Are Short Sale Flips Illegal? Freddie Mac May Think So!
Posted on 29. Apr, 2010 by Patrick Precourt in Business, Investment, Preforeclosure, Real Estate, Short Sales
(No Ratings Yet)On this week’s Friday Coffee Break Patrick Precourt digs into the latest Freddie Mac article that states that flipping short sales is fraud! If you are investing in short sale properties or planning on it you will not want to miss this week’s Friday Coffee Break! Does this article mean that our short sale investing careers are over or it just another “blown out of proportion” Enquirer type printing? Listen in as we cover this hot topic and also how to correct write a contract so a short sale lender doesn’t ask you for your LLC’s Articles of Incorporation, where our “investor opportunity” is in the new HAFA program, how the IRS treats forgiven debt, and much more. Visit www.FridayCoffeeBreak.com for more real estate specific videos.
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Rick
30. Apr, 2010
I was just told by a negotiator at Wells that the offer we submitted for a client is declined because the owner is not 30 days or more delinquent. She said the investor is Fannie Mae and they are now requiring the seller be 30 days late to accept the short sale application. She said once the seller is 30 days late, re-submit and have the seller start making payments again, but stay 30 days late. Have you guys heard of this??
RON
30. Apr, 2010
Thanks Pat. Getting into my new Proptrackr home. Knowing that google loves video content, I’d like to know if we have your permission to repost Friday Coffee break and other pertinent information on our proptrackr.
I want to thank you for your encouragement, and motivation.
Ron
Patrick
07. May, 2010
Absolutely. We are more than happy to let others distribute our content as long as we get a link back to either FridayCoffeeBreak.com or PropTrackr.com. Thanks and have a great weekend!
Natalie in California
30. Apr, 2010
I agree with you to beaware of the HAFA program and what the sellers are agreeing to. I do beleive it was created by the banks for the banks. Good info thanks