear Donny,
You are either in error or I have spent $20,000 plus for nothing.
As you suggest, document are not patentable per se, but intellectual documentation systems as inventions indeed are fully patenable. There is indeed a patent pending on the Equity Holding Trust(tm) (r) System and we are expecting approval within days or weeks. Recheck your information.
All of our documentation is fully copyrighted and trademarked, and the patents are officially pending re. the PACTrust, the NEHTrust and the EHtrust (general) systems. The requisite legal warnings re. infringement are out to approximately 35 possible violators of our proprietary rights (each of whom will be subject to lawsuit when/if our long time pending application is approved as we assume it will be)..
Attorney Docket No 2388-001-.PROV, Confirming No. 5431 Thorpen, North, Thorp and Western, SLC, Ut.
Application No. 60/936,770
Filing Date June 22, 2007
International US60/936,770 37CFR 5, 11 & 5.15; 35USC184
All docket entries docketed and confirmed 12-21-07, 3-21-08, 6-21-08,June 3, 2009 at 10:02 pm #29309
Kathleen, you are not only brilliant, a fine lawyer and a looker…you’re my next wife (assuming my present one will relinquish title to me and give me back all the jewelry).
Thank you so much for that input. It answers the questions and enlightens us all as to the reality of what’s is going on.
Our thinking re. our proposed program…is that the land trust itself becomes the bona fide silent purchaser of the property for a pending all cash funding to the underlying lender at the beginning of the usually lengthy short-sale approval process (i.e., no beneficiary interest held by the seller). During this approval and acceptance process, the end-buyer is simultaneously qualifying for the “take out” mortgage to buy the property at 90% of its legitimate FMV from the legal and equitable title owner–i.e., the title-holding trust’s trustee (Equity Holding Corporation, a non-profit, licensed and bonded trustee corporation).
In this scenario, the owner (the trustee) has held the property as its own for the requisite seasoning term and then sells to the end-buyer for 90% of FMV with a simultaneous closing once they have their financing in escrow. Also, if opted for, we will use the buyer’s own MAI appraisal as the basis for pricing.
Is my thinking skewed? Are you perhaps suggesting that the procedure wouldn’t satisfy the end-lender’s title seasoning requirement? Our attorneys are in favor of the system and have seen no problems with it at this point…but if there’s another take on it, I want to know about it.
E.g., Would you defend it as presented?