All of a sudden there are Billion dollar tapes being offered by intermediaries or reps claiming they are direct to the bank. Look at the newest entries on Bigger Pockets.
Let's get real. Banks such as Wells Fargo, BofA, Chase, etc. DO NOT put their tapes out on the internet and they do not charge 4 points and 4 subpoints!!!!
Anyone that is offering billion dollar tapes with sky high points is NOT direct to the bank. The banks when they are ready to dispose of their assets have hedgefunds already approved through their corporate offices. Banks do not offer their product on the internet.
You will find a horrible daisy chain of people if you enter into these agreements. Be aware of the 10% deposit required prior to even seeing the product. There are so many red flags out there.
After doing this for over 2 years I have learned who is real and who is not real. Feel free to email me and ask. I will let you know if you are wasting time.
Banks do not offer on the internet and they do not charge "points"...only offering on the internet is Fannie Mea and Freddie Mac and you have to be an approved buyer and it is a process.
One more thing - if they ask for soft proofing - run away!!!! No real buyer will put their bank information out there. Also...do not put bank information on your LOI - people will take your LOI and shop it all over the place. There are people posting on this site that have stolen mine, altered it and shopped it.
This is the Wild Wild West with no regulation!!!! Be very careful!!!
