Must Read! Don’t Ever Forget Why We Are the Best Country in the World and Why You’re Are Still Free!
Posted on 01. Jul, 2010 by Patrick Precourt in Business, Industry Changes, Investment, Marketing, Preforeclosure, Real Estate, Short Sales
(No Ratings Yet)The 4th of July weekend is one of the most important weekends we have for the entire year and I do not want anybody to forget what our troops do for us and give us on a daily basis! They give us Freedom! Freedom to invest in real estate, Freedom to spend time with our families without getting harmed, Freedom to do anything we desire! So with that being said, enjoy the holiday weekend and support our troops! On this week’s Friday Coffee Break we dive into how the fact that, whether you are aware or it or not, our short sale business has drastically changed in the last two years. Banks used to take huge discounts just by picking up the phone and asking! Now they battle for each and every penny. What does that mean for me and you? Simple. Change your business model just like we did so you can now profit off of every real estate lead that comes across your desk! Listen in as I go over how we adapted our real estate business to fit the current changes and how you to need to follow suit or you will be out of business! Also listen in as I cover how long BPO’s are good for when working a short sale deal, whether or not HOA fees can be negotiated on a short sale transaction, where any new investor should start their real estate investing career, whether or not you should submit back up offers to a foreclosing lender, whether a buyer should lose their deposit on a bank owned property if there is an easement issue, whether a Bank of America Loan Officer is any better of a short sale negotiator than you or I, and much much more. Visit www.FridayCoffeeBreak.com for more real estate videos from Patrick Precourt.
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Babette Lary
02. Jul, 2010
Hi Pat, On the HOA, here in CA we are able to negotiate them all the time. We can also get the lender to cover them in a few cases. May just be different here in CA.
Winston Ct Realtor
02. Jul, 2010
I negotiated and HOA in New Haven CT. In Connecticut the HOA has a 6 month priority. They get 6 months of fees at foreclosure, that is it. Now in other states they get all, but this may provide a cushion in negotiations.
JT Channing
02. Jul, 2010
When you withdrew your offer on the lender that would not take less than the BPO, did you use the same entity when you resubmitted your offer?
How long do you wait before you resubmit the offer?
Thanks.
Elizabeth Fox
03. Jul, 2010
Just wanted to let everyone know what just happened on a BoA short sale negotiation.
BoA told us from day one that they could not/would not request a postponement of the foreclsoure sale date until 2 days before the actual date.
They foreclosed on Friday July 2 after having declined our foreclosure postponement on June 25 saying the “investor declined”. On the 29th we had an accepted counter offer from the bank, they submitted another foreclosure postponement on the 30th and then the property foreclosed and reverted back to the bank.
When the seller called in trying to find out why they did this she was told that the investor (FNMA) required a 5 day prior to foreclosure request to postpone and BoA required a 2 day so the request was sent in too late to stop the foreclosure sale.
Now this makes no sense as we did request it were declined on the 25th, a full week prior. All BoA could say is that the investor’s time requirements were different than BoA’s.
J. Lynn
06. Jul, 2010
Hi Pat,
I meet you by the pool tables (in the hotel) the last night of the Freedom Soft event in San Diego and I have to say I love that you’re ‘the real deal.’ No Guru fluff here. Thank you for that!
And thank you for pointing out that it is our FREEDOM & INDEPENDENCE that makes this nation so great! Not socialism!! As an Army veteran, I love seeing/meeting people that get the big picture.
That you for your awesome trainings! See you at an upcoming event!
Happy Fourth of July!