The Underbelly of POFs, Escrow Letters and Mortgage Brokers

Recently, I was talking to one member of a local wholesale group about how he was
doing deals. He is a nice guy but doesn’t do very many deals and is virtually penniless.
Consequently, my next question was how he was making offers without Proof of Funds
(POFs). He corrected me and said he did have a POF for over $100,000. I
congratulated him on his finally saving some money and he said I was wrong again!

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About once a week we get a comment about land trusts from someone who has
no clue what a land trust is and occasionally their comments are so strange we
literally break out in laughter. One of the most recent comments was, “I looked in
Sunbiz.org and couldn’t find your land trust so it must be illegal.” The more
common comment is, “I need to see the incorporation papers for the land trust.”

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I don’t watch very much TV. Seems it has never given me much in return for the time I spent
engrossed in it. What has it done for you? Ever made a lot of money watching soaps or
infomercials? I did walk by the other day and looked at an episode of Antiques Road Show
entitled something like “One Man’s Trash is Another Man’s Treasure”. They reviewed antiques
and treasures ranging in value up to $50,000 that had been thrown out by their owners. I admit
this sounds like a once in a lifetime possibility – or is it? It may be right at your fingertips.

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Is This Underhanded and Misleading – or Just Good Salesmanship?

This is the second part of a two-part series for the Weekly Insight for 2-2-2011

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We got an email from a local realtor with a list of the REOs his office had sold. The
intent was to show, and prove without a doubt, that all their deals sell at the listing price
or higher. Frequently we hear realtors touting that they sell everything at full listing price
or higher and actually it can be true – but not because of the prowess of the realtor or
his company.

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