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You are currently browsing comments. If you would like to return to the full story, you can read the full entry here: “Another Lesson in Short Sales”.
link to Webinar replay does not work.
[...] Another lesson in short sales – Not sure about your market, but I know around here short sales are not going away anytime [...]
Hi Eva:
The link to our webinar page should be working now. Thanks for the heads up!
Thank you for valuable tips here on short sales. Dealing with these short sales from a realtor’s or broker’s perspective can be very annoying. I might suggest that you seek out a full time short sale investor and see what tips they can offer to ease the process.
I just tried to download, and playback the first Short Sale Webinar, but got a message that the url was invalid. Any suggestions?
Great tips! I am working with many investors and in the Florida market this is a big issue. Take a look at my blog anytime for updated commercial information, http://salesforcefl.blogspot.com
As an investor who has influenced the positive outcomes of dozens of property owners through the use of ethically sound Pre-foreclosure Investor Buyouts (PFIB’s) as a vehicle for stopping foreclosure and avoiding deficiency judgments, I am saddened by the outright lack of knowledge and blatant attempted competitor sabotage exhibited by Scott Thompson and facilitated by Stacey Moncrieff.
They caution, “Finding investors who want to flip short sales — or doing it yourself — might seem like a great business opportunity, but it probably doesn’t serve the seller or the lender well.” On what grounds is this being said? Based on what facts? I know differently and I can prove it! Doubt me? I’m available for an interview anytime — I’m not afraid of you bullies — shame on you! Shame on you for distributing unsubstantiated and biased opinions in an attempt to smear the good names of legitimate short sales investors and preference the private business enterprise of your “good buddy Scott.”
The fact is that investors utilizing PFIB’s to save property owners from foreclosure, while making a fair profit doing so, are not taking advantage of people, and are no different than Mr. Thompson, who makes a profit through his company’s work on short sales. What you have done is unconscionable and you owe honest short sale investors an apology!
Is documentation required from seller by lender in a short sale similar to documentation required to apply for a new mortgage? i.e. last 2 years tax return, credit report, business tax records, savings and checking account records, assets, debts, etc.
I want to thank Ms. Moncrieff for posting my comment/rebuttal regarding short sale investing and Pre-Foreclosure Investor Buyout transactions (PFIB’s).
My words were stern and it showed both courage and class that they were posted. Kudos to you Ms. Moncrieff!
All the best,
John Michailidis
http://WillJohnMakeIt.com
Make sure you meet the BPO person at the property take of lockbox if necessary. This is the key to getting a realistic price on the home for the Banks.
Ms. Moncrieff: I sent the below email, but got no response. Can you direct me to the form referenced by Scott Thompson? Thanks. RH
narpubs@realtors.org
Stacey Moncrieff, editor in chief:
I listened to the first Short Sale webinar last night. Well done and thanks. The presenter mentioned:
“Step 1 – pre-qualification; complete an over-the-phone pre-qualification interview. Don’t drive to property. Get the form for the interview from NAR.”
Can you direct me to the form? I give up; just can’t find it.
I finally got back to Robert!
For others looking for Scott Thompson’s short sale prequal form, here’s a page at REALTOR(R) Magazine Online that’ll take you to it: http://www.realtor.org/rmodaily.nsf/pages/News2009031301
Great webinars, thank you. I’m out in the Northern Virginia area and as of my comment short sales have been gaining steam over the last year and a half. I agree 100% with Scott’s reference about not calling yourself an ‘expert’.
We are also very cautious with our clients about making statements about what a bank will or will not due based on what that same bank may have done in the past. It not only depends on policies and guidlines from the banks but the skill set that the particular negotiator you work with has.
As for the comments from John Michailidis, Esq. I agree with him that there are strong reasons for investors in the short sale market. For example when a seller is in a dead market with no offers, zero prospects, auction date around the corner and an investor is willing to jump in and make an offer they believe will save the home from foreclosure – great in my opinion. I guess it all revolves around the ethics and full disclosure of the investor but isn’t that true of us Realtors as well?
I’m sorry for the market that has brought short sales to us but am so grateful for those like Scott and NAR doing everything they can to educate the masses.
Steve Bradley
http://www.ShortSaleSteve.com
You need to use Internet Explorer, not Firefox to view the webinars.
I just completed Scott’s Short Sale Webinar-Tough Market. In the beginning of it, he mentioned having the over the phone pre-qual interview available for us. Can you please tell me where I can find that?
Thank you!
Kim Weinstein
SHORT SALE for an Investor….I have been searching for answers to the TAX Liability-if any… for a small investor on a SHORT SALE. I have been unable even through my MLS Board, NAR, and various other entities to get answers:
Question: Does the BANK/Mortgage Company write-off the difference in Sale/versus balance owed….or does the SELLER get hit with a 1099 having to report this as INCOME?
Answers, or a direction to where I may obtain this information and more would be greatly appreciated! ThankYou!
Ran across your blog. Good info! I have dealt with Short Sales and I have also dealt with investors who really took the Short Sale seller for granted. Its always best when the short sale works out for the buyer and the seller