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NARS/TCHG CA. SHORT SALES AVAILABLE TO ALL NARS MEMBERS!

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing NARS/TCHG CA. SHORT SALES AVAILABLE TO ALL NARS MEMBERS!

This topic contains 43 replies, has 0 voices, and was last updated by Avatar of dave salcido dave salcido 10 years, 2 months ago.

Viewing 15 posts - 1 through 15 (of 45 total)
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  • #5760
    Avatar of dave salcido
    dave salcido
    Member

    You asked for it. You got it! Any NARS member in good standing can now submit NARS/TCHG California short sale transactions even if you live outside of California. There are some rules to adhere to, but basically, if you know of any short sales listed by a California real estate agent that is willing to consider a purchase offer (who wouldn’t?), you can now go through the NARS front office to submit the necessary short sale information and receive a percentage of the spread from the successful TCHG sale of that short sale property.

    Here’s how it works:
    1. Be a NARS Emerald or Ruby Member (Ruby members make more on the spread than Emeralds. Contact Dave S at NARS if you need to join or upgrade your membership.)
    2. You will receive basic NARS/TCHG short sale operating instructions from NARS at no charge
    3. Locate California real estate agents that have listed short sales
    4. Let the agent know you have a private investment group that may make an offer on their listed short sale property provided the investment group can do the negotiations with the lender
    5. Get some basic information from the agent in order to create the offer
    6. Submit the completed form and send it to NARS
    7. NARS will name you the referring member on the transaction to secure your percent of the pool when the property is successfully bought and sold by TCHG
    8. TCHG will create and submit an offer to purchase to the agent and their client
    9. Wait for the close (Could take weeks. Could take months. Could be rejected)
    10. If rejected, other options could be considered.

    Even though this is currently only available in California, this is still a great way for everyone to participate until other areas of the country are opened.
    DO NOT call the NARS office for more information. Email dave@landtrust.net and ask how to get started.

    #29875
    Avatar of homesavers
    NULL
    Member

    Never forget the numbers! This is a numbers business. So here they are.
    example:
    1. Target Profit Spread is ~$50,000 (diff between B-C price)
    2. TCHG portion $40,000
    3. NARS portion $2,500 out of $10,000 = $7,500 – pay out to Acquisitions Director and Transaction Coordinator.
    4. David Salcido’s (AD) portion $2,500-$6,500 out of $7,500
    5. Ruby Member portion $5,000 (TC)
    6. Emerald Member portion $2,000 (TC)
    7. Non-Member portion $1,000 (TC)

    David if the numbers are wrong please correct them. If they are right then those of you have to consider if this profit level is something you want to focus you efforts on. There is a lot of money to be made in this business-choose your battles and use your time wisely.

    You will have to build relationships with the listing agents and if you can the seller before they list the property. I have at least 3-4 agents interested in my program and say they are going to send me all their Short sale listings. No action on their part yet. You have to somehow get them to take action.

    You, as a TC, will do most of the ground or “bird dog” work for your $1,000-$5,000. This a good if you do not spend much time on each deal.

    Always remember the hard part is building the relationships. This is the value. It is worth Millions if you can understand and apply it.

    #29876
    Avatar of almon
    almon
    Member

    Don,

    The minimum Target Profit Spread may be $ 20,000

    ( all figures X .4 ).

    Let me know if any of the Agents I sent you start sending you their SS properties, so we know if it works for you.

    Thanks,
    Alan

    #29877
    Avatar of homesavers
    NULL
    Member

    @almon wrote:

    Don,

    The minimum Target Profit Spread may be $ 20,000

    ( all figures X .4 ).

    Thanks,
    Alan

    Then that would look like this:

    1. Target Profit Spread is ~$20,000 (diff between B-C price)
    2. TCHG portion $16,000
    3. NARS portion $1,000 out of $4,000 = $3,000 – pay out to Acquisitions Director and Transaction Coordinator.
    4. David Salcido’s (AD) portion $1,500-$2,600 out of $3,000
    5. Ruby Member portion $1,500 (TC)
    6. Emerald Member portion $600(TC)
    7. Non-Member portion $300 (TC)

    #29878
    Avatar of billwright
    billwright
    Member

    remind what the role of the Real Estate agent/broker is, and how much s/he will make in the examples given above.

    Bill W.

    #29879
    Avatar of homesavers
    NULL
    Member

    @BillWright wrote:

    remind what the role of the Real Estate agent/broker is, and how much s/he will make in the examples given above.

    Bill W.

    Good point they will make more money than someone submitting the deal to David/NARS. 3-6 percent on the Sale price to the end buyer. On 200K that would be $6,000-$12,000. So in this scenario you had better get your California RE License you will make more money.

    #29880

    No one will make any money if the deal does not close. I’ll take $500 to $5000 on all of them if all I have to do is refer it over to someone who will negotiate it, fund it, market it, sell it and finance it.

    #29881
    Avatar of homesavers
    NULL
    Member

    @Scott_L._Moyes wrote:

    No one will make any money if the deal does not close. I’ll take $500 to $5000 on all of them if all I have to do is refer it over to someone who will negotiate it, fund it, market it, sell it and finance it.

    True but the “bird dog” on the ground has to do more than refer. They need to do the following tasks for each deal:

    1. Contact a Realtor with a short sale listing that is open to the method and explain enough to them to get them to take action.
    2. Contact a Seller that would like to sell their property short if no agent is involved.
    3. Make sure the Agent fills out the necessary paperwork to start the deal in process including the 30 day CMA
    4. Gather all the paperwork and check to see if they are signed in the right places and the documents that need to be Notarized are signed in front of a Notary.
    5. Answer questions as they surface when the clock starts ticking because you are going to be the face tied to the solution for them.
    6. A few others I may have forgot

    Evaluation, Negotiation, funding, marketing, selling and financing are all in place in the industry no matter what property you are trying to move from one owner to another.

    My point is the relationships you create are the most valuable. When you start closing deals for these Realtors and solving problems you are going to get a lot of referrals. And that my friend is worth Millions.

    #29882

    We/NARS has already built all the relationships. All you have to do is line’em up and send them to the Group.

    #29883
    Avatar of homesavers
    NULL
    Member

    @Scott_L._Moyes wrote:

    We/NARS has already built all the relationships. All you have to do is line’em up and send them to the Group.

    What do you mean by, “line ‘em up”? If all the relationships are built I will just send Dave the listing one page sheet for each short sale listing. Then Dave can take over and do the rest.

    #29884
    Avatar of dbhenderson
    dbhenderson
    Member

    What does TCHG stand for?

    #29885

    Scott,
    Couple questions…
    1. Do you have a handy-dandy checklist of paperwork and timeline of paperwork for the short sale deal scenarios?
    eg. A. Send this paperwork to Realtor(s); when, at this time
    B. Send this paperwork to Scott or ?; when, at this time
    C. Send this paperwork to ? ; at this time
    this kind of thing, to simplify the process?

    2. If it doesn’t exist yet, may I call or email you to put it together for the group – or just for myself if I’m appearing as a dodo? lol

    3. Can we obtain the independent contractor forms etc. without going to Newport tomorrow? If so, how do we expedite that process?

    Thanks mucho!
    Cheryl
    Landtrust Partners

    #29886
    Avatar of almon
    almon
    Member

    I’ve done this much from Central Kentucky:

    I send an Introductory Letter to the Agent, describing our Offer and linking them to a web-site for more detail ( Bill’s “Your Way/ Our Way,” etc.) and let them know that the Member will call them, for a couple more details ( from their training ) and once we have that info, an Account Manager will meet with them to present to them an Offer.

    I send the extensive Property Details of the Current Short Sale available, with the Address, County, List Price History, MLS #, APN., etc., Pictures and Full Name, Address, Phone, Cell, Fax AND EMAILof Agent AND their Brokerage, along with a copy of my Letter to the Agent, for the Member to “Get them Ready.”

    I received 150 Emails on Short Sale Leads from my referral sources in one day, yesterday. Short Sale Properties are coming to me, Daily by the HUNDREDS.

    At the moment, most all of these Properties are in your area; Greater Los Angeles, San Fern Valley, Orange.

    My people are sitting on ready to expand to any other County in CA and all other states.

    I have thousands sitting on hold, waiting for a Short Sale Exit Strategy.

    What ?

    Yes. I am outside California and not a paid Member.

    I have all the Paperwork you are inquiring to Scott about ( and they will probably send it to you. )

    Each of these Properties are set up for me to Mail Merge their information onto NARS forms and Submit, however, I have yet to find a do-do !?!

    I’m sitting on literally Millions and Millions of Profit Potential Properties and have my Networks bringing them to me and the Processes to Format them onto NARS Submittal Forms and put them into the Hands of someone that is a NARS Member ( Emerald or preferably, Ruby )

    If you let other people do your thinking for you, please don’t “bring your guns to town.”

    You have a Group ?

    Does your group want to get a leg up and a fast start at this action ?

    Do YOU want to put them to work ?

    My people work jobs and the sooner they are full time, the sooner we take over the country.

    What kind of money can you people put together ?

    Make me a Ruby and I’ll trickle this game right into Your Alls Lap, for YOUR SPREAD.

    Does your definition of DISCRESION include, “Volumn ?”

    We can do this.

    Thank you,
    Alan Gross
    859-699-4721
    FundingMoney@hotmail. ___

    P.S. My referring Agents went to bat with the Short Sale Auction and would do, if Cash Offer falls through.

    #29887
    Avatar of homesavers
    NULL
    Member

    @dbhenderson wrote:

    What does TCHG stand for?

    The California Housing Group

    #29888
    Avatar of homesavers
    NULL
    Member

    @Scott_L._Moyes wrote:

    No one will make any money if the deal does not close. I’ll take $500 to $5000 on all of them if all I have to do is refer it over to someone who will negotiate it, fund it, market it, sell it and finance it.

    I know agent numbers are at ~ 8-10 percent close. I believe and I have no source to back it up but TCHG closes 60 percent. So we have a possible advantage.
    Most Realtors(r) are in La-La land and engage in “puffing” (look it up) so they say a lot but do not perform. This is a dangerous business. You are on the radar. Be careful what you say to Buyers and Sellers and their agents.

    Scott you have implied here that anyone can refer a short sale over to NARS David and he will do 100 percent of the work. That poor guy is going to be extremely overwhelmed. Does he have a staff in place to handle all the properties that will come in? Something is missing here. You make it sound like all we need to do is send David a name and number and he will do the rest. This is not realistic. Please clarify.

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