SALE POSTPONED!!!

We actually got the sale postponed on February 9th (the sale was scheduled for Feb 11th). How did we do it? We put a little heat on the loss mitigator, and she put pressure on the attorney who finally saw the light and postponed the sale.

In the mean time, we got Midland their own authorization to release (atr) and their own personal financial statement, so now the package is complete. We have the property for sale and are hoping to find our end buyer. We’re still waiting on the appraiser to call from Midland. We have our comps and our estimate of repair ready for the property.

BTW, the house is in nice shape and should be a breeze to get sold.

The problems with the house are: It’s in a neighborhood with many foreclosures. There are new houses being built fairly close. There are also bad neighborhoods nearby. Time on market is long. All of that will justify our opinion that the property is worth less than $100,000… which is our goal. We think we can get it sold for $109,000. If the appraisal comes in at $100,000, then our price to Midland will be about $84,000. If we can get it sold for $109,000, then we’re looking at at $25,000 spread. Take out closing costs and commission and any other costs, and we’re looking at $15,000 – $20,000 profit, which is very good for a house at this price and this condition.

Bottom line: Sale has been postponed. Waiting on appraisal.

Talk soon!

Marty Schulting
Top Foreclosure Training
Co-Founder and Coach

In the previous post, we said that the lender was requiring all their own docs. What we found out was that they only require their own authorization to release information and their own Personal Financial Statement. So what we did, was we got the homeowner on the phone, and did a three way conversation with Midland (the lender). The loss mitigator was awesome! She immediately put in a request to stop the foreclosure (which is scheduled for Feb 11th), and is putting a rush on the deal. Why is she putting a rush on the deal???

 COMPLICATION – The foreclosing attorney said they will not postpone the sale until there is a short sale agreement on price. WHAT?!?!? Apparently, the attorney is saying that because they postponed the sale once already, that they won’t do it again until there is an approval letter. Here’s what’s weird about that. The attorney works for the lender, not the other way around. The loss mitigator even called the attorney herself to verify, and that’s what the attorney said to her as well. Weird. So we did two things. We had the loss mitigator put a rush on the file, and we’re fighting with the attorney to get them to postpone the sale.

In our office, we did one important thing.

1. We have the BPO package ready to go, so that when the appraiser calls us, we can get it done ASAP.

I’ll have another update for you soon!

Take care,

Marty Schulting
Top Foreclosure Training
Co-Founder and Coach

Ok, so we acquired the property in foreclosure in early January, and got the file submitted right away to the lender. The lender is Midland, and they’ve been dragging their feet with the file. We just got word on January 30th, that they want to send us “their” short sale package, and that they require that the homeowner call the lender and have her request that the lender fax us the short sale package instead of mailing it to the homeowner.

This is crazy. We’ve faxed the complete short sale package to the lender, they have everything they need, but they’re asking us to do things that really and truly make no sense…

The foreclosure sale is Feb 11th, and today is Feb 2nd. Are we going to get the sale postponed? Of course we are!

Watch how we do it.

I just wanted to give you this quick update on the file so you can see how crazy the lenders sometimes get, and how they sometimes request things that really make no sense.

That’s just a part of the business. Expect it, and it won’t drive you tooooo crazy.

Believe me, it’s all worth it when you get the paycheck at the end of the deal.

Talk to you soon!

Take care!

Marty Schulting
Top Foreclosure Training
Co-Founder and Coach

When I met with the homeowner, I kindly asked if I could record the conversation for training purposes, and she said it would be fine.

The meeting took place at the Starbucks about 2 minutes from my home. We sat outside (as you’ll see) and the meeting took 47 minutes (we talked about other than the short sale for a short while). You’ll find that your meetings with homeowners will last anywhere between 15 minutes and 2 hours, depending on the number of questions that you get and how well you prepared the homeowner ahead of time. Some homeowners just want to sign the paperwork and be done, others want to read everything. Either way, it’s fine… but I prefer the quick ones!

A few things you’ll notice.

- I use Land Trusts (I DO NOT take the deed to this house. It’s not necessary. You should not do it. That is the “old” way of thinking and can get you in trouble in today’s market. Yes, you can use Land Trusts without taking the deed.)
- I AM NOT all business in this meeting. You should walk away from these meeting feeling almost as though you just made a friend. Remember, you are helping these homeowners out of a terrible situation. You should be appreciated for what you do. Listen to how I communicate with her.
- I put the weight of the deal on the back of the bank. If the deal doesn’t work out, it’s the bank’s fault, not yours. Prep the homeowner for the fact that it might not work. NO PROMISES.
- Do not make promises. All you can say is that you will do your best, that should be your only promise.

Please leave me a comment. (upper right portion of this blog post). Thanks!

Enjoy the audio, and I’ll be in touch soon with the next update!

Marty Schulting
Top Foreclosure Training
Accelerated Loan Mods
Co-Founder and Coach

When I was new to this business, I REALLY wanted to be able to watch somebody elses deal from beginning to end. I swore to myself that if I ever coached people in this business, that I would do exactly that. So here I am, offering you the chance to watch my deal!

A acquired this deal just over a week ago. I will add content to this blog as the deal moves forward so you can watch what we do, from beginning to end, in real time! The deal might work out, and it might not. Either way, you’re giong to learn a TON!

Watch the video below to see what I do on the day that I aquire deals.

To your success!!!

Marty Schulting
Top Foreclosure Training
Accelerated Loan Mods
Co-Founder and Coach