Ah well.
We reached a satsifaction with the second and got the first to postpone till Janauary. Then the homeowner (we didn’t get the deed I just found out) decided to go with another party who is promising her money.
Needless to say her lendors are PISSED.
Lesson learned.
I’ve learned that desperate homeowners are the first to burn you if someone waives money at them. It’s not that they are bad people (most times), it’s that they are looking out for themselves. I’m more careful now when I deal with people in financial trouble. Some will do anything for a buck.
Whats the lesson learned here? Get the deed as soon as you begin working with the homeowner?
So if you are going in to do a short sale you get the deed because you don’t want the Homeowner to go with someone elese that promises them money?
yes, get the deed the first time you meet with them. When having them sign the
MORTGAGE INFORMATION RELEASE AUTHORIZATION and other important papers, the
warrenty deed must be signed by them as well. You may also go for the Power of
Attorney sheet, that gives you the right to sign there name to any transaction you will
perform with the property. Its smart to get all the paper work out of the way so you dont
have to go back and make a second trip as well as having the property being controlled
by you. Remember, your trying to keep them out of foreclosure as well as stopping any
further damage to their credit.
I don’t mind a owner going with someone who promises more money, I mind an owner who commits to our group, on whose behalf I spend a considerable amount of time trying to help, and who then lies about her actions. We found out what she was doing through her ex-husband. A real piece of work.