All Forum Posts by: Daniel Fernandez

Oh boy...
How is that working out Scott? This gets me to thinking about large banks like BofA/CITI.

Do they only service their "properties" (well notes,. actually). It seems like when submitting a shortsale to BofA or CITI, or other giant servicer banks, that you are dealing with two seperate entities. Their personal 1st position mortgages, and the notes they swallowed from the other Bank(s). Did BofA/CITI pay for all the paper they received or was it just given to them ? lol, Seriously I dont know, but do understand that these notes are held by private or public investors as well. I might be getting off topic a little, But would like to know everything when dealing with the super-banks. as I have many Shortsales heading to them. Is this a valid point, or not really?

If this is true, then depending on the property I am offering on, should I expect anything and everything as far as contract terms, since each file has its own money path?

Im not keen on how CDO's, SRV's and do not know of the Investor Write-Offs either work through BofA or any other "bank".

But I have talked to a BofA contact in the LM dept. The 10% discount IS true, But only in hot markets (Yes,There should be a few out there). If your dealing in one of these regions then SS through BofA may be a waste of time... So holding onto their asset to foreclosure where BofA can fetch as close as retail price as possible and fairly easy seems a viable option for them... Or letting it go for 90% through SS is not bad either.

In cold markets, deeper discounts are being granted. This is what I was told, has anyone heard similar?

Good and Interesting thread.

Flipping property is the very essence of the Real Estate Industry from the get-go. It is the most old-school tradition and basic technique since the dawn of time. If it were illegal, there would be no Industry. Even flipping on the same day is legal, granted with lender seasonings this isnt always possible but does happen often. and is no way illegal, especially disclosed on the purchase contract accepted by the bank.

Broken Record: Flips are Legal and is the foundation of $Trillions in profit by investors.

I have an original MFA signed by the necessary parties, but after some negotiation or lack thereof, The fee needs to be reduced? how can I word and amendment to the MFA without signing a whole new one? any help is appreciated. Thank You

Thank You Jeremy I will keep that in mind and keep it simple, Thanks again

I have had some really good deals, talking 60-65% under current market, but i send over the NDNC and explain my role and investor usually says, "we prefer to work directly with sellers in order to keep costs down" or something like that.

I can understand they want to cut costs and everything but a deal is a deal no matter where its coming from. sure I tack a % but its so minimal compared to the transaction cost its kind of ridiculous, plus i get some sweet deals. I try my best explaining whats going on and who I am but half my buyers get sour. Is there a better way? Im considering using trans funding to tie up contracts so i have interest and doing it that way, however i have minimal finances to put $1000 down for some of these deals. Its a little frustrating but trying to work through it

Oh i forgot to ask what is a good EMD amount? i heard 1000$ should be a minimum, what do you think?

Ok Thank You both, So making offers with a POF and Standard Purchase Contract will give me a good timeframe to find my end investor? I dont want to market any property until I actually have interest in the prop. Thanks again

Lets say i make an offer with a POF/LOI to the holder of a property (bank). I will also be using transactional funding to double close as I havent found a title company in SD to do simultaneous closings anyway... Lets say i get an offer accepted by the bank. How long is that acceptance good for? I have heard sometimes it is one day. Does that mean i need to line up my end-investor before submitting my offer or are some REO's acceptances good for longer? Am i missing something? Please help

No Jon I havent. So i believe you to be exactly right. Yes the rent rolls do say an avg of 650 for the rent. So im thinking something isnt right, it may be the management who gives up the rents, Ill have to ask if its being done that way.

Would it be a good idea to call the management offices and find out how much theyre renting for? If its too low im gonna have to pass.