All Forum Posts by: Duane Ortega

Chris,

We are actually playing phone tag. I will be out of office tomorrow, but please email us (see my contact info below) for attorneys and a title company we recommend in NY.

Best wishes,
Duane.

Herbster,

I just spoke with a REO wholesaler customer of mine and he said although he avoids wells fargo for short sales, he didn't see any issues with wells fargo for REOs. He gave the green light for what's it worth.

As for his background, he is an experienced short sale and now an REO wholesaler using transactional funding.

Best of luck,
Duane.

Richard,

I am a transactional funder and TFs usually have an extended transactional funding program that can accommodate your 30 day turnaround.

HOWEVER, TFs require that end buyers have cash or a commitment from a lender already in place at the time you do the first close (AB).

Therefore, in your situation where you don't have an end buyer, this won't fit the bill.

However, an alternative would be to wholesale to an all-cash rehabber. Several of my clients have done this and used TF for the back to back closing on same day.

Hope this helps,
Duane.

Brian,

I am from NJ. I have a few mortgage folks and attorneys I can refer you to who may be able to help.

PM me.

I just saw this great thread. Wanted to add my 2 cents. Hope this helps.

Email/contact me if you need personal information for below.

All lenders below unless noted otherwise are familiar with back to back closings and can close them on a case by case basis.

CT, DE, NC, NJ, NY, PA, TN
FHA, Conventional, Jumbo, 203(k), (needs to check if can do veterans loans)
Deanne Katsaros
Green Tree Mortgage LP
My B investors have closed about 8 transactions with Deanne with our transactional funding involved.

NJ, PA
FHA
Robert Tronolone
Home Capital Network
Have spoken with him but have not consummated a deal yet.

Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, New Hampshire, New Mexico, North Dakota, Ohio, Oregon, Road Island, South Carolina, Tennessee, Texas, Utah, West Virginia, Wisconsin
FHA, Conventional (as of 9/30/10, haven’t done a deal with them but they said they can do it)
Nelson Wall
Top Flite Financial
2101 Ponce De Leon Blvd, Coral Gables, FL, 33134
Office: 888.267.4081
Have spoken with him but have not consummated a deal yet.
He came highly regarded from a colleague.

Nationwide
VA, FHA, Conventional, Jumbo (can close as early as 10 days AFTER AB closes. So not good for back to backs but ok for ETF)
Susan Papageorges
Prime Lending
Have spoken with her but have not consummated a deal yet.

Nationwide
FHA, Conventional
Jonathan Negash
Flagstar
Have spoken with him but have not consummated a deal yet.
His department (his department only) is spear heading these type of loans for end buyers who buy flips. Seemed very open.

AL, CA,CT,DE.FL,GA,IL,IN,KS,LA,MD,MA,MI,OR,PA,SC,NC,TE,TX,VA,WA,NV,NJ,OK, and OH
FHA (worst case needs 10 days), Conventional (can do same day with strong buyer)
Donald Jacobus
Crosscountry Mortgage, Inc.
440-262-3441
Have spoken with him but have not consummated a deal yet.

Here's a Q&A point from the Dovetail webinar the other day:

Q: I spoke with the most investor friendly title company in the DC-MD area, and they see the distinction between personal and real property transfers as a way of overcoming the no flip language in various approval letters (most notably BoA's) as disingenuous. Their underwriter agrees. I am an attorney myself and frankly see their position as credible. What is your response to this?

A: Brian - Some people have a different opinion. That's thier right. No problem. My guess is they haven't seen our paperwork and how we disclose everything to the short sale lender. Your statement is a blanket statement and they can't really have an opinion unless they've seen our stuff. Would Jeff Watson help develop this if it didn't make sense? He's a pretty well known attorney.

As far as I know it is 5K for the Dovetail.

Don't know what the other 20K is about. Is that some other program separate from Dovetail?

Hi cashboy - got in touch with them and they have reached out to 2 of their students in NY previously. However, they cannot force them to reach out to you. They told me they have requested for them to reach out to you once again. Hope this helps.

motiv8td - Yes, you are correct that I do want to know about funding something that could negatively impact me, and we believe we have done our due diligence as far as our liability is concerned. Again, that does not make us an expert on the specifics however.

Direct contact - Yes, I do have direct contact with them.

Appearance - I'll ask them if they would do this in this forum. They are open to answering questions as much as they can. I am actually on a webinar they are hosting right now. They are being asked questions and they are being answered during the webinar on the sidebar while they are talking. I have a previously recorded webinar with Q&A that answers most common questions such as what's being asked in this thread which I would be happy to share which can answer most of these questions.

So yes, they are open to answering questions from all experienced investors. As I understand it, Jeff Watson, an experienced short sale attorney, actually grilled them on it and all his questions were satisfied when this first came out.

All I can say is that it works for them and people who have used it say it works.

In response to motiv8td - we just receive the funding request after the fact. We don't know the specifics or details before that fact on how they negotiated with seller A and/or how they negotiated with the bank. Of course, we ask for supporting documentation, but we don't know the detailed techniques leading up to funding.

Cashboy - I'll reach out to John and let you know if I can make any headway for you.

Although I fund Dovetail creators' transactions, I do not claim to be an expert on their techniques.

Given that, here are some insights that I can see from their product:

1. I believe they put the property in the trust first and then put an offer in with the lender (in a perfect world) vs. put an offer in and then transfer to the trust.

2. They do not change trustees in the middle of the ab bc.

3. They do use transactional funding to make it a legitimate purchase of personal property (the AB).

4. They do state that revocable living trust laws do vary and to check with a competent legal advisor. However, they are available to schedule conference calls with your respective professionals shoudl that be needed.

5. "seller on the contract will differ from that of the record" - to my knowledge, people are allowed to convey their properties to revocable living trusts (Garn-St. Germain act of 1982?) without triggering due on sale clause. So I am inclined to believe that revocable living trusts are allowed to sell properties regardless of the situation.

6. Patents, copyrights, ... - I will have to defer to the creators on this.

Thanks,
Duane.