Hello there everyone-
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!
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:
" 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!
