Three More Contracts and a Great Discussion on Disclosure and Fraud!
I had a great week with two new A-B contracts and an all cash B-C contract coming into the pipeline. I also got an approval (verbal) on a contract that came in on July 15th, so that was a FAST one!
In today’s video I share an email question that came in regarding disclosure and fraud and my take on it. Of course there’s more, so be sure to watch for the latest on my pre-foreclosure short sale investing challenge using the “Short Sales Riches” system.
FOR SOME REASON THE VIDEO WILL NOT UPLOAD — I’M WORKING ON IT!
Premise: Can a man (me) move to a new town (Sarasota, FL) without business contacts, and using a real estate short sale investing system that he has no experience with, invest in pre-foreclosure properties to create a success of himself in a mere 365-days, from scratch?
If you’re not familiar with what I have going on here, you can watch a short video that explains all by clicking here. Also, if you haven’t checked out the link on the left titled “Best Short Sales Training” you can do so by clicking the graphic below. And don’t forget to sign up for Automatic Daily Video Updates by Clicking Here!
September 19th, 2009 at 12:07 am
John, I WOULD have a problem telling the bank how much I am making on a resale of the property. It is absolutely none of their business to ask that. I don’t care if I was only making $500 or if it was $50,000, I would refuse to answer such a question. You are absolutely right, the bank(s) have all their professional sources available to them to figure out the true resale value and they can easily see the MLS sale information and the terms of my B-C deal when it closes.
Do we have any right to demand a car dealer to tell us how much they will sell our trade-in for? No! I’ll just have to drive by their used car lot when they wash it up and put their price in the window.
My point is, a business deal is a deal, PERIOD! What happens next should not be a factor. If the bank thinks there is potential for the investor to make too much money, then they should settle at a higher price. My two cents!