Vindication of back to back closings

Friday, October 9th, 2009 | Uncategorized

In the middle of the summer of 2009, there was much fear and hand-wringing over whether short sale transactions where investors were involved could be done. Some investors were running around screaming “the sky is falling, the sky is falling” because of the newspaper publicity over an underwriting bulletin issued by The Attorney’s Title Fund services in Florida.

Recently, another underwriting bulletin was released The Attorney’s Title Fund. It was released on September 4, 2009. There was no media buzz, there was no hand-wringing, there was no hue and cry. Why? Because it quietly and simply vindicates exactly what I and Strategic Real Estate Coach have been teaching since 2007. See The Fund bulletin of September 4, 2009 for short sale transactions.

One of the purposes of the option contract is to disclose that the intermediary has a right to sell. Not only is it disclosed in the option contract, it also disclosed in the recorded notice of option. Print the bulletin out, show it to your title companies, and obviously show it to all of the naysayers who say that what you are doing is illegal, because now you have even more proof that what we are doing is not only permissible and legal but it is also insurable from a title underwriting point of view.

See, I told you so.

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4 Comments to Vindication of back to back closings

Benjamin Johnson
October 10, 2009

Thank you Jeff!
Any info from Florida is welcome.
Keep up the great work!

Roberto Diaz
October 11, 2009

Hi Jeff;

I just wanted to take the time to thank you for empowering investors like me and real estate professionals with your coaching and resources. I have used your information many times to help me explain our procedures to brokers and Realtors, this have proved to be sufficient and the best way to explain to them how we work.

Sincerely;

Roberto Diaz
Xtreme Holdings, LLC

Juan Escobar
October 15, 2009

That is excellent stuff Jeff W.

Also, Freddie Mac just put out an underwriting bulletin that states how property flipping is done correctly and within their guidelines. This is a nice clear and precise statement from Freddie Mac that you can share with agents ( or wave it in their faces).

Here are the links: http://www.freddiemac.com/sell/guide/bulletins/pdf/bll0924.pdf

(This is the actual bulletin)

And also: http://www.freddiemac.com/sell/guide/bulletins/pdf/bll0924xA.pdf

(This is the Attachment A to the bulletin — this has the best section about the buying and selling)

I just came across the bulletin this morning and I thought I would share it with you — you may have it already since you have your finger on the pulse!!

Regards, Juan Escobar
California

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