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Brad Category: Business Strategies
Current Grade: A
Total Views: 442
Member Comments: 4
Posted on: 03/30/2008
Posted by: Brad
Blog Points: 549
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What's the best way to deal with short sales when you don't want to do the short sale?  I'm only looking for wholesale deals but don't want to pass up short sales if it can help out a home owner.

Thanks,

B

Vieving 1 - 4 out of 4 comments
JohnCorey
Ambassador
Posted By: JohnCorey on 03/31/2008
Brad, So far you have not received much of a reply. One person will pay but their 'ad' is poorly written so one can not tell what they are setting as a condition. The other is suggesting you do exactly what you want to avoid. Doing the legwork. There are services out there but most want an up front payment. Illegal in some states while still legal in other states. A friend knows a firm that does the work on a contingency basis. The firm likes chasing short sales and will work on a 40/60 split (40% to you, 60% to them). I have never used them but it sounds almost fair given you are not doing the work. You state that you want to help the home owner. Are you serious about this? An emotional minefield is my view. If you want to help you really should consider signing up to do the work. If you just want to refer them to someone else then find a short sale investor who you can trust. Offer no commitments or even implied commitments to the home owner. You want no liability if you are just trying to help while not doing the actual work. John Corey
 
Brad

Posted By: Brad on 03/30/2008

I've thought about that, but how exactly would you make that work.  You would have to either find someone who will complete the S/S or I would have to do all the work and then try to find a buyer to close the deal.  I don't want to deal with S/S right now, so the later would not be appealing to me.

B

 
JohnBoy
Ambassador
Posted By: JohnBoy on 03/30/2008
Have you tried to get the S/S under contract and assign it to a buyer.  That's basically a wholesale deal it just requres a little more time and patience.
 
jamespropertiesllc

Posted By: jamespropertiesllc on 03/30/2008

HI Brad,

You can refer all your short sales to me.  I'll pay $500 per qualified short sale lead.  A qualified short sale lead means they business with my company James Properties, LLC/Aj Holding corporation Property Trust Service division.