All Forum Posts by: Account Closed

@Matt K., were you ever in the mortgage industry?

If so, when, how long and what did you do in the mortgage industry?

@Matt K.,   are you a realtor?

Still none?

After all these comments from so many "experienced" real estate Professionals, yet still not one?

Not even one from a Current Mortgage Industry person?

How bout this, everyone commenting on this topic, pause MSNBC and send this topic link to 3 of your "preferred" lenders and Mortgage Brokers and tell them I'm ask them to join the discussion. 

https://www.biggerpockets.com/forums/552-florida-real-estate-q-a-discussion-forum/topics/576140-negotiated-sales-price-754-498and-98-really?page=1

Again and again no current mortgage people posting comments.

Their silence is deafening ! 

@Bill F.,

I already assumed, and mentioned it last month on a post that because you are from JAX, NC and standing in front of a red brick background, what looks like a headquarters building or chow hall on CL, that you were.

Therefore, I'm not going to engage with you on a subject like this as I would feel bad if I made you look bad, so you get a pass.

@Alexander Felice,

"It's a Mortgage business thing, you wouldn't understand"  is what every lender, processor, U/W and LO reading this is thinking as a response to your comment above.

@Brian Garrett, what mortgage people have replied? 

The one person who is a private lender?  (doesn't count)

Or the other person who "Used" to be in the mortgage industry, who wouldn't verify when or what lenders he worked for?  (doesn't count)

Looking for CURRENT mortgage industry people to comment.

How about any CURRENT title industry people? 

Any mortgage people who are Currently in the 2018 Mortgage Industry wanna comment?

Anyone?   

Still no Current Mortgage Industry people disputing what I'm trying to convey to BP Investors on this topic discussion?  

Why?  Again, because they have to ALL agree with my advice.  

The only ones disputing are those who have zero involvement in the Mortgage Loan process, who seem to be oblivious as to what all really goes on at lenders these days behind the scenes.

Post Dodd Frank Act, HVCC and TRID, the mortgage side is a lot different than reading off a menu called the MLS, having a lockbox code and GPS, driving around doing the fun part of walking thru homes and making offers.

Anyone that can flash an online FICO (Fako) score of 700 and willing to put down a deposit and with nothing more than a "desire" to buy a home can get a sales contract on a property.

However, when a mortgage loan is required and they don't meet the guidelines in these 1350 pages of Fannie Mae guidelines...

...in order to actually close the deal...well, we all know here in 2018, that's where the skill of a Mortgage Broker is required.

or

the deal is dies! 

Am I spot on or not?   

Do yourself a favor and get this property out of your mind and move on to a good property.  

With all the great commercial loan programs out there, if it were me, I'd search different banks for a Stated Income ALT program up to 90% cLTV with rates in the 4 to 5 range

Questions:

• Are you paying cash?
• If not, what loan terms has your bank or lender offered?
• What price range?
• Are you using a buyer's agent?

This strategy has worked like a charm twice in the past 8 days.  

One buyer/borrower is working with her prior realtor, who I don't know, and she had been striking out on offer after offer using a weak letter from her realtor's  "preferred" lenderrrrrr that was written for $470,000, a round number on the preapproval letter?....Ummm, how bout NO!    

Borrower/ buyer actually qualified for a much higher sales price, so after the typical pushback from the buyer's agent, and after destroying the buyer agent's "preferred" lenderrr and my borrower kicking him to the curb, I was able to take complete control. 

I convince my borrower to ignore bad, antiquated advice from an industry relic and do things my way, the right way, the way that works best.

I wrote her a new letter for $541,850 to make offers on homes in the 475k to 485k, made her realtor submit the offer a specific way and guess what?  My way worked!

To all BP Investors:  This is not Rocket Surgery.  If you're buying real estate and being advised to use the failed and antiquated strategy of...Poor Mouthing The Offer, this is a flashing neon sign telling you to find another realtor to work with immediately!