All Forum Posts by: Gary St. Armand

Lee,
Have you done many REO deals?How many?

Joel,
can you elaborate on the exception to the 90 day rule. If one is buying an REO from the bank, and the 90 rule doesn't apply to bank owned properties....... why would one be still be concerned about losing time?

When you say losing time, are you still talking about the title seasoning issue or the extra time that it takes to complete the deal.

FHA requires 90 seasoning but Fannie doesn't have any such rules but different banks will have various seasoning periods. The end buyer may have better luck with a small local bank or a credit union.

Timeline question was about the timeline for an REO deal.

Do you do the A-B in your name or your company. I'm asking because I am doing a short sale using transactional funding, and they insist that it must be in a company Name. Does anybody know why that is?

What is the average timeline from the time you make your offer to the day you close?

By the way, Thanks again Steph.

By the way, if you intend to do a double closing will the bank's title company bulk at this. I have a title company with whom I'm on good terms but I've often heard that the banks insist on using their title closing agent.

Wow!! Stephani you Rock!!! Now I need work on building that massive buyers list.

ok. so are you guys saying that there will be two realtors. One to show the property to the end buyer and the reo listing agent that works with the bank. The reason I ask is because I am getting REO listings from this agent I met from a REIA. He's strictly a company man, and is defintely looking out for the bank's interest. But I am getting these listings that are deeply discounted. I know I could get transactional funding for the A-B. But I don't see how the B-C buyers would get access and then enter into contract with me if the property is listed on the MLS as an REO. I know I'd have equitable interest in the property once in contract. However I am not sure about how this would come across to B-C . I'm looking to double close on same day.

If you are to flip an REO, how do you get access to the property
to show it to an end buyer. Assuming the property is listed with a
realtor, do/should you discuss your exit with him/her?
-Gary

PS. Thanks in Advance for the insightful replies.

Uh huh...Why the sliding scale? So you can charge $17,668.80 or 5.30% of purchase price to use your funds for less than 24 hours. Or 1908.05% per year, is that right? Does this not violate laws against usury or are there no longer any such laws?

Hmm...