Ted Cowan's (tcowan17) Blog

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Education & Training - Strategic Real Estate Coach
RECENT BLOG POSTS
On Monday, August 25, 2008 Jeff Watson of SREC and Marc Karyo of Old School Title spent a great deal of time talking about the option contract. When the authors of the option contract method for short sales talk, people should listen.  The point of the conversation was how the option contract met...
08/26/2008
Every week I am contacted by more than a few real estate agents who have properties they know aren’t going to sell that are interested in doing a short sale. Over the past few years I’ve worked closely with many Realtors who faced this dilemma. I am going to assume that the real estate agent want...
08/18/2008
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During the past week we’ve heard a ton about Fannie Mae, Freddie Mac and Indy Mac.Another crisis?Do we really need another crisis? How could newspapers be losing so much money with so much terrible stuff going on?And that’s my point . . .there’s been a tendency for many people to stick their head...
07/23/2008
Those of you working short sales know that the lenders are in a constant state of flux.  Several months ago, I posted my company list of lenders to avoid, but I've been negligent in posting up another update. Please see below and refere to the previous posting for additional information that is s...
07/23/2008
Two questions are commonly asked by those entering into the short sale business.The first concerns whether a lender will consider a short sale on an account that is current. Lenders will consider a short sale on an account that is not behind; however, when this happens it is the exception to the ...
05/19/2008
For Realtors that have listings that are in pre-foreclosure, or headed that direction, find other real estate agents or investors that understand how to use an option contract to facilitate a short sale transaction. Get the properties under an option contract with an investor/agent that intends t...
04/24/2008
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I’ve been told that OCWEN is shutting down their short sale department, but they are still working files.  Apparently, they are prioritizing loan modifications over short sales as short sales take too much time; however, they will do them.For a short sale case they want the person making the offe...
04/14/2008
In my haste to get something out before leaving the office on Friday, I made a statement that was far from accurate on my previous post concerning 1099s. I stated that,"Every foreclosure situation is going to face either a 1099 or a Deficiency Judgment" which is not an accurate statement.  The t...
04/14/2008
On Deficiency Judgments:(Please see previous post on 1099s)If Tom owes me 50k and doesn’t pay me, then I have two choices: 1) I can write it off, thereby forgiving the debt ––that’s were HR 3648 may apply; or 2) I can go after Tom (I want a judgment, and I am going to pursue it).A judgment is onl...
04/11/2008
This post is primarily for investors, though I hope it will be useful for Realtors as background information on a part of the industry that many are just now becoming familiar. Point: In the context of a short sale transaction quick-turn (flip), the land trust is no longer the accepted method. As...
04/09/2008
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