All Forum Posts by: Kathy Utiss

The more I look at your posting it brings up more ???
I am looking for financing-For how many properties? One or more? Are these new purchases? That they'll purchase and create a new loan in their name?

Or are these portfolios when you talk about blanket loans usually there's more than one. What type of rentals? SFR or apartments? New construction?

REO'S?

What's the Purchase Price?
The LTV is 60 % of what? The value of the property? 60% of the value their purchasing for? Or 60% of ARV?

This may need more explanation to get the answers you seek....

What is principals input and how? What amount of liquid $$$ does he have to put into the project? Especially if there's a minimum of 10% down necessary? These are most things any lender will ask.

Let us know!

Good luck!

Kathy

rental properties in Memphis, TN
refinance
blanket?
full documentation
720 FICO
60% LTV
better than 1.2 DSR

Another thing to do is see exactly what the bankruptcy says their doing. If their reaffirming the debt or letting home go. This should all be in the record under their name. You can get a pacer account at https://pacer.login.uscourts.gov/cgi-bin/login.pl

May help you be a little more educated before you call up the trustee. Usually the trustee doesn't talk to anyone. But they do have office help in an attempt to answer questions. Something else to realize is that the value they give the home may be different than true value. So be sure to get your own BPO or appraisal. Plus it'll give you the name of their attorney. Usually the debtor's attorney has contact with the lenders attorney or plaintiff atty.

If you need help understanding anything I'll do my best to help.

Good Luck,

Kathy

Try looking at broker outpost. Maybe make a posting there. 720 is a good credit score.

good luck,

Kathy

If lien is properly recorded why not put a proof of claim into the record with the bankruptcy court to be paid? Also, how about contacting the 1st lienholder to find out what is due to satisfy amount behind?

But I'd also do an estimate to damage...10 % of $169,000 is only $16,900...Yes it's money but how far gone is the case? He may b better not doing anything if there's repairs to be done and how far behind they are on the 1st they created...Or he may want to sell for a couple of bucks and see if someone else is interested in taking his position in ownership of the note...You have various things to think about...

Good luck,

Kathy

What is it exactly you want this property manager to do? I've never called myself a property manager. But I have years of experience being a portfolio collector for well known collection agencies and mortgage companies.

I'm in St. Louis and know the area well..If it's just general ?? maybe I can answer for you? Or do you want someone to receive rents and show and such as well?

Let me know,

Good luck,

Kathy

OR HOW ABOUT THIS....

When you get a major bank to get your foreclosure to go POOF LIKE IT NEVER EXSISTED! NO WHERE NODDA...GONE POOF!

When you fax a complaint to a loan modification manager and in less than 24 hrs the foreclosure sale stopped with no notification to the homeowner....And the sale isn't rescheduled for next week...Like they never attempted to try to foreclose...

wonder if it's because my case is so documented...I offered to file suit against

Wachovia
Wells Fargo
Citi
Homeq
Ameriquest
a bankruptcy atty
a bankruptcy trustee...

its a shame...I believed in this business for so long! Alot of you are making money Good Luck in that...I've tried only to be shut down on a deal selling deficiency balance notes of all things at 10m-50m a pop...No deal...Sure let me sell you this house for $25k...Then you sell it for $50k and I want you to give me $5k back... I've never known anything different than when it's sold it's sold...This I couldn't believe! I did hear it from a vp in asset sales last year though...dam banks!

Or to top off the top 10--

How about the case you lost your job over actually leading you to the info you need to file such a complaint against all these banks? READY I AM...
This is what has happened to me...Thank GOD there's a few good consumer protection attorneys even if I can't find one to REPRESENT ME!

One day I'm guaranteed I have the rights to sell notes for Chase the next they never had it in their contract to sell the mortgage notes...Investor SUES U MAKE ZERO NADA ZILCH...SHE'S NOT WORTH LOSING YOUR JOB OVER!

SORRY....THE BANKS HAVE MADE ME BITTER FOR THE MOMENT...

Then to TOP IT OFF....YOU HAVE ACCESS TO FOREX PRINCIPALS IN THE INST BANKING INDUSTRY THAT HAVE THE CAPABILITY TO DO THE CURRENCY CONTRACTS IN EXCESS OF 5 B AND UP...YET THERE'S NO REAL USD PROVIDERS TO BE FOUND TO MAKE YOU BE BETTER THAN A LOTTERY WINNER! CAUSE IF YOU FIND ONE GOOD USD PROVIDER YOU'LL RETIRE IN NO TIME WITH THE PRINCPALS I KNOW!

SAD BUT TRUE!

BAFFLED? I AM

Have you tried the attorney who handled the foreclosure sale? Usually they know who placed it with them from the bank. Maybe they'll know who for you to contact....As all these banks use different attorneys....

If you don't know who the attorney is look at the county website or in person to see if there's any leads there for it...

Good luck!

Kathy

Some of the information was from the tax assessor there in Fairfax county. The comparables I pulled from Zillow. While their values sometimes are off I don't think one could deny what amount something sold for recorded there.

Please be sure to get the BPO. Is this realtor a loan officer as well? Some do both just keep your eyes open and driving forward.

Good luck,

Kathy

Marvin,
I did some more checking. I can't see the property records for who lienholder is online. However, when I check title for when something was last recorded it was in 1990 at $165,000.

However, checking tax records there for Fairfax county it shows this
HATAMI ZAHIR 8019 IMPERIAL ST


Sales History
Date Amount Seller Buyer
02/07/2007 $0 HATMI ENTERPRISES L L C HATAMI ZAHIR
03/02/2006 $0 HATMI DAVID HATMI ENTERPRISES L L C
12/27/2005 $411,900 BRADLEY ROY E JR HATMI DAVID
06/22/1990 $165,000 BRADLEY ROY E JR

Sales 3 of 4



Date 12/27/2005
Amount $411,900
Seller BRADLEY ROY E JR
Buyer HATMI DAVID
Notes Duress (liquidation, forced sale, etc.)
Deed Book and Page 18081-0199

So this deal is actually discounted quite a bit from the bank if he purchased in 2005 for $411,900. Interesting enough the records show the value to be $424,700. While county records may be off with the economy maybe their right and its so slow in selling they've discounted this much. But I don't know they will discount this much. Even if the purchase price is $290k and actual market value today is the $424,000 per appraisal that's a 120k markdown. This house doesn't look like it needs work on outside. Maybe different up close or inside but I don't know. But this tax record is kinda wild.
MAP #: 1011 05120005

HATAMI ZAHIR 8019 IMPERIAL ST


Values
Current Land $250,000
Current Building $174,700
Current Assessed Total $424,700
Tax Exempt NO
Note

Values History
Tax Year Land Building Assessed Total Tax Exempt
2008 $250,000 $174,700 $424,700 NO
2007 $155,000 $291,090 $446,090 NO
2006 $155,000 $273,860 $428,860 NO
2005 $125,000 $198,060 $323,060 NO
2004 $104,000 $162,345 $266,345 NO
2003 $90,000 $134,855 $224,855 NO
2002 $75,000 $106,335 $181,335 NO
2001 $66,500 $98,350 $164,850 NO
2000 $54,100 $98,350 $152,450 NO

The number shown for 2005 shows value as $323,060 when he apparently purchased in dec 05 for $411k. Could records be off this much for value compared to what county shows ? Well I decided to pull comparable for houses that have sold as recent as 1/25/08. With about 300 sq ft more for $173k. So you need a BPO or appraisal before putting in any purchase price. Cause the sold prices vary quite a bit with the market the way its been. You in a city that has usually held value well. So it's new water as far as what price should be offered with the market were in.

Here's the comparables--the house your looking at according to records is only 816 sq ft. The house doesn't look this small if u ask me but what do I know.

Price Sold On Bd Ba Size $/sqft Dist. (mi)
8100 Steadman St $369,000 12/28/07 4 2 1,100 $335 0.1
8105 Keeler St $419,420 12/14/07 3 3 1,377 $304 0.21
8141 Keeler St $380,000 12/07/07 3 2 1,360 $279 0.35
8236 Frye Rd $500,000 02/01/08 4 3 1,662 $300 0.47
8011 Ashboro Dr $307,937 11/19/07 4 1 960 $301 0.46
8007 Martha Washington St $360,000 10/01/07 3 2 1,128 $319 0.74
8106 Norwood Dr $415,000 11/14/07 3 1 1,533 $270 0.62
8409 Highland Ln $415,000 12/28/07 4 2 1,794 $236 0.72
8130 Keeler St $295,000 09/17/07 5 2 988 $298 0.43
7819 Ashton St $265,500 12/04/07 2 1,046 $253 0.82
8708 Lea Ln $450,000 11/29/07 3 2 1,293 $348 1.11
3904 Quisenberry Dr $578,000 09/14/07 3 2 1,554 $371 1.18
5627 Cornish Way $467,500 12/17/07 4 2 2,300 $203 1.36
3602 Rolling Hills Ave $400,000 10/22/07 2 1,352 $295 1.19
4300 Granada St $530,000 01/04/08 4 3 2,310 $229 1.1
8712 Lukens Ln $430,000 12/13/07 1 1,014 $424 1.21
3434 Ramsgate Ter $420,000 12/27/07 3 3 1,296 $324 1.58
8709 Falkstone Ln $549,000 09/21/07 4 3 1,876 $292 1.15
8704 Gateshead Rd $500,000 12/21/07 5 4 2,352 $212 1.17
4206 Sonia Ct $605,000 10/16/07 4 3 2,420 $250 0.81
7603 Kingsbury Rd $511,000 10/25/07 3 2,226 $229 1.35
8321 Blowing Rock Rd $450,000 12/20/07 3 3 1,380 $326 1.88
8402 Cherry Valley Ln $483,000 01/30/08 5 3 1,463 $330 1.74
8730 Talbott Farm Dr $500,000 02/05/08 4 3 2,087 $239 1.26
4335 Rolling Stone Way $463,000 10/04/07 3 2 1,752 $264 1.74
3911 Gibbs St $500,000 10/02/07 4 2 1,654 $302 1.46
7105 Green Spring Ln $540,000 12/28/07 4 2.5 2,469 $218 1.64
5511 Butterworth Ct $525,000 01/17/08 5 3 1,766 $297 1.64
7402 Fairchild Dr $415,000 11/27/07 2 1,120 $370 1.87
5804 Sunderland Ct $530,000 09/26/07 4 3 1,620 $327 1.57
3404 Little Hunting Creek Dr $400,000 11/29/07 3 1 1,375 $290 1.62
8604 Cherry Valley Ln $487,000 01/23/08 5 2.5 1,654 $294 1.88
8800 Black Alder Dr $665,000 12/18/07 6 4 2,550 $260 1.31
8502 Cherry Valley Ln $515,000 02/11/08 4 3 1,658 $310 1.82
3441 Little Hunting Creek Dr $417,000 11/29/07 2 1,262 $330 1.77
7029 Polins Ct $460,000 01/25/08 3 3 2,022 $227 2.02
7022 Polins Ct $427,250 10/31/07 3 2 1,328 $321 2.08
8601 Wagon Wheel Rd $470,000 11/29/07 4 2.5 2,800 $167 1.8
3118 Little Creek Ln $454,000 01/28/08 4 3 1,654 $274 2.02
8919 Union Farm Rd $173,333 01/25/08 4 3 1,130 $153 1.55
7013 Polins Ct $465,000 12/03/07 3 3 1,387 $335 2.1
5820 Broadmoor St $538,200 10/19/07 4 3 1,632 $329 1.69
4432 Flintstone Rd $459,900 10/02/07 4 2 1,839 $250 1.91
9040 Buckner Rd $500,000 12/14/07 3 1,516 $329 1.77
6840 Stoneybrooke Ln $375,000 11/21/07 4 3 1,360 $275 1.93
6805 Lamp Post Ln $502,000 12/18/07 3 3 1,403 $357 2.16
4021 Cool Brooke Way $588,500 11/27/07 3 4 1,697 $346 1.79
5206 Cedar Rd $565,000 10/02/07 4 3 1,845 $306 1.5
7519 Berwick Ct $435,000 02/01/08 5 3 2,648 $164 1.71
7000 Dreams Way Ct $600,000 12/27/07 4 2.5 2,607 $230 1.79

The one's I've highlighted in red are the one's I'd be checking to see what they look like outside. Is there the same ground amount? More Less...Just some large variations to come up to todays value. So pay a broker $50-$75 for a BPo. If the bank demands their own you'll know how close to being told the truth you are before you pay $300 and up for an appraisal.

Best of luck again,

Kathy

Marvin,

You need to check property records. If he started at $325,000 and mentioned $290,000. That's a difference of $35,000. Is that the bottom $$ county records show as being due? Then if so what is the number the bank is asking for? Another thing to be leary of is the realtor still needed? How long is the sellers contract in place with realtor for in the future. That's 6% you may not want to pay someone. Unless your sharing fees or seller is paying them. Cause this could make your discount less.

If a BPO then final appraisal comes in at a valueof $325,000 with a purchase price of $290,000 your ltv would be 89%. Which is a discount. But then if you have repairs that need to be done I'd try to get them discounted. Depending on what he really owes the bank and the bpo.

While I know your considering this for your own residence it's not a transaction I don't think most investors would purchase. As they like to buy in the 60 if your lucky 70% range which is $190k to $227,500. Which is alot less than $290k. Shoot if you could get it for the $227k then hopefully repairs are minimal u may purchase as an owner occupied. Then gain equity on the purchase. Not sure if this bank will negotiate or not. If they say no tell us who the bank is. Or do a search and maybe you'll find out if they do discount their notes. Instead of a short sale. Maybe it would be cheaper this way. Cause if they do and seller will negoitate and do a deed in lieu so u don't have to foreclose it'll save u some bucks as well possibly. However, to do this way you may need to bring in a HML for the purchase of the note then pay them back from the financing you're able to put in place for the purchase. Someone else could probably elaborate more.

However, we have to determine if this is something they do or not.
Also if this isn't an option and true value is $325k and you purchase you walk in with some equity. But you need to estimate the repairs cause you want to make a profit/equity if you can and u don't know if u don't ask.

Like they said you need to find out what you qualify for credit wise. Do u know what your credit score is? do you know what your DTI or debt to income ratio is?
This is figured based on outstanding debts in which someone could have a lien on such as a house, cc, vehicle or any business lines of credit. Your reg auto ins, food, utilities aren't figured in to your DTI.

Usually what I've seen on FHa or the new loans some are doing the max dti is 42%- so say you make $100,000 yr and your expenses for dti (without house note)is $1,000 per month. Then they add the house note. Which will be say Pur price of 290,000 if you get at a 7% interest minimum 30 yr note your looking at a pymt of $1929 per month+ taxes ins in escrow. So the 1929+1000=2929x12=$35,148---which if you make $100k per yr with these expenses and the highest dti they'll allow is 42% your just under the threshold with $42,000 as the max they'd allow for a dti with this income. But if you have ins and such included may take it up to the 42 % allowed. If your income isn't this at this point they may take into consideration the extra income you'll have from renting the rooms which may be considered. Which means seller may have to show the accounting on the tenants in place. The more info u can give the better it may be.

If you try to get them to discount the repairs needed to make habitable make sure u document the depreciated value of asset as is currently and cost of repairs with pictures the uglier made in pictures the better the discount.
I don't mean to do damage to the property. But being in the business I've seen some real humdingers. I'm sure every investor has. But to come up with a purchase price take actual selling price minus repairs and labor costs. If u can. But these are all particulars u need to consider besides working everday. Or come up with a firm offer to bank and see what they say. But do your best not to overspend.

You may also want to see if this is your 1st property and can go fha with down payment assistance of 3-5%. This may help as well with some of the downpayment costs. I know people have used the Nehemiah program before with success. If their still offering the help u may as well see if u can qualify to receive it. Just ask to be told yes or no. I'm just not sure of what their requiring for the credit scores right now to get the best interest rate and terms. U can find out easily though.

As they've all said we're here if we can help.

Best of Luck,

Kathy