Home : Blogs : Carlos Sagastume : Carlos HUD Homes Blog

Fun letter - SEO & Real Estate Marketing Blog - Matt Cutts

I fully comprehend that the blog post I am about to write may upset some folks to the point of rage. I have to be able to look in the mirror every day though and know that I have stood by my convictions and what I do is helping people in distress

Let me start where I am going with this; the blog posted by Matt Cutts of Google:
His blog post states that his friend got a hand-written letter in blue ink that says:

Dear (name)
My name is David, my wife is Jennifer. We would like to buy your house at (address). Please call me @ 408-772-0507.

His friend impression is that this was strange and did a Google hunt for 408-772-0507 and came across this page on David Jan. Quite a lot of other people give an account of getting comparable letters.

I am a real estate investor and I do mail out 700-1000 letters a week to home owners facing foreclosure and to home owners that have abandoned houses.

What this means is that I am going to hit these very touchy homeowners head on, with no hold barred candor, no matter the repercussions of their neighbors, family members or even Realtors. I do not see any of them offering to bring their mortgage up to date, saving their credit from a foreclosure, and giving them money at the settlement.

What I try to explain to the homeowners that are facing foreclosure that I can help. Some late payments on their credit report to me are better than a foreclosure. In today’s real estate market; I have to obtain a short sale from the lender to help home owners. I am amassed by the number of home owners that do not talk with their mortgage company,

My terms are simple I will offer up to 60% of market value. Most lenders in today’s pre-foreclosure stage will work with me.

Carlos

Baltimore HUD Homes

Posted by Carlos Sagastume on 09/26/2007 10:02 PM

Comments (7)

fun letter, seo real estate marketing blog, matt cutts, 4087720507, baltimore, hud homes

7 Comments on Fun letter - SEO & Real Estate Marketing Blog - Matt Cutts

SEP

2007

What can you do if you only offer 60%? Is the plan for the homeowner to take a 40% "loss" and walk?

Are you advising the sellers that they may be liable for taxes on the short sale? This is a BIG surprise to many sellers who think they're getting out from under a mountain of debt only to find that they still owe taxes on a house they no longer own.

I tell the sellers to make sure they get documents from the lender that by accepting the short sale, the home seller will not be given a 1099 for the negative sale amount at the end of the year, and to make sure that their legal rep looks at the short sale legal terms.

The seller is not taking a 40% loss; because they will be losing 100% within 45 days, when the foreclosure takes place.

My experience is that some home owners facing foreclosure, hide from the lender, stop taking care of the house, and DO NOTHING to cure the default. They sit and wait for a miracle to happen!

60% is a bit low. My investors are usually looking to pick things up for 70% or so of market value.

In the state of Maryland, California, Florida, Nevada, Georgia; there were many loans generated by B C D Lenders with COFI rates that started at 1.5% in 2004-2005 there is no way the owners can afford the houses today.

SEP

2007

I have heard that maybe the bank will take the 60% but still look for the remaining portion from the person who took the loan from and still take judgement out on them and they still have to pay back the remander? What say you?

SEP

2007

No the lender can not file for a judgment out of the home sellers, after all the landers agree on the sales price and let me say state the fact the the mortgage insurance companies are delighted they do not have to to deal with a foreclosure claim of a house that was an REO for the lender.

6 0ut of 10 people that file for bankruptcy 13 CAN NOT keep up with the new high payments.

Another 45-60 days go buy as they change to bankruptcy 7.

I need to clear up my my offer price, 60% of the appraisal value has to be approved by the lender that is control via a foreclosure filing and the owners to agree,

The B C D Lenders will give a yes or no to the offer with in 48-72 hours.

The Mortgage Insurance company data of 70% of a sales price is out dated, in the last 18 moths lenders can not sell properties for 50% of appraisal value at the foreclosure action in cities like Atlanta, Las Vegas, L.A Counties, Miami.

Lots of the time is if the lender can file a claim with the mortgage insurance even if it did go to foreclosure; I get an OK.

MORE OFTEN is that the loan was sold 3-5 five times, the current lender had no idea that the loans was a bad loan and the lenders just want out no matter what.

Example a new home that sold for $575,000 in 2005 in a California around L.A Counties I was looking at the news the other night, lenders can not get any offers for 50% of appraisal value, so lender had to buy the house at the foreclosure action.

There is nothing wrong with the appraisal value. I know numbers and I still do not understand how a family making $70,000 with credit scores in the 750 were approved to buy a $575,000 with zero down.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?