All Forum Posts by: Michael Scott

Not sure what strategy you are referring too. 73.6% was their NET. They countered me at 45k and I countered them at 36k with 5% Commissions and 3% concessions which gave them a NET of $33,120.

"What strategy did you use to get this big of a discount? I cannot get them to budge off their BPO unless I pay for a full up appraisal."

Did their BPO come in too high? How long ago? I have some BPO forms you could just fill out and send in. Sometimes it works and sometimes it doesn't. I've paid for appraisals in the past but don't recommend it.

Mon/Tues...Easier for your target to set it aside over the weekend

Who are some of the lenders you have gotten Shorts done with that were good to work with?

My Favorites:
WACHOVIA-Only ask for authorization, Purchase Contract, HUD1, and Proof of funds. Just got an approval and submitted the packet 13 days ago. Plus they take a good percentage of BPO/Appraisal. They move fast!

ASC-The Milwaukee office moves very fast in my experience

AURORA-Used to be my favorite but are becoming slower. Now they say once the file is assigned that they have 90 days.(have the homeowner call and complain, helps a lot)

HOMECOMING/GMAC-Easy to work with once the file gets assigned. Love the Philly and Dallas office.

AHM-Slow at first but have gotten them to take the lowest percentage of their perceived value...73.6

WELLS FARGO-Same as ASC

M&I-Easy to work with.

PROVIDENT FUNDING-Easy

LITTON LOAN-Still solid but getting slower

ONE WEST/INDYMAC: So slow but the BPO company(Fidelity Info. Service) they use instructs their agents to come in below whatever it is on the market. Even after the BPO, you are looking at 45-60days for the approval.

GREENTREE-Usually a 2nd and always want 5% of sales price

HOMEQ-Great! Very fast and actually return calls quickly

MIDLAND/MID FIRST-Biggest deal i've done. Only dealt with them that once though.

SELECT PORTFOLIO-Used to love them but have not had one with them in 6-7 months

WILSHIRE- Same as SELECT

EMC-they had my favorite negotiator. Did 11 deals with him. Not a fan of Chase though and since they merged they aren't the same to deal with.

FIRST HORIZON-once assigned they are fine but that part takes usually 30-45days

Lenders I just refuse to work with:

COUNTRYWIDE/BofA-waste of time

FIFTH THIRD-brain damage

Ocwen- done some deals with them but am forced to talk with someone from the Caribbean every time I call

CHASE-Hate'em but am trying them again since they merged and heard they use Fidelity Information Service now.

Not too terrible but not my favorite:

Suntrust
Saxon
ING
CIti Mort
Citi Res
US Bank
BankUnited
WAMU
National City

PLease share your good and bad experiences. I am sure I will remember some more later

DISCLOSE, DISCLOSE, DISCLOSE!

I'd be very interested Nick...It's important for us to learn from one another and success us contagious.

LOL...I've don't this as well...same with Myspace. Way to think outside the box...

Have a group looking to spend up to 7M over the next 5 months. Today they closed on a 15 property package at 460k. They would like to have spent 3M by the end of August. They'll pull the trigger fast if it looks good. I've been in the game for a while now and value my time. Please do not waste my time and I will not waste yours. Let me know
Mike

Investor

Buy more...Not sure about your market but properties or sooo cheap right now...Pay the ones you have down with the cash flow you create new ones. Reasonable Doubt!

Good Stuff Fellas!