All Forum Posts by: Catherine Coy

An oldie but a goodie is Tony Hoffman's "How to Negotiate Successfully in Real Estate." It's out of print, but here's a used copy for six bucks.

http://tinyurl.com/3nn2h8

I wish I had seen this thread before I wasted three hours of my life and 12 bucks for parking going to see that Montelongo jerk. Talk about smarmy!

I like to go to free RE events. The tip-off should've been that not only was the event free, but they served lunch, too!

We've got some hard core negotiators onboard. Love it!

Whew! I'll have to run your strategy by my company's owner. Sounds good to me! :-)

Really! We get a loss mit fee from the seller via the shorting lender's side of the ledger.
That's incongruent with industry standard. Since 7% is practically unheard of, why not submit with 10%? Or 20%? Hell, ask for 50%. Then you can "settle" for 10%. <teasing>

Hmmm...

How 'bout loss mit fees? Do you get those routinely when the bank's paying 5% to the agent?

I found this on eBay today. It's probably worth the five bucks.

video

Maybe someone could spring for it and report back here. :-)

Unfortunately, the 4 months delinquency will, in fact, result in Score Factor Code #22, thereby delivering a body blow to the consumer's FICO score.

Here's a list of Score Factor Codes. As you can see, there aren't very many SFCs that accurately describe a serious delinquency. That's why we see SFC #22 in first position so frequently.

http://www.bayhouse.com/FairIsaac-NextGen-risk-factors.shtml

One more thing...at 4 months delinquent, this consumer doesn't qualify for any institutional loan UNLESS:

1. He's been current for 12 consecutive months;
2. The reason for the delinquency was either (a) layoff due to reduction in force; (b) medical emergency or (c) death of the primary breadwinner; and
3. The reason for the delinquency is unlikely to recur.

Then he can get an FHA loan.

(There's no such thing as 4.5 months delinquent; it's either 4 months or 5 months but nothing in between.)

Whoo-wee! Six months! You earned your profit on this one, Bohemiana.

Hey, I used to live in Long Beach (24 years). Now I live in Huntington Beach. Maybe we can meet sometime and compare notes. :-)

I'm late to this thread but for the sake of anyone else pulling their hair out trying to get a loan, let me, a loan originator for 17 years, tell you how extremely difficult it's been for the past year to originate loans. There's not a day goes by that I don't receive multiple advices from various lenders on changes to this or that guideline. It's gotten so bad that I tell my customers, "We're not locking until we draw docs!"

It's just really really bad, and "customer service" means I must bore my customers with all the gory details so they don't think I'm sitting on my hands or playing video games all day.

There was more than one occasion when I had finally gotten all my ducks lined up, only to receive a notification that the program I was going to use was discontinued...immediately! We, loan originators and lenders' wholesale reps, are just holding hands through it all, hoping for brighter days.

Sheesh.