All Forum Posts by: Andres V.

And this is why your license is locking you out of the deal. For this one, take the listing, make your commission, and call it a lesson learned.

A friend of mine let her license expire just so she could be doing the deals as investor herself. I am not sure how e rules ar in NJ but see if you can become a broker, at may give you more flexibility.

Good luck!

Originally posted by Briant Patterson:

It is generally very hard for the public to buy from banks. They are constantly getting called by people that can not or won't perform. They don't have the time to waste. Feel free to contact me if you need some help.

Very good point.

When making your offer, make sure to attach a Proof of Funds letter so they see you are for real and not simply wasting their time with an offer you can't fund.

Another approach...

Call the park and ask them about the other investor, and see if you can partner with her/him. Maybe there is a need for this investor that you could supply, creating a very strong partnership.

well, given that the vets are not answering this one yet... here goes my answer based on my experience.

1. If you are trying to buy a specific note, what has worked for us is to fax the responsible person an offer for the note. Usually this is handled by the loss mitigation dept. and there is a person responsible for that loan.

Send a fax with the loan number and a formal offer. Proof of funds with the offer helps. Add different ways for them to contact you (phone number, fax number, email address).

2. When trying to buy multiple notes from the bank, the only approach that has worked for me has been through note brokers. I haven't had success with the banks directly.
I've heard others telling me they get calls from the bank employees when they get a loan they want to get rid of, but they tell me this happens after a few successful transactions have occurred with the same person. I have not experienced this directly.

I hope this helps and I too wait for others with different experiences to chip in...

Even if they do...

The issue is transfer of title.

Depending on who the buyer is (i.e. no FHA), you could lease the property to your buyer for 30 days or until closing date, with a contract separate from the selling contract you have with them.

Close on the 31st day, as agreed.

This should work on many instances (unless selling to a rehabber that must start work on the property immediately).

Not entirely sure if this is relevant to your question... but here it goes.

We (I am part of a partnership) own apartment buildings in Houston. One of them was bought just like that.

Right now we are in the process of getting a new loan, HUD.

The process has been long, painful... takes forever... multiple revisions, changes in the rules (cause they take forever to process it and then, when it is time to move it new rules have come into effect).

All in all we are lookign at around 5.75% rates.

Darryl's post is great.

I also wanted to add...

I am finding that many lenders are not that used to the idea of selling just one note.

It seems to me they have the system down for selling many at a time, but selling just one is kind of complicated.

for example, I tried this with SunTrust Mortgage and they simply are not doing it these days, or we couldn't locate anybody that knew how to make it happen in that bank. After multiple calls we found a manager that said they were not fond of selling their notes, and when they do it is usually in bulk, not one by one.

Have you found/seen anything different?

Originally posted by Tim Wieneke:

Too much to do wrong here, especially if your state doesn't like "leasebacks". I know it's a "sale" but I've run into more than one person who's confused technicalities between land contracts and lease options.

I agree, this is why we are not offering people to keep the house, we simply offer the opportunity of walking away without the foreclosure on their record, and then sell the property quick to get the money back fast.

Congrats on your purchase. And thanks for sharing the pics....

We are working a similar strategy, but have restrained ourselves from selling the note back to the homeowner. Or refi'em. Our concern is related to how it could be seen a year from now...

If the homeowner falls behind in payments and we try to foreclosure, they could tell the judge they did not understand the terms of what was happening and we would lose the whole deal.

not sure about the legalities though.