All Forum Posts by: Account Closed

@Jay Hinrichs

If you are the buyer I can see that working, cool idea. My situation is a little different, I'm the lender and my borrower is a rehabber, and he needs a way to show POF. I have a couple snappy ways of accomplishing this and maybe I can add your cashier's check to the seller routine to my repertoire. The only problem I can see is that whenever I get a cashier's check the bank seems to want my name as remitter thus possibly giving away the true owner of the money. Do you see a way around this? Or is it even an issue?

 Who do you make the cahsier's check out to?

Thanks @Sean OToole and @Jim Keller

I can see the theoretical advantage in being able to identify potential motivated sellers prior to notice of default, but I'm not sure this class is all that motivated, they have after all had special treatment for the last 5 years, I'm guessing they are pretty darn comfortable.

Out of curiosity, what difference does it make if the loan has been modified or not, either way the default has to be cured or it goes to sale?

 As a private lender, I do like Utah's usury limit ... none.  I wish we had that limit in California.

It's pretty easy to log into the title company and run a name search. You can see the all the properties bought and sold under the company name you intend to lend to. Then run the addresses through the MLS and see pics and details.

@Jay Hinrichs

Did they have a personal guarantee?  Were they ever able to collect anything?

Maybe it depends on the MLS. Here in SoCal the MLS's I've seen depend on the real estate agent to accurately input information. County records are generated from information provided by the closing agents which is generally much more accurate.

There is a section in Property Radar where you can pick comps and develop your own ARV. The comps are solds based on county recorder records, which are most likely more accurate than MLS.

I'm in.