All Forum Posts by: C Rich

@Jason Lewis -

What do you contact the absentee owners for? Is it to sell them your services, help them rent properties out or something else? I honestly don't know why a skip-trace would be used except by a debt collector. Companies send me ads all the time wanting me to refinance and I save some and toss others.

Didn't know the title companies are selling data for this purpose. Thought it was the post office and the voter data places. Thanks for the info.

Thanks Dion DePaoli -

I know who the mortgage company is. The agent they've chosen to list with is the problem. I will now simply have to wait it out and watch the property lose value and incur loads of costly damage as the agent sits idly by, never checking the condition of the property.

This particular agent doesn't bring all offers to the seller. EMC was acquired by JPMorgan Chase when Bear Stearns went on the chopping block. REO agents do not monitor properties, so that's why I would like to approach the "owner" with a reasonable offer instead of overpaying the agent snake who preys and fakes bidding wars.

@T Ferrante and
@Brian Hoyt

You guys are good! Thanks for the info and new angles to focus on.

BTW, I would be using a charge card as opposed to credit card, so only the first billing period (probably 28 days) would be interest-free. With a cash-out, the nominal interest to close would end up being a 1/2 month-30 days if a bank takes 45-60 days in a worst case scenario.

You might also consider rewording whatever your adverts say. If the community is pet-friendly, say that instead of just listing the additional pet deposit and if it has concierge that walks dogs, mention that, too.

Since the apt is sitting empty and has hotel type amenities, why not rent it as a B&B until you get a renter and get some local catering company to deliver breakfast?

Good luck!

Great! Take care. I'm in an area that is diverse, multi-cultural and booming. I thought you were, too based on your Wake county previous postings regarding HML which surprised me since I thought NC buyers fared well in this market and weren't yet subjected to predatory lending.

Been watching a property a property for months. Noticed today that the property had a big sticky notice in the window. Pulled the addresses tax records only to find that some nobody affiliate of JPM/Chase called EMC held the last mortgage before they went under.

The property is now foreclosed on and is listed by an unscrupulous r.e. agent whose father is a bankruptcy attorney that feeds him pre-deals that don't make it into MLS for months if not years. The unscrupulous agent uses the feeds from his dad to offer properties outside of the MLS via the web, but usually lists the properties for 2-3x value.

How can I offer to buy directly to the bank on this one? I'd like to offer fair value based on recently sold comps instead of r.e.a.'s "relationship" with his bankruptcy snake "relationship" to his dad. As an investor/consumer, I have no desire to overpay or participate in fake bidding wars.

Bank of America no longer offers deals via Fannie unless it is a modification refi. Wells just upped their rates since BOA can't offer. Work with a small local community bank that services in-house for your best deals.

@T Ferrante -

Hadn't seen your last post until now, so my last post was not directed at you.

Good to know I'm not crazy in this way of thinking. I was thinking of just pulling cash and purchasing in the initial transaction and then refinancing with a bank under better terms. Any experience in how that might work?

I'm obviously talking about really cheap properties, btw. The properties I'm looking at are under 60K.

If a bank profits for the 30 days needed to refinance, so be it. What I don't know is if ownership will enable the leverage with new lending since the percentage of ownership (down payment) is no longer a question since you're 100% owner just as you would be if bought with cash.

Thanks, J Scott. My ego constantly clashes with R.E. and mortgage personnel indeed. I've done both those jobs.

My last deal fell through the cracks and currently, the R.E.A. (listing) is on the line since all of her deals have failed and forced the property back on the market and a price reduction. My deal was fair (I think), and so now I'm in the position where my R.E. agent thinks I should bid higher because the deal didn't get accepted. It didn't get rejected either!

However, bidding higher would result in me bidding against myself since all the other bidders can't qualify, their banks won't fund or the bidders are unwilling to take the risk that I am. I know the area and have a fantastic grip on what's been sold and at what price.

Unfortunately, I need an agent to submit on my behalf, so the dilemma is to stick to my guns (which is what I ended up doing) or cave to the not-so-brights that hold the power of "relationship" access which enables them bid submission powers that I don't have.

I just hope I'm deciding right. Another option is to go with
a different agent I guess.