All Forum Posts by: Dale T.

Thanks Jackie, The Title company loved that idea and it works for them. Now, to find a lender that will be cool with it. Thank You so much

What about getting the deed? Would that bypass this 90 day issue? We seem to be having a prblem with FHA and conventional all of a sudden. We disclose everything but all lenders we have talked to say no to us. They tell us the underwriters are having an issue with the back to back closing. Basically its How long we are on the title.

Hey what are you guys doing on your back to Back closings. Banks and or lenders are saying they wont fund these because of the Short time that we are on the Title. We are having the worst time finding a lender, when a buyer has to get a loan. Weather its conventional or FHA. Plus we have to be on title when the appraisal is done also. They want at least 30 days on the title.

Thanks

BofA uses Zillow and on line evaluations. But it is Mostly Zillow. Bof A wants 92% of that value. I know this because the Bof A supervisor Told me. I have tested this out with Zillow and it is spot on. That is the value you are looking at. So there are no great deals with the equator system. I would look at doing Short sales with other banks

This is Directly from a B of A Negotiator.

If you do not give them 92% Of the Value it will so NO. I was also told that they will not be doing Actual BPO's but Online and Drive By's. So another words they are going to use Zillow. I have tested this Zillow thing and it is always 92% of that Value. So good luck with those Deals!

I dont think it is. You as an investor do not have to do Short sales through that HAFA program. We are just going to continue to do them without the HAFA program.

The HAFA program has many rules and HOOPS to jump through, where the homeowners are not going to want to use that method. Also, Not all banks are signing up for that program.

It is nothing but a land grab. Homeowner has to sign a paper, that he signs over the home if it does not sell in thirty days. This way the banks do not have to take them to court. Also, how many homeowners are going to pay 32% of there Monthly income while going through this process? They want NO payment. Then if there is a second lien, the Homeowner has to deal with them on his own. This program is a joke. Those April 5th Rules are only for the HAFA program. nothing else. All this crap for 1500 bucks? I dont see the Benefit to anyone except the bank.

You Do not have to be an agent with Equator. You just put in a Bogus number. Also, If they tell you that the Homeowner has to set the file up or initiate it. You tell them that the Homeowner lives out of the country and that you are the contact for them. I have not had an issue with that. Keep in mind that They will kick out your file if you do NOT put in 92% of what THEY think the FMV is. They will not do a BPO, they do a drive by and or come up with there own value.
Realtors love this but investors hate it. No money to be made and now I hear CHASE is going to use Equator also. This whole thing is set up for the banks. They love it. At 92%, Its a WIN WIN for them! I know some investors using this and like it, but I do not. B OF A nd Chase both suck anyway. But its suppose to be faster but not cheaper for investors.