BiggerPockets

There's been a lot of lamenting about various transactions. My only question is has any one closed a deal or has anyone been able to provide an LOA? :roll:

Hi there Californian,

That's what I heard too according to a member here regarding the ability to produce a closing documentation on this subject matter.

After going thru the reading of these posting, I assuming there must be real dealers on here, if not why would anyone person say such a thing and waste time. I seem odd to me.

Juba, I believe your a investment banker. What do you specialize in when it comes to investment banking? Are you with an entity now? Any licensing requirment as a investment bankers?

Thx for the advice and inputs.

Juba, great question. If there is anyone that can fill an order for the Northeast then please let me know. There are to many people out there that for some reason or another like wasting there time. I would appreciate it if someone can guide me to someone that is not in the " Dasiy chain" or if they are put me in contact with the source. Thank you.

superb,
Do you have first position notes only in CT, MA, RI and NY?

Hopefully that would suffice. Am now a bonafide member!!! Yaaaaaaaa

Aren't we all! Except for the diamonds aspect of it. There are a few member s on here that are direct, that puts only one more link in the chain. Not sure if too many direct sources are trolling the message boards.

Which is more likely, a giant servicer has a hundred million dollars in excess inventory and they want to pay you a commission based on the sale price that would allow you to live very comfortably for the next two years and they find you through a craigslist ad, or a giant servicer has a hundred million dollars in excess inventory and they call a hedge or pension down the street that they have a long history with to buy it up?

I think it's the 2nd option. Don't get me wrong, if we could harness all of the sales mojo that out of work mortgage brokers are exuding, we could get rich on it.

I've been burnt by four " sources" , and don't get me started on the billion dollar " buyers" .

shakazulu12 you are correct. Direct sources are not on message boards. Just the middle(wo)man like myself looking for buyers or sellers. I'm one person away from the source. What I usually do is find buyers for him. I get them in contact with him, step back and then when he feels comfortable that people are real he then puts them in contact with the direct source. Then he steps back.

Heres the truth! Thanks for your time and I await your replies.

BiggerPockets Community Guru

Joined: 17 Jul 2007
Posts: 335
Location: Los Angeles, California
Posted: Tue Oct 09, 2007 11:29 am Post subject:

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Hello there everyone-

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megabucks41 Posted: Fri Oct 05, 2007 8:37 pm Post subject: Bank are cracking Down

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You folk out there and you know who you are you could run but you can't hide sooner or later they going to find ya! when you get on the list it's over no one will do business with you.

So, this system is so air tight that the only way to do business is buyer agent and buyer/ seller agent and asset manager enough of the dasiy chains if you are not this close they will not do business.

Remember the good old LOI or LOA forget about it. They don't want it any more there is so many out there that are being shop that the bankers have had enough of the bull. New system is in and if you are buying this way you are buying garbage. They are ready to weed out the mess and deal with only the real business professionls.

So if you are a real buyer or an agent to the buyer get on the ball give me a call and I will inform you of the new system.

well megabucks you make a very good point but the fact of the matter is this: you are only saying what has been in the works for sometime now! Most of the people here that are trying to dabble in bulk reo's are only spinning their wheels and " it is what it is" . And it is very simple to spot out to all you have to do is follow the proper tracks and you will know what I am speaking of, but there are a " few" out there that are real so by all means (and I know you wouldn't even if you knew the truth about bulk reo's) keep doing what your doing!

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dbforum29 Posted: Sun Oct 07, 2007 10:08 am Post subject:

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Hello Ernesto,

There is a lot of truth in what you are saying. I will say that an LOI is still necessary because it spells out the investor's buying criteria for what & where. It really is more a question of to whom do you provide the LOI? That is the real trick!

You are absolutely correct about LOAs. They are a pain for the bank and it is only good the day it was written (what happens if the pkg goes into contract the next day?). On top of that, LOAs list the bank contacts so you are going to hand over those contacts to the buyers? How does that make any sense?

We've come up with a system to deal with these issues based on a fundamental model used every single day in the financial markets. The buyers love it because they know the package is real, and the financial institutions enjoy knowing they are dealing with a qualified buyer.

In essence, we removed the whole " wild west" mentality from the process.

I wish you great success in your business!

- Mark.

Hello there dbforum29-

Well I guess your right in what you say about the fact that you still need and LOA but even if you knew the banking institution that need to receive the LOI,how would know it got to where it needs to be? There needs to be countless hours and more hours of research that has to be done to know for a fact that you a dealing with a real bank! And on top of that note banking instituions are not sending out LOA's openly anymore due to the fact of so much fraud. I am moved by the motivation of each and every one of you (as I myself was lost in this matter for sometime too) but I will not let someone sit you in front of a hedge and tell you that it is a weeping willow!

Loki005 spoke:
Quote:
" People would rather follow a torch that leads the way in life, then to light a candle and find the path themselves"

I do hope that all of us find the answers that we so desperately need well we are in search of the water of life amongst this vast desert which leads to an abyss!
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