All Forum Posts by: Audley Humes

Huh? I think you may be a little confused about the issue I was having.

Scott,

FYI, after re-faxing the purchase contract, addendum, and a stern letter explaining the process they have moved the file forward. I can only imagine what obstacles await! Thanks again!

Thanks for the info Scott!

Originally posted by Richard Graham:

How about pulling your offer and resubmit it with an Option contract that has all the addendum content in it, which will force the to actually read the contract. My 2 cents

Thanks for the feedback. Actually, the first contract we sent them was an Option Contract and they would not accept that either.

We've submitted a complete package to Indymac. They are as slow as they come. We sent over a standard P&S agreement with the addendum attached. They said it looks like we are trying to assign the contract, and they clsoed the workstation (as they call it).

Then we sent a letter explaining buyer was an Investor and will be taking title using his own funds and will not be assigning the contract. We stated the addendum was to provide full disclosure on the intentions of the buyer. They want the addendum removed? This could be a really sweet deal, and this is causing a problem. Anyone encounterred this or have any sugguestions? Thanks in advance.

I've only done Short Sales thus far, but looking to close on my first REO in about 3 weeks. So, I'm still a newbie to REO's, but what I can say about them is this, if you go into purchasing an REO with the mind set that, "It doesn't matter, because I can bail out of the contract during the inspection period if I can't find a buyer" you will start making a bad name for yourself very quickly in your area. JMO.

Originally posted by Jackie Patterson:

Herb, A good negotiator can get the SS approval letter with the 30 day hold removed.

Do you know any personally? I only know of Old School Title that has been able to consistanly get BOA to waive it, but of course you'll be giving up 75% of your profits!! It's hit or miss, but I would def. like to know if someone has found some magically way to get this waived on a regular basis.

Good job on actually taking action! Since you are just starting out I would focus on properties that haven't been listed with a Realtor. Working with a property that has already been listed comes with a list of headaches! Personally, I staty away from listed Short Sales. Althougth there are some Investors that do well with them.

Originally posted by Steve Babiak:

Originally posted by Audley Humes:

... 90 days be a tad long. I must be missing some information. ...

Skip the Fannies then - find Freddies, HUDs, etc.

To be honest, last I spoke with him, he didn't specify any particular lender so I dont' know what lender he was referring too. I'm going to find out more information next week.

Originally posted by Ted Akers:

I am not extremely familiar but we entertain providing transactional funding for bulk REO flips. More banks are requiring that you seperately fund your purchase, and maybe you close the sell escrow the next day or a few days later. Transactional funding is an option if your buyer funds into escrow. I have yet to hear of situations requiring a 90 day hold (maybe it is just for a particular bank).

Ted,

Thanks for the input. I'm going to try and get some more information out of him and see what I find out. I wouldn't mind if it couldn't double close, but 90 days be a tad long. I must be missing some information. Thanks again.