Looking for Opinion on Chris McLaughlin: Shortsaleriches

[1813611]

Does anyone know anything about Chris McLaughlin and his website shortsaleriches.com? I've been getting a lot of email from them over the past few weeks and their site seems compelling. If anyone has purchased their course I'd be interested in hearing your thoughts.

[REOagent]

Be carefull, with get rich quick schemes. Usually they don't work.

[Tsena]

I went to the website you listed and it was parked?

[sgroup]

I am very interested in this as well. I have been hearing a lot about it lately. I am also wondering if what he is talking about mainly with REOs is a viable business?

[ISellRiverview]

I don't want to say much about it because I know some people involved with this product, but I will tell you to read the disclosure on Short Sale Riches website carefully and that some of the ideas contained in the program are not legal in all states. Just FYI.

[Carolyn Capalbo Gainesville]

Be careful, some of the principals may be great for investors; however, as Agents we have an Agency Responsibility to our Sellers! And ultimately it is, in my opinion, in our Seller's best interest to sell their home at market price and minimize their loss and potential deficiency to the bank as best we can. The gist of the program is an investor holds an option contract on the short sale property. The Listing agent in conjunction with the investor presents and ratifies the investor's offer when listing the property. The offer starts the short sale negotiation process immediately; however, it is significantly below market. Since most of these Seller's are facing foreclosure, they jump at the opportunity to sell their home and avoid foreclosure. While the investor's option offer is being negotiated through Loss Mitigation, the property is then marketed at market or slightly below market for resale. The investor acts as the middleman. If a second buyer is found at a higher price that meets the investor's goal, then an assignment or double close is executed. The investor walks away with the difference between the option contract price and the market price. If the bank counters higher than where the investor yields his desired profit, then the investor does not exercise his option. The agent now has an approved short sale and works to find a buyer at the approved price.
Again, I believe, it goes back to who do you represent? If you take the listing, as an agent, you represent the Seller. Selling to a middleman is not, in my opinion, in the Seller's best interest. If you disclose that you represent the investor buyer, your practice could be seen as predatory. One can argue that traditional buyers won't wait it out for third party approval and the investor will stay the course providing the Seller better odds at closing the transaction and avoiding foreclosure. I'll let you decide if this is a worthwhile endeavor. Personally, I choose not to do this.