All Forum Posts by: Phil Z.

I used to sell Fannie Mae properties. Buying Agents submit to HomePath which puts the offer on the record. Then the listing agent has to submit it to the equator system. The listing agent is responsible for updating HomePath, MLS, and equator. If HomePath will accept an offer, go ahead and submit it. If theres more than one offer, chances are Fannie Mae will require the listing agent to press the Highest and Best notification button.

I think Amy summed it up.  This question is asked a million times on the boards and it's always the same answer. 😞

During 'the crash', they were absolutely giving them away for low prices bc they had too much inventory.  The problem turned out to be, that just when you thought you got the best deal, they would sell another property for less! .. this ran the housing market into the ground.  Once things leveled off and inventory got manageable, they started to work for market value .. often by pricing above their appraisal.  This increased property values.  It's now been that way for several years.

Very common, not all lenders do it. Wells Fargo, HUD and Fannie Mae just about always do.

Now is a great time to wholesale bc rehab inventory is low.  You just have to be good at finding deals.  

Anyhow, I wouldn't try wholesaling an MLS property unless you plan to close yourself as a backup. If your going to use a weasel clause .. you'll quickly be the locally known weasel.

The price is set based on an Appraisal or BPO.  They try to negotiate the highest price.  95-100% of list price looks best on their books.

The purpose of 203k is so you can get an FHA loan and they bundle the repairs needed to make it qualify.

I doubt someone's business model is to only wholesale to other wholesalers.  It's easy to find cash buyers in this market, there's no reason to have some sort of multi-level wholesale marketing campaign to try to find an end buyer.

What's probably happening is that your wholesaler is just telling you about another wholesalers deals in hopes to add a finders fee.  There's nothing wrong with that, but I'm sure it's not the business model of the investor with the contract, he/she just wants a buyer.

I didn't read all the replies, but keep in mind these are rarely 'absolute' auctions and the seller does have a reserve price.

As far as selling occupied, it gives the servicer an option to sell at less-than traditional terms with no strings attached.  

Sometimes it takes them months or years to evict an occupant.  (It's funny b/c I have one bank that can consistently evict after foreclosure within 2-3 weeks, were most others take months/years).

If you are unsure if you need a 3rd party home inspection, you need a 3rd party home inspection.