Are you Fat, Big Boned or just Over Indulged?
Posted on 20. Aug, 2010 by Patrick Precourt in Business, Industry Changes, Investment, Preforeclosure, Real Estate, Short Sales
(1 votes, average: 5.00 out of 5)I don’t know if it is me, but do you get the feeling that the majority of Americans feel they are entitled to anything they want without working for it? Listen in to today’s Friday Coffee Break as I breakdown this hot topic. We also discuss whether or not there is a law in Florida requiring a real estate investor to hold a property for over 30 days before flipping it, whether or not a same day flip is legal. We also discuss the truth about what a Wells Fargo short sale acceptance letter is requiring you to do, whether Wells Fargo and ASC (a Wells Fargo Company) have the same requirements on their short sale approval letters and much more. Visit www.fridaycoffeebreak.com for more real estate videos from Patrick Precourt and North Shore Enterprises!
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Mark R
20. Aug, 2010
Wells does have a new Purchase Contract addendum with the 90 day hold requirement. Another investor said that his attorney has told Wells to record that document. Wells has declined to record the document and has agreed to eliminate the 90 day hold—but you must ask.
Wells also has a Listing agent addendum that requires the agent to a fiduciary responsibility to Wells to submit the highest and best offer. My state law specifically says my fiduciary responsibility is to my client. Wells has created an adversarial relationship by suing my client and, as such, I don’t owe andy fiduciary duty to the adversary.
CJ
10. Sep, 2010
Wow, Mark. Right on! Just blow away the smoke and turn those mirrors around on the banks. You go! My state law is very specific about agency and fiduciary as well.
Natalie in California
20. Aug, 2010
You are a kick! Thanks for making the subject of short sales so funny. “Bones don’t jiggle”. I don’t I’ve ever really laughed watching Short Sale information. Thanks guys! Always good info.
Alex in NC
21. Aug, 2010
DUDE!!! BONES DON”T JIGGLE! YOU SHOULD HAVE NAMED THIS EPISODE THAT!!! LMAO.- Thanks for the grin.-