Hello! Would it be a bad idea if I put on my marketing postcards that I would give the homeowner money to help them move after a short sale? I’ve read that it was illegal to promise them money so, would it be just as bad to put it on the advertising postcard?? Thank You!
Check with your lawyer. It would probably be legal to “hire” them to clean out the property. That would be moving money.
You might draw unwanted attention to yourself by advertising that you will give the seller money. It’s probably going to vary by the local court system-- all courts are selective about what laws they enforce and how strict they are about it. (and that includes your local federal court judges)
That’s why you want to consult a local lawyer who knows what the local judges are doing.
You have to be careful when you are offering to give the “seller” money back. Remember, CYA!
I am wondering if you can charge a “seller” upfront an “application fee” to start the Short Sale process for them. There has to be some sort of compensating you can collect upfront just in case they change their minds after all the time you put into it. Thank you!
jbl
LOL! …hmm… So I guess these Postcards that I’ve ordered… I should return them huh? Thanks for the advice tho~
you don’t want to make those types of statements unless you plan on following through, or else you can get helmed up for mail fraud and other statutes.
Now if you do plan on giving them money it will be wise to talk to a creative real estate attorney. Plus i don’t think its illegal to give them money, its only illegal when you agree to the lender not to give them money.
personally I would send out the cards you already ordered and PRAY real hard…
the key IMO is wording/positioning… change the phrase to say ‘I/We offer assistance with helping you find/secure new living arrangementz’ - now you haven’t promised anything specific so that help could be making a phone call or two to other investors with rental prop. or helping them move or ‘paying’ them to clean the house!
lastly, in my experience many of these people haven’t made payments in some cases in 2-3 years so they don’t need/deserve your money IMO…
Hmm… thanks you guys. =) I guess I’ll just use them.
Never advertise you will give the homeowner money after a short sale, (because it is illeagle for a home owner to get money when the bank takes a loss). You can say however you will Help them move out. There is nothing wrong with that. :biggrin
Al
Well, if it is a FHA loan the homeowner will get $1000. You can also purchase some items from the homeowner (Bill of sale)