All Forum Posts by: Richard Graham

Just got off the phone w/ Bob Mittleman with Old School Title.
Here is the deal.
Investor gets seller on board and turns them over to Old School Title and a company they have teamed up w/ American Family Properties. They handle it from there. Investors job
1. Acquire seller
2.help find end buyer
3. provided numbers for the market (what will it sell for)

They handle contracts,negotiations,they fund it
and no line #10.
Somehow or another this company has an "agreement" with BofA and they get them to waive line 10

75/25% split of profit

Seems like 25% for being a Bird dog.

Is it worth it?

James,
I have not used the service. I have been trying since Friday to get Bob Mittleman on the phone. I will try again today. Any question you guys would like me to ask post them and I will make a list. I am going to see if they have some literature I can provide the forum as well.

Hey Joaquin
I just sent you an Email. I like your website by the way. FYI you have a typo on your site "you gor back payments,"

Hi Guys, I have not used there service. I was on the call with Bob Mittleman. From what I could gather they have teamed up w/ another company that has some kinda of "arrangement" w/ B of A. Basically it sounds like you bird dog the deal to them. Find the sellers, get the package together, get it under contract in that companies name and they handle the rest. They buy it, list and sell it and give you 25% of the spread. Without any line 10 issues. Not to bad of a deal if its that easy there are a lot of BofA deals out there and if they are going to do everything maybe its worth it. I am going to call them today and get more details.

I was on the Old School Title call and the percentage was 75 / 25% split. I believe

Have the homeowner write a letter of why it was not listed " home is upside down no room for commissions" also provide any FSBO info they have if any . Some lenders will accept the letter some will not.

Go to Ted Akers website there you will find the whole kit for free have lawyer review instead of paying one to reinvent the wheel

Thanks Bill I trust your advice. I will still submit Auth. to Release info and test the water can't hurt to call. Thanx again to everybody for the advise. truly appreciated

I feel at this point it is best to get authorization and call the lender and find out what there true stance on the situation is, present them with the option of doing a loan mod/principle reduction or would they prefer to sale to an investor for all cash now with the written consent to sale the home back to the wife or option #3 foreclose and she buy it as a REO. They owe around $160K and there is a home listed in her neighborhood for $120K for 100+ days. I don't mind split hairs by the way. Thanks everybody for the help. I sent an IM message and invited Bill Bronchick to try and get a lawyers perspective

Thanks all for the help. Scott she is not technically the borrower she is owner by marriage Ex hubby is on the hook not wife. If she quit claims it to hubby then we do the s/s flip would that make it on the up and up. Ted I hope your listening in, you know you are my go to guy for funding. Or could just approach the bank and tell them exactly what we are doing and see if they will approve it, as it is there policy not to refi the home to her.