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Letter From Virginia Attorney Further Validates Short Sale Flips
Posted by justin_lee | Posted in foreclosure, option agreement, preforeclosure, r.e. investing, real estate investing, Realtors, Short Sale Flips, short sales | Posted on 22-03-2010
I constantly get asked by students and members of our community what is the best way to “convince” realtors to work with them. Some of the more common feedback I hear are things like:
“The realtor told me what I’m doing is illegal”
“I can’t list the property because I’m not on title”
“No realtors will work with me because the say you can’t do that in our city/county/state”
Well how about if I gave you a link to an article in Commonwealth Magazine, a publication that is “A journal for real estate professionals published by the Virginia Association of REALTORS®”
And what about if that article was written by Lem Marshall, VAR (Virginia Association of Realtors) Special Counsel and it basically says (and I’m paraphrasing here) “Who cares if an investor has an option contract, and who cares how much profit they make, and who cares if the end (C) buyer is taking title from someone they didn’t expect”?
Would an article written by an attorney endorsed by a state’s (Virginia’s) Association of Realtors help validate the way you want to structure your transactions?
I bet it would! (By the way, if you invest in the state of Virginia you should absolutely be drooling right now…)
I want to personally thank my main negotiator Ed for sending me the link to this article. I am sharing it here in a format where you can share it with your realtor prospects. This is a GREAT thing to share with any agent who has a short sale listing that is still active, with no offers. Just think, by using this tool you could have 5-10 new short sale deals in your pipeline by the end of the week!
To get access to the ENTIRE September/October 2009 edition of Commonwealth Magazine, “A journal for real estate professionals published by the Virginia Association of REALTORS®”, you can check it out here. (The main article is on page 12 of the publication, which is page 14 of the PDF).
However, if you prefer a quick 2 page PDF document extracted from the magazine covering this very specific topic, you can download it here.
After you access and read this document, please post a comment below! Let me know if this helped you gaining the confidence with realtors, and if you got any new deals under contract because of it. We love hearing your success stories.
Oh, and one more thing…take a look at the blog post below, and make sure that you check out the video about guaranteed funding. You’ll be glad that you did…
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SECURE & CONFIDENTIAL
The 2 page file is damaged and will not open
Hi Paul,
Can you please try in another browser window? I just tried it again, and it worked fine for me. Alternatively, you can try this link:
http://reimarketingtips-com.s3.amazonaws.com/Letter%20From%20VA%20Lawyer%20for%20Investor%20Short%20Sales.pdf
It’s opening in either foxfire or msn. It’s saying adobe 8 or 9 is required. I checked my system and I have 9 installed. Only thing I can say is that my puter has just begun to act up a bit in the past couple days and maybe I am experiencing an internal problem
Outstanding article. Short and to the point. I don’t see how any real estate agent could argue with this.
Thanks Justin.
Tim
Great article Justin, it’s good to see our business model justified! The thing that confused me was the last sentence about Fannie and Freddie. Please explain what you know about this I thought it didn’t matter and you was just stuck to the discount they allow. Thanks for the post this will help.
Vernon,
The last sentence is sort of out of left field..I’m not even 100% sure I know what he’s talking about. I’ll see if I can track down the author and ask him himself!
Justin
Thanks for the link to our article, Justin. You might want to inform your readers that although the practice Lem lays out in this article is acceptable in Virginia, there may be laws in other states that prohibit it. In other words, just because it’s okay in Virginia, doesn’t mean it’s okay in other states.
Hi Ben,
Thanks for the comment. I am glad that forward thinking people like Lem are posting articles like this.
Of course everyone should be obeying and researching their local and state laws, but articles like Lem’s further validate the concept of the short sale flip, and other realtors should be taking note!
Justin, It was own adobe files that were damaged. Problem solved and great article. Since you are now in california you would know if there are any laws or regulations prohibiting this in our state. Is there anything specific to cal that this article has either left out or stated incorrectly?
Paul,
I would be handing out this article to every realtor that I wanted to try and do business with.
Justin
Hi it is my first post on this website and at first I would like to thank you for the unique information, which I found in this and all previous topics , it really helped me very much.
I think I’ll give it a try and I’ll let you know if it worked.
I tired of taliking to real estate agents that always know more than the rest of the world.
It occurs to me that the only answer is to market to the homeowner themselves. They understand thay can sell to anyone, and once they trust that the deficiency will be expertly negotiated. you have a deal
Interesting article. I have always wanted to be a flipper but my wife says I am just a flopper. Thanks!