short sales: Short sale negotiation and the law - 06/09/10 10:32 AM
Not too long ago I wrote a post about short sale negotiation and included information from Ned Blumenthal about how the law relates to real estate agents and brokers. Ned was kind enough to email some more information back in April and I want to share it with you today as it is very important to those of you who operate in Georgia.
Let's back track momentarily so I can repeat my stance on "Loss Mitigators" who do not work for the lender, "Loss Mitigation Specialists" who took a class online and got a certification, and anyone else who gets in … (8 comments)
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short sales: Real estate agents breaking federal law by negotiating Short Sales? - 04/01/10 04:07 PM
This post has the potential to be inflammatory so let me begin by saying, "I'm just the messenger."
In Georgia there are two attorneys who are considered to be and are, in fact, held out to be the real estate contract experts. By experts I mean they wrote the book on Georgia real estate contract law. "The Red Book on Real Estate Contracts in Georgia" published by the Georgia Association of Realtors was authored by firm partners Ned Blumenthal and Seth Weissman of Weissman, Nowack, Curry & Wilco, P.C.
Mr. Blumenthal recently wrote an opinion letter ("The Letter") about how the … (60 comments)
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short sales: Useless Pieces In The Transaction (Wholesaler, Flipper, "Loss Mitigator") - 11/13/09 04:14 PM
Someone reading this post will think it's about them. If it is you then do something right for once go turn yourself in and get out of the business of hurting sellers, buyers and my industry you piece of trash.
Today I received a call from a friend and broker who is representing a buyer in a short sale transaction. He called me because I have been on the lender and trainer side of short sales longer than the vast majority of so called "short sales experts" have known the terms. Because I am a HUD Direct Endorsement lender for FHA loans and a … (35 comments)
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short sales: You Took My Equity AND Made Me Sign A Promissory Note? Short Sales Info - 04/30/09 02:19 PM
Welcome to Earth. You may not get these calls and emails but I do. "Ken, I enjoyed your video about short sales on YouTube. I recently had the bank accept a short sale offer on my home for less than I owe and they are asking me to sign a $65,000 promissory note. Have you heard of this and do I have to sign it?"
Thanks. Yes. No, they won't shoot you if you don't. But ...
Of course I have heard of the lender asking a seller on a short sale to sign some form of indemnification against the loss … (8 comments)
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short sales: Two Years Ago Few Knew What A Short Sale Was - Now Everyone Is An EXPERT? NOT! - 03/03/08 11:57 AM
Listen, this is a vent. If you don't want to hear my rant don't read this because it may hurt when I step on your toes. You can NOT take an online class and become a "Certified Loss Mitigator". There is NO SUCH CREATURE recognized by lenders. Period. Got that? Furthermore, just because you read one of my articles or attended one of my classes (that I've been teaching since 2001 by the way) does not make you a Short Sale Expert worthy of commenting on a process of which you have only a cursory understanding.
People continuously gripe and complain about … (7 comments)
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short sales: Project: KNEEJERK - Short Sales Elimination of 1099 Creates Promissory Note Dilemna - 01/16/08 02:41 PM
What did I say on December 18th? Lender's can't afford just to completely write off all the losses from short sales and not giving 1099's to the bailing home owners. So what's the new trend in short sales? Promissory notes the homeowner is to sign to indemnify the lender against the loss. No thanks, I'll take my 1099 and take my chances with the IRS.
It's not coming - it's happening.
AGENTS: When you are making an offer on a short sale you will need to be aware of this. It's nothing new but it's "the trend" among lenders because of the change … (17 comments)
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short sales: Southeastern Real Estate Investors January Meetup - Marietta Georgia - Focus On Short Sales - 01/12/08 10:20 AM
Get Your FREE Copy of the ORIGINAL "10 Mistakes Every Real Estate Investor Makes"
Get insights to ways you can avoid mistakes in real estate investing. Includes bonus mistakes added several times per year.Includes valuable information you can take with you on your next deal.
Southeastern Real Estate Investors January Meetup Reserver your space for FREE by clicking here.
When
Saturday, January 26, 2008 at 12:00 NoonPresentation lasts approximately 1 hour then an open forum for Q&ADeal presentations immediately following Q&A Where Innova Center 2501 E Piedmont Road Suite 111 Marietta , GA 30062 678-946-0101 Details Admission is FREE - there is no cost … (8 comments)
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short sales: The Ultimate Short Sales Secrets Workshop ONLINE and LIVE!!! October 20th 2007 - 10/19/07 02:00 PM
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short sales: The Ultimate Short Sale How To Workshop - 10/13/07 12:45 PM
The Ultimate Short Sale How To Workshop This is the 11th presentation of this workshop and the smallest venue of all. Only 8 participants! You'll be able to ask more questions that ever before. If you are interested in participating in this workshop but are unable to physically attend please contact Ken Cook at 678-946-0101 for information and schedule for upcoming phone and internet based workshops (Web Conferences) To register click here and please register through the system = http://homebuyer.meetup.com/88/calendar/6451250/
When: Thursday, October 18, 2007, 7:30 PM 2007 Where: Innova Center 2501 E Piedmont Road Suite 111 Marietta , GA 30062 678-946-0101 Info/Map … (0 comments)
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short sales: What *Exactly* Is A Short Sale? - 10/12/07 04:47 PM
Okay, the classes I teach on Short Sale methods range in price from $50 to $200 - do you know how many people come to the class and don't even know what a short sale is? Bunches! That's how many.
First you must know that in most states it is the lender who actually owns the home. I know, stinks doesn't it? Read your mortgage note. Now that you know you don't actually own your home you also need to know that you do get the privilege of occupying it according to the terms of the mortgage. If, however, you violate … (0 comments)
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short sales: Short Sale Facts and How-To - 09/29/07 10:14 AM
Short Sale Facts and How-To When: Thursday, October 18, 2007, 7:30 PM 2007 Where: Innova Center 2501 E Piedmont Road Suite 207 Marietta , GA 30062 678-946-0101 Info/MapThis venue has been marked "private" by the Organizer. Description: THIS IS THE SAME WORKSHOP MANY HAVE PAID UP TO $199 TO ATTEND! Fee has been reduced to only $50 and *MUST* be paid at the time of reservation. See the note below about why there is a fee at all.
Short sales (pre-foreclosures or REO's) are an excellent way to acquire a home (or investment property) while doing good for the community. To … (1 comments)
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short sales: Here Come The Gurus! Those Who Can, DO - 09/07/07 04:04 PM
A Cautionary Tail of Tomorrow ...
There are going to be a TON of short sales gurus over the next few months. Some are going to mislead you. This cautionary tale is to encourage you to be diligent, respectful, of high moral character, and aware of the laws in the state in which you intend to operate.
Perhaps that title is a bit inflammatory. Not everyone who is a teacher is a "can't do". I myself have been teaching for many years and I don't teach much because I do not have much time. Let this serve as a prediction for the coming … (7 comments)
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short sales: Nuggets of Gold: #1 The Short Sale BPO - 06/11/07 11:27 AM
I have been teaching and doing short sales for several years. Recently they have become the "hot topic" in the real estate investor market and suddenly everyone is an expert. Another edge I have over the "guru" world is that I am not only an investor and a trainer but my "day job" is as Director of Operations for Novation Mortgage and part of my job is as Quality Control and Loss Prevention Manager. That's right, I get to approve or deny short sale offers.
When we receive an offer on a property that is in the Default period the offer comes … (0 comments)
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short sales: Upcoming April Workshops - Don't Miss These! - 04/03/07 09:21 PM
Sure, it's a touchy subject. And, while we respect the training of some speakers and teachers we spend a great deal of time correcting incorrect training and we've seen many prospective investors taken advantage of by less than ethical gurus who charge thousands of dollars to attend seminars or purchase "programs".We have no programs to sell yet we offer the same services to our clients available from many gurus for thousands and thousands of dollars. In fact, one un-named "guru" will teach you about Short Sales for around $4000 and then invite you to join his "program" for $10,000 to $30,000 … (0 comments)
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short sales: Short Sales From The Lender's View - 02/07/07 07:31 PM
This two hour workshop provides an indepth introduction to the Short Sale process, how to source them, how to negotiate them, who to speak with, and how much to offer.
Because I am a lender I will also share with you why Short Sales are so advantageous to lenders, homeowners facing foreclosure and the real estate investor.
Inhouse Seminar
Online Seminar
… (1 comments)
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short sales: What is the Foreclosure Process and How Can it be Stopped? - 01/12/07 04:04 PM
Many states are different but most are similar. I will write from the perspective of Georgia because, even though that is not the only state in which we lend, it is the state in which we are based and fund the most loans. This posting is limited to the failure of the "homeowner" to repay the lender as agreed. The process seems speedy to the occupants facing eviction but it takes upwards of 150 days to complete.
In Georgia the lender actually owns the home. There is a little piece of paper called a Security Deed (security instrument) which gives us the … (4 comments)
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short sales: The Coming Wave: Short Sale Tsunami - 12/18/06 01:38 PM
Over the past three to four years the housing boom and the refinance boom saw hundreds of thousands of American homeowners and investors jumping into homes they could ill afford at the time and now that two year ARM and three year ARM loans are starting to adjust upwards these homeowners are feeling more than a little pinch. One time aspiring homeowners and investors who jumped in with ARM or IO (Adjustable Rate Mortgages or Interest Only mortgages) are now completely upside down in properties that are negative cash flowing and in many areas of the country in a price correction … (3 comments)
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short sales: Anatomy of the Short Sale - 08/04/06 01:36 PM
New investors, it seems, are intrigued by words and phrases to which they have recently been introduced. Often I will speak with a prospect on the telephone and just by listening to what they are saying tell you about where they are in the investment process. Newbies (that's not an offensive term, by the way) and well studied but lightly experienced investors generally have one thing in common: a great use of words they don't (fully) understand.
Today's term is Short Sale.
This is a big one and it's used quite often around investor's clubs and seminars across the nation. But … (4 comments)
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