All Forum Posts by: Bonnie Kettler

Hi all,

I have finally located and formed relationships with some hedge funds and private equity funds! A few of them purchase performing and NPN one-offs and a few purchase in small pools - again, both performing and NPN.

Beautiful! No problem with the local banks! Very easy to find the secondary department, servicing dept, wholesale marketing dept. residential servicing dept (whatever they want to call it) and go directly to the decision maker to discuss what they have and put an offer in.

The problem... since I have 'proved' myself to the investor groups I am working with - now they are wanting bigger pools that a lot of my smaller bank contacts just can't fulfill.

I am having problems finding the decision makers. I have LaneGuide, but most of the time, the bigger institutions only list their Special Asset/Loss Mit Dept or the REO dept.

Sometimes I am able to find the decision makers in the secondary via the REO dept. number, but most big institutions are listing REO brokers instead.

I know I can find out the law firms that are doing all the foreclosures in any region in the country and contact them. They have direct lines to the decision makers at all the banks they are working for.

But I just don't feel it is appropriate to call saying we are looking for an attorney to do any future foreclosings, just to really ask them if they will put an offer thru to the decision maker at whatever bank - when that is truly my only intention. Even thought the investment groups may very well need a FC attorney later on.

These attorneys are very busy and I just think it would be rather unethical to use them in this way.

There must be another way.

Am I missing something on LanesGuide where the contact info for the secondary dept is actually listed? I just started using this a few weeks ago and it is new to me.

Any suggestions from anyone using LG now for searching for Secondary departments?

Is there a much more seasoned veteran out there that would like to mentor a little apprentice in this area?

Thanks for your time,

Bonnie

Hi Bill! Thank you for the welcome! And thank you also for your reply!

Yikes! What about doing a LtO, with buyer putting 7% down?
With the difference of the sellers price and the price I want from the buyer, and the monthly rent - I can give this buyer a $300 credit toward purchase every month and still make a decent profit. In a year and a half, he will have almost a 15% down payment. My broker said he will definitely qualify by then - even earlier.
The buyer has decent credit score(700), no evictions, a great job, but self-employed for only 3 months. The buyer is also aware that more of his money is going toward the principle than a mortgage during this time... he likes that.

My broker/lender said that he would most likely qualify for a conventional loan by then and won't have to use FHA financing. I am just worried as to if the buyer does go FHA that there will be a problem of me not owning the home, it is an assignment of contract and FHA doesn't do those.

I am trying to do my first deal. I have been going thru this forum and a few others and absorbing all I can for quite a few months. I sooooo want to do this, I just still have unanswered pieces to the puzzle, and the puzzle is constantly changing! :D But that is the beauty of it.

Hi all!

Please help if you know the answer. Am I able to use an
IEE contract to do a mortgage assumption (instead of an outright buyer getting a loan right away)and just get paid a year or so later at the close?

Scenario :
Found seller who is willing to have someone just take over their existing mortgage, then to have the buyer refinance and buy within the next 1-2 years. Can I write a 'subject to existing financing' contract for the new buyer and seller and receive my fee a year or so from now at closing then?

In this scenario, would the 45-60 day lock up need to be changed to 1-2 years? I would think not if the new buyer is signing the new contract within the 45 to 60 days I have the prop locked up on contract.

In this scenario, could the end buyer get FHA financing? I wonder because you can not 'assign' to an FHA buyer, unless they pay your 'fee' separate from the FHA loan they receive (FHA will not pay the fee). So I am wondering what an FHA lender will say to in regards to the paper that has my 'fee' on it at closing??

Thanks!
Bonnie