Just got off the phone with the law firm. Foreclosure auction rescheduled to March 1st. Sweet! I have some time to attempt a short sale.
The question is… should I do it myself or hire a competent real estate agent who specializes in doing short sales. My current agent has never done short sales. If I do the short sale myself I would keep my current agent as the listing agent but I will do all the paperwork and negotiations for the short sale with the bank. I would ask the current agent to take a discounted commission or ask him to reimburse me for the work I would be doing for him. If I hire a different agent that specializes in short sales I would ask the current agent to cancel the listing and I will re-list with the new agent.
Hiring a short sale agent vs. doing it myself:
PROS
- Outsourced - will save me time
- Will not have to figure out how to do a net sheet
- Short sale package will actually get submitted
- Establish relationship for future deals / referrals
- Third party representation so the bank doesn’t get a funny feeling about the borrower negotiating his own short sale
CONS
- Miss out on the learning opportunity of doing a short sale step-by-step
Hmm….
121 Comments
February 16th, 2007 at 11:57 am
Man, the hilarity never stops.
February 16th, 2007 at 11:59 am
It would seem that you answered your own question.
If you want it to get done, hire someone. If you want to spend the next 2 weeks talking about doing something, as is your habit, don’t hire anyone and let it go.
February 16th, 2007 at 12:00 pm
I hope this is a rhetorical question…
February 16th, 2007 at 12:05 pm
Will not have to figure out how to do a net sheet
Isn’t doing a net sheet one of those things that anyone intending to go into whatever the actual business you’re trying to go into needs to know how to do?
If you can’t do one, you can’t understand one. If you can’t understand one - how do you hope to actually handle a business?
This is not the kind of thing that you get your “team members” to handle. That’s like saying that Donald Trump has a “team member” whose job is to tell him that there are 100 cents in every dollar. There are just things you need to know how to do, boyo.
February 16th, 2007 at 12:07 pm
Sweet extension, or will it be bitter-sweet once you try and try for 2 weeks only to find that on March 1st, it will foreclose anyway?
Nothing like giving you a little bit of false hope.
Time will tell.
Sweet
February 16th, 2007 at 12:13 pm
Casey wrote: “The question is… should I do it myself or hire a competent real estate agent who specializes in doing short sales.”
My vote is to give it to someone competent.
February 16th, 2007 at 12:15 pm
hi casey,
dont try to learn, act. you have a problem, solve it. not tomorow, now.
in some aspects i am like you, so i can see that you have the same bad habits that i have. but there is a saying: “if you realize what are your bad habits, you can use them to your own advantage”. i also tend to talk a lot but i know that no matter how much i talk, the bed wont be made, the trash wont go to the can on its own, because its only me who has to do things that i have to do
i dont want to hurt you feelings but regarding your current situation you are quite delusional . there is a time for talk and there is a time for work.
find local agents in the area since they know the market and the people there
but since the bk laws in us are quite disadvantegous, have you considered to declare bk in another country which might have better laws? canada, europe or somewhere else?
one more thing, i do not find it right from you that you participated in these house inflation pyramid and made it unaccessable for normal people who save so they can own a house.
well anyway, as a christian i wish you good luck so that you can solve your problems
revro
February 16th, 2007 at 12:16 pm
Casey!
Hey dude, learn to do it yourself, then do it on your other remaining properties. You could then get a RE licence and help others in the same situation, and collect a sweet commission.
Peace
February 16th, 2007 at 12:19 pm
Big con….how to pay someone to represent you????
Man, actually paying someone might cut into your Jamba Juice consumption…..that would not be sweet!
What the heck….throw down a few wheat grass shots and forget about the whole thing for a few weeks…I’m sure you’ve got more interesting future opportunities to investigate.
Basically, why don’t you outsource the whole problem….let someone else worry about it.
February 16th, 2007 at 12:20 pm
80% hmmm…(???) with a 20% extra fee for the work you’ll be doing for him that needs to be undone/redone.
Dude don’t let them take your money! Do it yourself and learn how to do it the real way then when the next one comes around you won’t have to pay again. Win/win. It’ll be great you can “try” things along the way…things like trying to mail stuff.
PS When you play poker do you show everyone all your cards and ask advice?
February 16th, 2007 at 12:21 pm
Dude, you have to much time on your hands. GET A JOB!
February 16th, 2007 at 12:24 pm
Hire someone who is competent
The operative word here is COMPETENT
That would NOT be you, Casey. Get on the phone TODAY (not tommorrow) and find a licensed realtor who knows how to handle a short sale. DO NOT wait until the end of the month.
February 16th, 2007 at 12:25 pm
Casey:
You signed a contract with your real estate agent to list and market the property. You can not “fire” him and relist with someone else at this late date. You only have one week.
You need to work with your current agent and ask him to work with someone in his office to assure all the short sale information is submitted and reviewed in a timely manner.
Your contract also outlined the commission your agent would get for doing their work - you can’t go back and say “well, I’ll do this and cut you by xyz percent on the commission.”
Be honorable, have integrity, and don’t renegotiate a contract when someone has done so much work representing you. If the place did not sell, it was because you - the owner - set the price and were asking too much.
One option is to insist the buyer have a “seller’s agent” who is experienced at doing the short sale and have the two agents work together - that’s what I call a “win-win.”
February 16th, 2007 at 12:25 pm
Cost of Casey does DIY RE speculation in multiple states on multiple properties: $600,000+
Cost of Casey considers doing DIY short sale to get himself out of one of the aforementioned boondoogles: $600,000++
Casey’s self-delusional tendencies: priceless (or should I say worthless)
Watching Casey get screwed by a RE agent in an abysmal RE market: justice
Watching Casey screw himself (again) by attempting to do a short sale himself with zero experience: foolishly consistent
Do whatever you want dude…either way you’re already so screwed and you’re too stupid to figure it out.
Personally I think you should trade in your Jamba Juice for some Kool-Aid from Guyana.
February 16th, 2007 at 12:26 pm
Casey,
Couple of comments/questions. Why would your existing agent let you out of the listing agreement? Are they tired of working with you? If they let you out, how will you find a good replacement agent in the short time remaining? Technically you’ve got an offer pending. Whether you relist or not, your existing agent is due their commission on that offer.
I suggest you stay where you are. If you need help with things, have your agent find out the answers from their broker. That’s what they’re there for after all.
The short sale shouldn’t be that complex right now. After all you’ve got an offer. The lender will let you know if there’s anything else they need. All you have to do get them the info they need in a timely manner. Their time, not yours.
I think you’re being very short sighted on this deal. This is the largest source of debt for you. Yes, you’ve lost money on this deal. The most important thing you can do is make sure this short sale goes through and doesn’t become a foreclosure. Don’t try to game the system further for a few hundred bucks.
How’s the other short sale that was rescheduled for auction? Keep us updated.
Nigel
February 16th, 2007 at 12:30 pm
“Outsourced - will save me time”
ROFLMAO!
Oh good. I say outsource it. With the extra free time, you can write the great American novel.
February 16th, 2007 at 12:32 pm
Considering your inaction on the last opportunity, I’d say let someone who knows short sales to do this one, and the sooner you decide, the better off you’ll be. Inaction leads to NOT learning these lessons, and we know the bloodletting will continue as a result of such. I certainly don’t expect a third chance with NM, so count your blessings and get it done!
February 16th, 2007 at 12:40 pm
Is two weeks enough time to make a short sale happen? Somehow I highly doubt it, especially if you’re going to spend so much time strategizing about how to rearrange the deck chairs on the Titanic. As it is, you (or your agent) probably won’t be able to submit a proposal to the lender until Tuesday at the absolute earliest.
A smart person would have jumped right on this as soon as he found out that there was a slight chance of making this happen in the wake of Wednesday’s snowout. That its been two days after and you still haven’t gotten this thing going shows that you’re still the same lazy/dumb Casey.
February 16th, 2007 at 12:46 pm
Tibetan Monk bet anyone a jamba juice that home still go to foreclosure.
Casey very good at spending money. Casey unsuccessful saving money.
February 16th, 2007 at 12:53 pm
Definitely, do it yourself. Given your track record, if you simply apply the same careful research and attention to detail you evidenced with your previous real estate transactions, the results should be most interesting.
However, there is no need to do anything now. With the March 1 deadline, you have plenty of time. Following your 80-20 rule, your immediate time could be used thusly:
1. Re-arranging your office again.
2.Re-examining the corporate credit option. This time try to purchase a used publicy-held corporation. Then you could easily refinance the entire $2.2 Million onto the corporate balance sheet, and pay for it by simply issuing new shares to the public.
3. Review the $50,000 promissory note, and see if you can obtain further insight as to whether it means what it says.
4. Further investigate those tantalizing opportunities and connections you referred to you in your last post.
After these are completed, then, on February 28 or thereabouts, put together the short sale package.
Have a good weekend!
February 16th, 2007 at 12:55 pm
Casey should outsource his LIFE to someone more competent.
February 16th, 2007 at 12:55 pm
Here’s my criticism of you, hopefully I said things you’ve not heard from other people
http://ivorypower.com/blog/?p=2980
keep up the good work!
February 16th, 2007 at 1:02 pm
you realize that the law firm has been made aware of your fraud, right?
I know this because I made sure they knew.
February 16th, 2007 at 1:04 pm
I’ve been reading this blog for awhile, and I have to wonder at the questions you pose here.
Try pretending you are someone else: have you, as yet, DONE anything that shows you to be:
a.) competent
b.) a real estate investor
c.) grounded in reality
If you really want to be a real estate investor, why aren’t you taking any advice? Get someone else to do the short sale packet. If your realtor doesn’t know how to do it, you can bet they have an associate who does. Part of running any business is delegating things you don’t know how to do to the people who do.
February 16th, 2007 at 1:17 pm
Is this actually a question?
I thought the usual pattern was state the most obviously wrong path to take (i.e. DIY since you are clueless and have no time or money to change course), ask for opinions that you will ignore, then do whatever you want. I am sure you had already decided what course to take before you hit the submit button for this new post.
Here to looking forward to your next post where you do, yet again, the wrong thing.
February 16th, 2007 at 1:24 pm
Definitely do it yourself if the agent will pay you to. You need the money!!
If it fails… you’re no worse off than you would be if you had done nothing. I’d say this is a win/win situation. Sort of.
February 16th, 2007 at 1:32 pm
Why do you need to save time? You don’t have any sort of vocation, career or job. I seriously can’t figure out what you do with you days.
On other hand, if you want to actually get it done you better hire somebody as you have proven your self incapable of completing a task.
February 16th, 2007 at 1:42 pm
Steal some more money
Have the agent give you 1% cash back at close for processing your own short sale. You can buy a lot of Jamba Juice for $3000 bucks.
See if you can go even further. If the bank will short for $10,000 less than the investor is offering, you can make an additional $10,000 cash back at close. I mean if you are going to try the corporate scam to get into prison you might as well go all the way.
February 16th, 2007 at 1:53 pm
Hey “Sweet”ness. You have 8 working days to get this completed. Banks don’t work on weekends, of course you don’t either.
Using the Casey calendar:
2/16 thru 2/21 - Decide how to move forward
2/22 thru 2/24 - Take 3 days off to recover from headache from 4 days of deciding
2/25 thru 2/28 - Go back and ask blog readers what to do
3/1 - Call every real estate guru who will pick up the phone to find out what to do next
What to do, what to do, what to do????????????
February 16th, 2007 at 1:59 pm
Doesn’t matter. You are not going to get a seller that will offer a price acceptable to the lender. In a couple of weeks, the property will be foreclosed.
February 16th, 2007 at 2:01 pm
please casey, don’t let the realtor do it. for the sake of your blog readers, do it yourself.
February 16th, 2007 at 2:15 pm
For once, make a decision without asking us. Oh wait, that seems to be a bad idea.
February 16th, 2007 at 2:26 pm
Remember, Martha S****** go to jail to make lesson for others.
FBI think Casey make good lesson too.
February 16th, 2007 at 2:32 pm
Robocasey says: “it’s all good!”
February 16th, 2007 at 2:43 pm
Hey Casey,
What’s happening in Utah?
Are you getting calls from Cashcall?
February 16th, 2007 at 2:53 pm
Your property is listed with a very reputable Real Estate Agency. They sell many houses in the Rio Rancho/Albuquerque area.
If your Agent needs assistance with something he is unfamiliar with, his Broker should be able to assist him.
It seems fair and honorable to stay with the agency you signed a contract with.
February 16th, 2007 at 2:54 pm
Why ask us?
Figure out what the best course of action would be using your own judgement, and then do the exact opposite.
On that note, you are wrong in your decisions so consistantly that I think we could all make good investment money off of your ability.
I will ask you if I should invest in a particular option, and then do the opposite of what you tell me. It’s foolproof!!!!!
I’ll cut you in of course!!!
Digger
February 16th, 2007 at 3:13 pm
So, putting things in perspective by discussing my friends’ $500,000 medical bill for their premature daughter isn’t relevant, eh, Casey? Bite me. I hope you do hard time.
February 16th, 2007 at 3:17 pm
“Miss out on the learning opportunity of doing a short sale step-by-step”
Sunshine, it would take you two weeks to learn how to tie your shoes properly. Get real. I suspect from reading your blog that you are delusional to the point of mental illness. You need help, and not just financially.
February 16th, 2007 at 3:27 pm
Since you are probably going to lose either way, you might as well attempt to do the short sale yourself. But, this will require an incredible amount of research and effort on your part. If you aren’t willing to put in the work, then hire someone else to do it.
There is a difference casey between “working at a problem” and “doing everything you can to solve the problem”.
Winners act and solve problems. It’s as simple as that.
February 16th, 2007 at 3:36 pm
Little Tycoon Hobbit:
“The question is… should I do it myself or hire a competent real estate agent who specializes in doing short sales. ”
Are you kidding me?
With your background in dealmaking?
You’re neo- Donald Trump, kid!
What would you need to hire some schlemiel RE agent for?
This is a “Casey Serin deal”, ace, and NOBODY does a “Casey Serin deal” better than the “One and Only Casey Serin”, right?
A “Casey Serin deal” goes like this:
Everybody but Casey Serin makes a fat wad of cash, and Casey buys a Jamba Juice with Wheatgrass for 40 bucks.
Sweet!
Don’t sell yerself short kid….er…(lemme rephrase that)…don’t let some nincompoop RE agent with experience and a steady income learn your trade secrets for FREE.
Charge him for the privilege, bubba!
“Miss out on the learning opportunity of doing a short sale step-by-step”
There ya go kid…that’s the stuff!
BTW, that same phlosophy can also serve you when you want that sweet vasectomy, y’know.
February 16th, 2007 at 3:37 pm
Dude, what do you need an agent for?
If there’s one thing I’ve learned reading this blog, it’s that you’ve made a sacred vow never to take the advice of anyone who might know something about the subject, especially if they’re a professional in the exact field you need help with. (Obviously, calling a real estate agent a “professional” can be a bit of a stretch, but I think you get my meaning.)
I mean, what good are professionals, and why should you pay them their outrageous fees of up to a couple of hundred dollars an hour, when you can go ahead and sign yourself up for thousands and thousands of dollars of additional debt on your own and save yourself some money.
When are you going to learn that at this point you can’t afford NOT to have at least one or two REAL professionals helping you out here? I mean at least a get an accountant and an attorney, with at least 10 years of real experience in real estate law and bankruptcy.
I mean, don’t get me wrong, watching you do this stuff without getting professional help is friggin’ hilarious, but getting deeper into debt, without knowing anything about the actual bankruptcy procedure, and the massive revisions to it by the Republican Congress over the last few years, which made sure less debt could be discharged in bankruptcy, really isn’t the best plan.
February 16th, 2007 at 3:40 pm
Before i was rootin for you. Now I hope you fail. I will bet anyone $1000.00 that this goes to auction. As for failing, you already have. Keep messing up please. This helps me feel good about myself!
February 16th, 2007 at 3:42 pm
Has anyone else noticed that Duane’s sponsored ads are still on the site even though the sponsorship supposedly ended on Feb. 15?
February 16th, 2007 at 3:46 pm
i say you do what you’ve been doing all along. sit on your a** and watch it go to foreclosure. even if you did decide one way or the other, you’d prolly still be talking about which real estate broker to use and how you’ve interviewed new agents but you didn’t like their attitude, suite, hair color, or whatever. In short, its going to foreclosure because you clearly don’t know what you’re doing or what you’re not doing for that matter. you are the most clueless person I have ever seen. You have purchased 8 properties, the majority of them are in foreclosure and you still don’t know how to orchestrate a short sale? And even better, you hire a real estate agent that has never done a short sale? Did they start working yesterday? What a joke… this is really starting to get funny. It’s not even painful to watch anymore its down right funny as hell.
February 16th, 2007 at 3:47 pm
What exactly is going on here?
Casey is talking about changing agents, looking for buyers, etc? But at the same time we’ve been hearing for the past week that he has an active short-sale offer that just needs to be mailed to the bank. Huh?
For starters why isn’t the current agent taking care of this? What is going on here?
Our Hero is just a swindler and a liar - I am now convinced that he is truly a financial moron, but that most of what is posted here is just so much made up nonsense.
February 16th, 2007 at 3:51 pm
From the Jamba Juice web site(http://www.jambajuice.com/what/sunshinein.html)…
“For the more dedicated enthusiast, wheat grass can be taken as an enema!”
Casey, you are my hero. No-one else could make complete financial disaster as much fun as you have managed.
Please continue.
February 16th, 2007 at 3:52 pm
I tried to hire another agent who talked to me about doing a short sale before. So I called my current agent about canceling the listing. He was OK with it but called to check with his broker to get permission and was denied. I was told there is some code of “Code of Ethics” in New Mexico that says that an agent is now allowed to talk to a seller that already has a listing agreement with another agent.
Also the broker says this guy I want to hire has a history of attempting to steal listings like this. Interesting… I’m now in the middle of broker politics.
The broker of my existing agent offered to help with the short sale and said she has experience with it. I’m waiting for her to call me so we can talk about it.
February 16th, 2007 at 3:53 pm
@15. Nigel Swaby: you’re right, staying with the current broker is the best way now that I’m aware of the politics involved. I will feel good for my current agent to get paid too since he has already been working with me for a few months.
February 16th, 2007 at 3:56 pm
DO THE DAM THING!!!!!!! START WITH OFFER AND BACK OUT THE EXPENSES. IT IS FRIDAYIT SHOULD BE ALL DONE TOMMOROW. BANKS CLOSED MONDAY THEY SHOULD BE REVIEWING TUESDAY. IF YOU GO PAST WENSDAY WITHOUT HAVING IT TO THEM THEN YOU SHOULD SIT BACK AND SMOKE A FEW BONG HITS AND WASH YOUR HANDS OF IT.
February 16th, 2007 at 3:57 pm
My only concern was to get the short sale done fast and I wanted to have a Realtor who is VERY competent at this since the timing is so short.
February 16th, 2007 at 4:00 pm
I agree with #43! That said, if I could bet on this in Vegas I’d bet a month’s salary the New Mexico house will be foreclosed.
February 16th, 2007 at 4:04 pm
Robocasey says: “massive, continuing failure is the key to success! It’s all good!”
February 16th, 2007 at 4:16 pm
this is a no-brainer. what a fantastic opportuniy to get a hands-on experience for you? baptism by fire, I say!
what better opportunity could you have than to jump right in, take the bull by the horns, come out swinging, run it up the flagpole, throw it against the wall to see what sticks and more…
you spent a small fortune with real estate seminars and have a chance to put all that sweet knowledge to the test… think of all the money you’ll save and what a great thing to put on your resume.
February 16th, 2007 at 4:22 pm
Casey,
Me and Vinnie (DiMartino) were just talking about this very topic over at out new 5 axis flowjet. We’re making a truly sweet bike for George Clooney and your name cam up. Vinnie thinks it would be hilarious to read about you doing it by yourself.
I didn’t think is was such a good idea, and then my dad comes by (he’s a super huge fan of your website). My dad (Paul Sr.) says “No way in hell should he do it on his own. He’ll just f#@& it up like all of the other s!%# he’s messed up”. I guess dad thinks “no.” Then Rick (Petko) overhears us and stops putting the oil tank on Tim Hardaway’s bike (yeah, he really stepped in it the other day when he was shooting off his mouth, but that’s a story for another day).
Rick thinks we should all chip in and fly Mikey out to Sacramento along with one of the camera and sound guys from here in the shop. He thinks it would be hilarious to see Mikey and Casey together try to figure out how to do a short sale. You ever see Mikey when he’s trying to figure something out? It’s all laughs.
Anyway, in the final analysis Vinnie and I decided that you should do it yourself (call us if you want Mikey to come out) and keep on blogging.
That gives me an idea, maybe I can come up with some kind of Casey themed bike. Hey all you readers here, toss out some suggestions for the Casey bike.
Paul Jr.
February 16th, 2007 at 4:38 pm
@44
Hey, I though you knew - Casey is failing forward…
February 16th, 2007 at 4:39 pm
Casey says:
“The broker of my existing agent offered to help with the short sale and said she has experience with it. I’m waiting for her to call me so we can talk about it.”
YOU BETTER HOPE THAT YOUR FAUX PAUX DIDN’T PISS HER OFF
Casey says:
“Nigel Swaby: you’re right, staying with the current broker is the best way now that I’m aware of the politics involved”
NIGEL TOLD YOU THIS MUCH EARLIER IN THE DAY - VERBATIM. WHY DID YOU “HAVE TO BECOME AWARE OF THE POLITICS” IN ORDER TO BELIEVE HIM?
All I can say is you had better get off your bouncy blue ball and get this done, today. At least no later than tomorrow. Don’t try to pull any of your shady $$$ back BS, you deserve absolutely NOTHING on this deal.
LOOSER
February 16th, 2007 at 4:40 pm
Casey,
Please rely on the help of professionals. I think you wouldn’t have gotten into this mess if you had 1) Professionals to offer legal and financial advice, and 2) Professionals to help with making deals and offers.
February 16th, 2007 at 4:41 pm
Oops, i was wrong about the Code of Ethics. An agent is not allowed to talk to a seller who has an active listing with somebody else. However, the SELLER may call another agent if they want. I talked to the short sale agent a while back and I don’t remember if he called me or I called him from a referral. I’m not sure if the code of ethics were violated or not. We’ll lets this be “water under the bridge” and just not worry about it.
I just talked with my current agent’s broker and I got a good feeling about her. She has done short sales before and knows that there is going to be a lot of extra work and that you have to stay on top of calling the lenders every day. She is going to help my agent work the short sale.
I will be sending them the short sale packet today: financial statements, hard ship letter, authorization to release information. They are going to put together a net sheet and fax the short sale packet with the offer to the bank. They will be following up on it Monday or Tuesday (Monday is a holiday I’m told).
February 16th, 2007 at 4:48 pm
You better get to the PO pronto because it will be closed Monday for Presidents Day.
Don’t screw this up
February 16th, 2007 at 4:50 pm
Overnight it today, maybe they will it in hand tommorrow.
Get to it LOOSER
February 16th, 2007 at 4:54 pm
The thing with doing a short sale is not really the mechanics. That part is easy to learn. The bank rep even tells you what to do:
1. list with an agent
2. flag listing as “short sale contingent on bank approval”
3. lower price until offers start coming in
4. submit a short sale packet with:
Then the banks sends out a request for a BPO or appraisal and review the offer with a comittee. They may come back with a counter offer or just reject it all together.
So its not the steps or the mechanics…. it’s the follow-through. Banks move very slow and somebody needs to stay on top of it and call the bank almost every day for updates.
Negotiating skills also come in handy. A good realtor will try to convince the bank to take the short sale because they are better off then letting it go to foreclosure.
Outsourcing this whole thing to a competent short sale agent is the way I want to go. This way I can focus on the 20%.
February 16th, 2007 at 4:56 pm
Dude! Don’t be a chump and pay someone else (from what?) - do it yourself! It’s easy. Even one of these haters could do it in a week - you could totally do it in a couple of days.
Don’t bother with this broker. Just go behind her back and don’t bother telling her anything. It’s not like there’s anything she can do about it. Once you’ve sold the house it will be way too late. I’m a real estate lawyer during the day, a realtor in the evenings, a real estate guru on weekends, so I know about these things (I make SO MUCH passive income!). No one else here knows anything, except Nigel and Rob BBB.
Think it over for the next week (don’t rush into it, you might make a mistake), then start next Friday. Well, I suppose there isn’t much point starting anything on a Friday - so start it on the Monday after that. Fresh new week - it’s the best way. Make sure you get up early (and don’t forget the energy juice drink so you’re ready to go).
Sweet!
February 16th, 2007 at 5:00 pm
My, my, my!! Things sure are getting frothy in here Casey!!
So, I just checked your pics of the property on Larchmont. That place is a filthy dump and it looks like a damn meth lab. Why not clean it up?
Oh, wait… Nevermind. I forgot.
Sorry. My bad.
February 16th, 2007 at 5:09 pm
Casey,
Keep us REALLY informed … If NM goes to the courthouse steps on March 1, I will be there and take great notes for you.
PS so you know … the snowfall was not a MAJOR deal for Albuquerque … January 29 we had 26 inches .. THAT WAS A MAJOR DEAL ….
Short sale isnt a Major deal either … happening a lot among investor properties with many having purchased at the VERY top of the market like you did. I wish you had waited and were buying at the courthouse steps … THAT would be SWEET ….. and youd make a jamba bunch of money.
Let me know and if it doesnt go through I will tell you how the sale goes from the court house steps.
February 16th, 2007 at 5:13 pm
Politics you say? Well a big old DUH. You are laughable, a “would be real estate mogul” who doesn’t have a clue how things work. Here is how things work, people like me (hard working taxpayers) will be paying for your screw-ups, that’s how things work.
I am wondering if Casey went out an bough a little something more powerful than Jamba Juice which would explain his shift to blatently carefree, oblivious, passive and optimistic? Hmmmmmm.
February 16th, 2007 at 5:16 pm
Casey says:
“So its not the steps or the mechanics…. it’s the follow-through.”
WELL SINCE YOU HAVE ZERO TALENT AT FOLLOWING THROUGH YOU NEED TO LET SOMEONE ELSE HANDLE IT
Casey says:
“Negotiating skills also come in handy”
WE ALL KNOW THAT YOU HAVE ZERO APTITUDE FOR NEGOTIATING. YOU WOULDN’T BE IN THIS DEEP PILE OF CRAP IF YOU DID.
If you manage to get through this relatively unscathed (and I seriously doubt that you will) you need to give up the idea that you have any aptitude at RE and redirect your “efforts”. Maybe you can get a job at Jamba Juice or Starbucks. Hopefully they won’t do a background check.
February 16th, 2007 at 5:23 pm
Hey Casey,
I’m sure others have wondered this, and probably you too; when dealing with law firms/ RE agents/ bank employees etc, have you ever sensed that they ‘knew’ who you were?
Fame seems to be highly attractive to most young people.
Personally, I’ll take anonymity, all day long.
If you are sincere in your plight to become a sucessful RE investor, then you might find that your reputation has proceeded you (because of your tell all..er..almost tell all blog).
Always remember that it was you who let the fame genie out of the bottle.
I still maintain your success will be limited to this highly successful blog. So you will be famous to a few thousand people out of 300 million…Is that what they mean by ‘almost famous’?
In RE circles (if you do/can pursue RE) you will be almost infamous.
JMHO (Just my hater opinion)
T.White.
February 16th, 2007 at 5:39 pm
[deleted]
February 16th, 2007 at 5:52 pm
“Outsourcing this whole thing to a competent short sale agent is the way I want to go. This way I can focus on the 20%.”
I almost choked on my coffee reading this one.
February 16th, 2007 at 6:08 pm
“So its not the steps or the mechanics…. it’s the follow-through. Banks move very slow and somebody needs to stay on top of it and call the bank almost every day for updates. ”
You need to hire someone with nothing better to do then sit on the phone and ding them all day. Maybe the homeless guy in your driveway?
February 16th, 2007 at 6:13 pm
go casey submit the hardship letter! do the short sell BUTdemand cash back at closing!!! If you don’t get at least 10-15% back at closing, then your being cheated. DO NOT LET THE BANK CHEAT YOU. Also the realtor should give you a kick back … 25% of his fee.
February 16th, 2007 at 6:17 pm
Casey,
You are driving directly into a brick wall and hitting the accelerator.
February 16th, 2007 at 6:36 pm
How much money do you have to pay the Realtor? How much money will you save by doing it yourself? And most important can you do it alone given the short time frame?
February 16th, 2007 at 6:40 pm
“Negotiating skills come in handy”-Bahahaha…If I saw Casey across a conference table from me I would quietly excuse myself from the meeting..go into the hallway…take out my cell and call the nearest Beamer dealer and tell him to go ahead and order me the newest M-Series they have as this is a slam dunk..lmao
February 16th, 2007 at 6:46 pm
Why not outsource the whole 100%, as opposed to just the 80% ?
Just curious.
February 16th, 2007 at 6:47 pm
What are you going to do with the cash back you are getting out of this short sale?
February 16th, 2007 at 6:51 pm
Ho Ho Ho - It’s Santa Flipper Clause
Casey,
Santa does not consider it wise to learn from Santas’ own mistakes.
Santa does consider it wise to learn from the mistakes of others, like the tooth fairy, the easter bunny, or in extreme cases, Mr. Hankey.
Santa F. Clause
February 16th, 2007 at 7:19 pm
@Casey - You said “I was told there is some code of “Code of Ethics” in New Mexico that says that an agent is now allowed to talk to a seller that already has a listing agreement with another agent.”
A Code of Ethics isn’t legally binding.
The answer to your question about what to do should be obvious.
Just find an un-ethical real estate agent…
February 16th, 2007 at 7:20 pm
Paul Jr.:
“That gives me an idea, maybe I can come up with some kind of Casey themed bike. Hey all you readers here, toss out some suggestions for the Casey bike.”
Sheesh…a no-brainer.
A “Casey Serin Chopper” would be a bike that only goes in reverse, (very fast)…
while the rider is still seated looking forward…
It has a 12 ounce gas tank,
It has a Jamba Juice cupholder with a 2 gallon capacity…
only has one brake…
has no insurance of any kind…
…and it gets repo’ed.
February 16th, 2007 at 7:32 pm
Casey,
So you have to provide the following to the bank:
* financial statement showing income, expenses, assets, liabilities
* 2 years tax returns
* 2 months bank statements
It woult be interesting to be at the bank short sale committee when they look at those. I’m assuming your loan was a stated income “liar” loan. Does the income you submitted in the “liar” loan match with the tax returns? Can you tell us what income you put down on the loan and what the 2 years of tax returns shows?
chopper
February 16th, 2007 at 7:39 pm
Casey, Casey, Casey. Let the agents worry about their code of ethics. Their code has NOTHING to do with you. It’s for them to follow. You can talk to whomever you wish.
Regarding getting a short sale done fast, it’s up to the bank. Your loss mitigator will have quite a few files on his desk. Hopefully he/she has a few minutes to review yours in the next two weeks. Do them a favor and call them 2-3 times a day reminding them that they should be reviewing your file.
February 16th, 2007 at 7:45 pm
I would definitely go with the specialist he/she would be more competent and could get the job done fast and accurate!
February 16th, 2007 at 7:53 pm
Casey how about getting some investors together to buy all your properties with short sales then flip out of the sweet deals to make money? If you can buy them all for $100K each you can flip them and use the profit to buy an apartment or develop a condo deal in Sac?
February 16th, 2007 at 9:17 pm
Casey:
I guess your RE Guru training for which you spent $30,000 didn’t teach “ethics.” Sounds like your parents didn’t teach you “ethics” either.
I wrote the “Benefit of Professionals” (Reply #13) earlier today and was SHOCKED that you moved forwad against the Nigel’s and my advice. It appears, however, that you’ve not burned a bridge with your sellers agent and his broker - it is in their interest to earn the commission from the property’s sale than to see it go into foreclosure. However, my guess is they will never work with you again.
I suggest you take some RE courses at a local community college - they actually teach “ethics” - the cost will be minimal. Given all of your errors over the past year or so, this is a necessary course.
Homework For You - in your next post, give us a 1,000 word essay on “Ethics.”
February 16th, 2007 at 10:27 pm
20% of me says do it yourself, 80% of me says………
February 16th, 2007 at 10:40 pm
“Will not have to figure out how to do a net sheet ”
Casey,
Is it really that hard?
What is your IQ?
What was your math SAT?
What do you like better wheatgrass juice or just grass?
February 17th, 2007 at 1:44 am
Casey,
Before you travel to far down the yellow brick road, Call the bank and ask them if they are still willing to entertain a short sale offer. I think they will have some information for you that will save you alot of time.
February 17th, 2007 at 4:19 am
@64. Chuck U Farlie
Good one. Passive income is just great, isn’t it? The only problem I ever had was getting property managers or tenants active when I became too passive. Too bad they don’t tell that to glassy eyed real estate tycoons in the making while they are spewing the stuff that they do at the “free weekend seminars” or the far from free training “boot-camps” or “university-like courses”.
I’ve actually purchased several courses and tapes/CD’s on E-Bay for anywhere from $5-25 dollars. For those prices, they are worth it.
BTW What ever happened to that bimbo Rob BBB? I guess he couldn’t stand the heat. . .
Dick
February 17th, 2007 at 5:23 am
[deleted]
February 17th, 2007 at 6:20 am
@#83 Sharky
That’s funny!!! Particularly the repo.
February 17th, 2007 at 6:42 am
Go get em.
Australia has problems too.
Likewise Singapore.
It’s terrible
Not good.
Another few days will see you
ok?
I think.
Should do more work tho ….
ok?
Have you ever considered
Other sources of income
That’s all!
February 17th, 2007 at 7:06 am
There was no “Kool-Aid” at the Jonestown facility. The actual product taken by some was “Flavor-Aide”. Most of the Jamestown victims were murdered. No autopsies were allowed
February 17th, 2007 at 7:50 am
What else are you doing with your time that would prevent you from filling out the paperwork yourself in an afternoon?
February 17th, 2007 at 7:55 am
Casey, I’m not from your generation. So there may be a little generational gap in thoughts and beliefs. But I’m willing to listen to what you have to say and believe.
When I was your age, or younger, and thought about who/what I wanted to be, I came up with rich, successful people too. Many of them had less than a high school education. Yet they had gone through the school of hard knocks and learned their lessons and continued to work hard. Finally it paid off for them. So I can see where you get some of your thoughts.
But when I think of the effort these individuals put into their work, it was not lacking in the least bit. Not a single one thought of ‘outsourcing’ the work. They did it themselves so they could learn and build upon that knowledge. Did it always pay off? Not always immediately, though after applying the lessons learned, it did.
I always wondered if I too could accomplish something similar, though not on such a dramatic scale. I always believed I could. Twenty years later, reality is setting in. And as I reflect back on those years, what I see is the lack of effort I put into my dreams. I see a past filled not with hard work. As many a farmer can tell you, you reap what you sow. If you don’t work your fields, there will be nothing to harvest.
But your crazy sense of entitlement leaves to wonder why should you be blessed with riches when you’ve done nothing to recieve it. I’ve got nothing against the concept of flipping houses. But you’ve attempted nothing of the sort. You bought in a frenzied market, thinking that you could put them right back on the market for a profit. Just like that commercial of the guy buying the piece of artwork at an auction and then telling the auctioneer that he’d like to sell it.
I hope that twenty years from now, your whole generation isn’t reflecting back on a life squandered.
February 17th, 2007 at 8:12 am
Casey,
Someone gave you a good suggestion!
Get your team together to evaluate you properties. Bump up the price a little bit…Have on partner buy it at the price…Bump it up again the second guy can buy it at that price…then bump it up again and have a third buy it again! But who gives a who anyhows because your all Russian immigrants trying to make it home rich!
Now, that’s the Casey Serin way of thinking, my boy!! Go get em!!
February 17th, 2007 at 8:13 am
I think KC’s chances of finding a buyer that would satisfy the lender drops by the day, rapidly dropping from nearly non-existent towards absolute zero. KC blew his chances of getting out of this mess months ago. All of the markets he’s bought into are tanking, and everyone involved knows that whether they’ll admit it or not. The “Short Sale Buyer” we keep hearing about is either a turkey or a figment of KC’s imagination.
February 17th, 2007 at 8:30 am
Casey,
You are truly pathetic. You have absolutely no ability to follow through on anything. You might as well file BK and get it over with.
Then maybe you can find a job and earn an honest living.
If not, there are many bridges to jump off. I also heard carbon monoxide is an easy way to go.
February 17th, 2007 at 8:31 am
Let’s see…should he let a professional handle this, expending the energy to make one phone call, or should he drop in the mailbox the homemade package that he has been working on for weeks, invading a world where every ‘i’ must be dotted and every ‘t’ must be crossed? Stay tuned fans…we all know how this one will end.
February 17th, 2007 at 9:02 am
88. Code of Ethics wrote: “I suggest you take some RE courses at a local community college - they actually teach “ethics” - the cost will be minimal.”
Caesy I’ve joked around at times, but if I can give you and enyone else some real advice it is to stay away from community colleges (also knows as adult babysitting facilities). If you want to learn how to cut and color hair or become a fireman they are OK but all the other people there (with the exception of the Asians who are super smart but just saving money before they go to Cal, UCLA or UCD) are retarded stoner losers (they would call themselves loosers) who live with their parents. The teachers are even worse with the real estate teachers the worst of the worse. American River “College” (also known as the American River Adult Day Care Facility or ARADCF) is the last stop for many pathetic idiot Realtors who could not sell anything before they throw in the towle and get a job at Best Buy…
February 17th, 2007 at 9:19 am
Uh, Casey…do you know what the word “acrostic” means?
It’s all good!
February 17th, 2007 at 9:19 am
Hey Casey,
What’s happening in Utah?
Are you getting calls from Cashcall?
February 17th, 2007 at 9:55 am
If you wind up going to prison, do you think you will be able to learn from it? What will the other inmates be able to give you?
February 17th, 2007 at 10:00 am
With apologies to Nancy Sinatra
‘These Boots Are Made For Walking (All Over Casey)’
You keep saying you’ve got something for *us*
Something you call *skills*, but confess.
You’ve been messin’ where you shouldn’ta been a’messin’
And now someone else is gettin’ ALL your best.
These boots are made for walking,
And that’s just what they’ll do
One of these days these boots are gonna walk all over you.
Yeah….
[NOTE THIS VERSE!!!!]
You keep lying, when you oughta be truthin’
and you keep losin’ when you oughta not bet.
You keep samein’ when you oughta be a’changin’.
Now what’s right is right, but YOU ain’t been RIGHT yet.
These boots are made for walking,
And that’s just what they’ll do
One of these days these boots are gonna walk all over you.
You keep playin’ where you shouldn’t be playin’
And you keep thinkin’ that you´ll never get burnt.
Ha! The *pros just found them* a brand new box of matches, yeah
And what *they* know you ain’t *got* TIME to learn.
These boots are made for walking,
And that’s just what they’ll do
One of these days these boots are gonna walk all over you.
Are you ready boots?
Start walkin’!
February 17th, 2007 at 10:49 am
Another question is why do you keep on trying to short sell your own properties which is a waste of time won’t help you at all (as if the difference between “Very Bad” credit and “Even Worse” credit matters).
Instead of trying to sell hopeless properties with no equity, why are you not looking for distressed sellers who have some equity left, take over their loans subject to, and flip for a profit?
You paid more than your annual salary to have Gurus train you to do that, right?
We want to see you make some money for a change! You could rub it in those haters faces!
February 17th, 2007 at 11:02 am
I don’t get it.
What’s the point of a short sale? What’s the difference to you? Let it be foreclosed.
February 17th, 2007 at 11:33 am
http://www.800buykwik.com/
apparently they buy houses. good luck bro.
February 17th, 2007 at 11:46 am
Casey,
Why do you want to do a Short Sale? Then the lender will ask you to sign a contract for the balance of the money. You cannot pay it-so why even try this?
I think you have never really looked at WHY do you keep hanging on? To feel like ——–? fill in the blank, as to what does NOT filing for a BK doing for you?
I think you cannot face the END because your life will be empty- a huge hole!! Sooner or later all things settle to where they are….you have NOT worked for these properties or really taken any responsibility (labor) they are NOT yours to keep. It is all smoke and mirrors.
This whole real estate “thing” is a reflection of you at this time in your life.
Gypsy
February 17th, 2007 at 12:38 pm
#1. Is the short sale offer even valid? Is this a pre-approved buyer?
#2. You can’t fire your RE agent and hire another. This would’ve been in yet another contract you signed without looking at it. Even if a SS goes through, they’re entitled to their commission.
#3. I’m dumbfounded. You spent $50K or $60K in real estate classes, right? What the heck did they teach you? Isn’t there anything about SS in your extensive RE library? And what about the recent class where they said you could contact them for advice 24/7? Why aren’t they helping you?
#4. Unfortunately, it looks like this house is going into foreclosure, regardless of what happens in the next week or 2. Too late.
February 17th, 2007 at 12:43 pm
Casey,
You should have stuck with flipping beany babies ; you would have only lost a few hundred bucks!
Toots!
February 17th, 2007 at 10:46 pm
d
February 18th, 2007 at 1:38 am
I keep checking and there aren’t any houses crossed off the list yet. Get your damned butt in gear and get that short sale moving. Stop thinking so much. Don’t eat, sleep, or blog. Half a packet is better than none. Don’t think. Just do it.
Hurry!
As for the Casey bike. Build one upside down that has gears slipping and grinding. And when it finally does move, it goes 2 mph. Don’t forget the Peter Pan helmet, the cash back seat, the rich dad horn, and the shady headlamp. If it stalls out alot it will be perfect. Stencil letters Loose n cruise.
February 18th, 2007 at 6:36 am
Hey Case,
Didja ever watch the “Seinfeld” episode where Costanza gets his head so far up his butt that he decides to do the opposite of whatever his first impulse is in any situation?
All of a sudden, he goes on a roll (this is the episode where he gets hired by the NY Yankees)!
Perhaps you can try to pull your own real-life “Costanza”: whatever you think is the right thing to do, just do the opposite.
Of course, I have enormous faith that you will manage to screw up even this.
February 18th, 2007 at 7:44 am
Do it yourself, do it yourself, do it yourself. How are you ever going to gain the experience (and portion of the comission) if you never do anything yourself? Negotiating a short sale is part of being a RE mogul, Casey. If you call it quits whenever you have an opportunity, you’re just a quitter.
Do it yourself.
As always,
Richer Than Casey
February 19th, 2007 at 9:42 am
I work for Consolidated Solutions Group, If you go to my website, I can sign you up, and my company will help you to sell your house, or help you in your needs. Just visit my site!
February 19th, 2007 at 1:52 pm
you dont have to post this, I just want my real email off the reply page. Some say you are selling the emails, I dont know that is true but since I posted here I am getting a ton of spam every day, mostly related to mortgages.
February 21st, 2007 at 7:53 pm
One week down. One week to go. Any closer on a short sale of this property? Thought not. Here comes foreclosure #2 for Casey and #1 for G. I bet she will be happy! What a nice present you have gotten her!
February 22nd, 2007 at 4:07 pm
lol. i proved im not a spam script, hmm, can spam script really reply like the way humans do??
i recommend having a expert at hand. follow him around and see what he says and do. im thinking about maybe doing something like short sales. what is your recommendation to do it the right way. what books or stuff do i need? please reply to my email account.
I think following the litagator around a few times is important so you know the paper works involved and what else is involved so you can reduce the load of your litagator later down the road. Also since you know whats involved your chances of being fraud is reduced since you know what has to happen to get the deal from start to finish. you may make less in the start but eventually you may save some headaches down the road.
Many above recommending you do it on your own. not to rant on you but thats the first mistake you did the first time. with experts as a guide you are most assured success.
i like the picture with kiyosaki. hes a good lier, my bad a good marketer.
February 22nd, 2007 at 4:25 pm
i like to idea that this person suggested have a corporation buy your debt and sell shares. lol. great way to finance a living but totally will get you jailed as a scam. you have alot of debt. can you do chapter 11???or bankruptcy? well i guess you do want to mess your credit up. well if schools werent so dumb debating whether to teach evolution or creationism then maybe we could have more time learning of laws of businesses and more people being rich then maybe we wouldnt have so many churches around collecting money to finance the churches.
March 19th, 2007 at 12:43 am
March 30th, 2007 at 2:58 pm
Hello,
Just wanted to say that i know of a short sale expert that doesn’t charge a fee at all. They will do all the work for you while your house is being listed for sale. If you are in trouble, then why wouldn’t you tap into the experience of some experts, especially when it won’t cost you anything. They make their money when the short sale goes through so you know they will be hungry to close the deal.