All Forum Posts by: Account Closed

@Jeremy Z., no, it did not go over my head, read the original post.

I'm not saying this tactic is not a good one when negotiating, what I'm trying to convey is that when possible and after the final price is negotiated, why not step up and say something like this as a buyer's agent...?

...To all parties, we have agreed to a sales price of $800,002.19, but would it be okay if I were to lower my buyer agent commission by $2.19 to make it an even $800,000? 

The reason that I'm willing to offer this $2.19 out of the $24,000 buyer agent commission is that I want to help assure my buyer's loan make it thru the loan process at Bank of America and feel that  the $2.19 could possibly cause some errors during the loan process that could result in delays. 

@Jeremy Z., why would you say Shame on us?  

I do everything I can to give my Pre-Approved buyer/borrowers an edge on the completion and it has worked extremely well over the years!

Read this strategy and tell us what you think:

https://www.biggerpockets.com/forums/552/topics/557953-negotiate-from-a-position-of-strength  

BP Investors need to notice something as they read the posts on this topic and that is, most All of the post above are from people who:

#1  are not in the mortgage business

#2  have never been in the mortgage business

#3  have not been in the mortgage business in the past 10 yrs.

Why don't other lenders reading this chime in on this topic? 

Because they're scared to post that what I'm advising is great advice.

And because they already know the depth of the backwards and antiquated mindset they see by so many posting on my topic discussion. 

But they are High-Fiving me by email though 

A Florida Mortgage Broker I know was called on to save a deal that Wells Fargo denied a week before closing and to get the seller to extend the sales contract, she (the Mortgage Broker) offered the seller a No Broker Fee loan which they could use or give to a family member to use.     Is this legal?  

@Rich S., you are completely missing the point here as it is to HELP THEM.

Someone just emailed me saying...Steve,  it's comical reading the posts on that rounding the price topic at the "resistance" of so many to do something so easy to better ensure their buyer's loan makes it through the Bank of America or Wells Fargo processing phase with the least amount of potential issues as possible"

To all, before posting, please read the topic, then share your knowledge  Here it is again:

NEGOTIATED SALES PRICE $754,498...and $98? Really?

Why would the price have not been negotiated up $2.00 to $754,500 or down $98.00 to $754,400, a round number?

Do you know how much chaos and extra time and effort throughout the loan process correcting the sales price and possible delays such a number can cause on the Mortgage side?

To all Investors: do yourselves and everyone on the mortgage as well as on the title side a huge favor and simply round your sales price up or down to the nearest round 100 number.

@Aaron K., offer and acceptance has been around for thousands of years. 

But this Post Dodd Frank Act, HVCC, TRID mortgage industry has only been around for about 10yrs. and is why so many mortgage industry people bailed out and became realtors. Many, with having a Mortgage industry background, have had an unfair advantage. 

Discussions on topics like this are very beneficial for BP Investors to follow as it can bring light to the mindset of many who still apply their outdated and antiquated strategies.

I'll bet everyone reading this topic will for now on (when possible) will round up or down though!

@Brian Garrett, the I'm pretty sure...no, I'm 100% sure that all of your lenders will agree with my advice on this topic.

@Brian Garrett, you have obviously never worked for a lender or been a Mortgage Broker as your comments above seem to scream lack of knowledge on this particular subject.

Have one or more of your "Preferred" lenders join this discussion and let's see how they respond to some questions on this topic.

Send them this thread and ask them to join the discussion so the investors here on BP can determine what is best.    

Listen, I am the King of the oddball number thing as for the last 20 yrs, I've made my Qualification letters oddball amounts and have had to argue with realtors all the time over why the letter is for example  $804,117  purchase price  vs.  $804,000.

Or when the offer is being made for $750,000, why am I sending a letter for $804,117?https://www.biggerpockets.com/forums/552/topics/557953-negotiate-from-a-position-of-strength