Posted by cork horner on September 16, 2009 at 01:48:08:
lots of changes in SS every HOUR, these days. Mostly that is because of the abuses/fraud by overzealous greedy types!
SS like any other is still a viable biz for honest sincere people.
it pays to associate with large nationwide org’s who follow the RULES. No problem.
cork horner
san diego
Still can’t get over the short sale worries - Posted by Brian_Wa
Posted by Brian_Wa on September 15, 2009 at 10:31:37:
Now, with the AG cracking down on everything, I’m not so certain of my short sale business anymore. I didn’t want to be perceived as taking advantage of distressed sellers with lots of equity so I pretty much focused on short sales. All of the houses I short sold were way overleveraged. I’d negotiate and then simultaneously find an end buyer and do a double-closing. So at closing, the seller would transfer title to me and then I’d transfer title to the end buyer. I also paid for excise taxes.
All of my recent short sale deals, except for 1, got full settlement where the lenders gave up their rights to go after the owners. I talked to attorneys. Some said it’s fine, and some said it’s not. I don’t even know who to believe in anymore because it all comes down to what the AG perceives to be right or wrong.
Is anyone going through the same conflicts? Any advise?
Brian