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    Avatar of bill_gatten
    bill_gatten
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    From: Aperture Holdings LLC [mailto:apertureholdings@live.com]
    Sent: Tuesday, June 02, 2009 10:03 PM
    To: Dave Salcido
    Subject: RE: Texas Short Sale Leads

    Thanks Dave. So, if I understand correctly, the steps would be:

    1) Contacting the listing agent proposing to get it sold for them utilizing an auction (at our expense) and taking the highest bidder to the bank and negotiating the short sale for them.
    We cannot sell for an agent. That would be practicing real estate without a license. We want to acquire a beneficiary interest in the owner???s land trust. We then want the first right to sell as a beneficiary to the highest bidder.
    2) After some initial questions mention to them that in order to be in compliance with RESPA guidelines, we would create a trust for the property so that we are a principal in the transaction
    We do not have to discuss issues of Respa compliance because we are purchasing personal property. We are later exercising our right as a directing trust beneficiary representing the trustee and other beneficiaries to sell the property as any owner of real estate would. Some real estate agents may get hung up on this point because this concept is foreign to them. Nevertheless, we will continue plugging away with our desired intentions, seller willing.

    3) Set up a conference call with the agent and seller to get the seller on board.
    Yes

    4) Assuming an “oh my god you are my hero response” from the seller, collect documents (2 mos check stubs, 2 mos bank statements, last 2yrs tax returns, financial statement/cash flow analysis, hardship letter, deed, mortgage docs -am I missing anything?)
    Completed Trust Input Form and county tax statement

    5) Set up trust (would hand that over to you)
    Yes

    6) Let Dave do the auction and short sale negotiation thing…
    Yes, with your help and that of the seller and his agent

    How do I work in the agent that brought me the leads? Do I simply make her a beneficiary of the trust? Would the beneficiaries be: the seller, listing agent, me, you/scott, NARS/Bill, buyer agent?
    Yes. The seller???s agent can appear as a line item on the HUD and share commissions with the auction real estate agency

    Thanks,

    Leon
    ________________________________________
    From: dasal@netzero.net
    To: apertureholdings@live.com
    Subject: RE: Texas Short Sale Leads
    Date: Tue, 2 Jun 2009 08:35:15 -0600
    The trick is getting the agent to ask the owner/seller to let us auction the property using our funds for advertising. They must also know that we must first place the property into a land trust before we can proceed (to protect our interests in the deal). I???m not sure how many agents would be willing to take a back seat on these transactions even though they will still be a part of the transaction as the seller/buyer agent. If the agent???s seller will give you a position as a beneficiary, this agent could be a great resource. If not, you are just another potential buyer to the agent. I will need to know a little more about the open-mindedness of the agent.

    From: Aperture Holdings LLC [mailto:apertureholdings@live.com]
    Sent: Monday, June 01, 2009 7:49 PM
    To: Dave Salcido
    Cc: Dave Salcido; Scott Moyes; Bill Gatten
    Subject: Texas Short Sale Leads

    Dave,

    A realtor in Texas contacted me regarding sending me short sales yesterday. Today, she sent me 116 short sales in various counties in Tx. These range in value from $299k – $700k. Many of these are “pretty” and need no repairs and all are listed with various realtors. What kinds of things do you recommend saying to the listing agent for an auction/short sale scenario?

    Thanks,

    Leon

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