All Forum Posts by: Ryan Taylor

I'm not finding any public probate records. Must be a privately organized estate? Didn't see a transfer on title. Could it be probate was never opened?

I'm in the same boat as you. Who do we make the offer out to? The Bank in this stage? The law firm representing Bank that recorded the NOD? The executor of an estate? I'm kind of lost on who you contact when the current owner has passed but you'd like to purchase their property before it's auctioned.

Alright, so I'm aware that the current owner has passed away (I'm not aware of any other owners on title right now) in early January 2019 but it seems that he was missing his payments prior to death. I know there is a decent amount of time before it hits auction.

But I'm trying to figure the rest of it out. Since he passed away, doesn't it go to probate with the state and they have control of it presumably until it is fully foreclosed on? I'm trying to find the right person regarding who to contact for a owner who passed away and is now in foreclosure. Who's the decider on if it sells? 

Washington state if it matters.

Thanks

Hey all!

Wondering what type of rules there are around one lender paying another lender a predetermined bps referral fee upon close for referring a borrower that has been turned down from the bank?

I know under the Lender Compensation Rule or whatever it's called that you cannot explicitly pay or give something of value in exchange for a referral, but in this situation the lender being referred would not be paying on a per lead basis such as $50/referral. It would simply be a bps of the loan closed with another lender. And because it is a flat bps % on the loan, it wouldn't be a proxy/term/condition of the loan and  definitely not paid by the borrower.

Am I missing something? I don't think this would classify as a RESPA violation but I'm not an expert on the law.

Any help would be appreciated.

PM sent.

Hey Y'all!

Recently graduated from college and got my LO license here in WA state. Getting my feet wet here and interested in expanding marketing. 

Looking for tips on marketing to mortgage leads and was hoping to target hard money borrowers that are going to need a permanent loan to refinance into. I know our local title company will give farm lists for free, but any ideas on how to access this sub market? Is a direct mail campaign the best way to reach these folks? Other avenues to get in contact with these people? Really looking for any inexpensive way to generate leads that isn't Zillow.

I work for a local lender, not a big bank.

Thanks,

Ryan

Thanks for the reply! And it is nice to see another Viking out there in real estate! Thank you for the tips, it seems I need to start focusing on what I can do to add value in a transaction. Until I can bring some capital or knowledge to the table it seems like doing some grunt work and getting my foot in the door with a company is my best bet.

Hello!

I have posted here a few times now and I finally have gotten into the position to get my feet wet. I currently a rising/late Junior at WWU in Bellingham, WA and am looking to tap into locals willing to show a newbie how things are in the area. I'm interested in a career in PM, Sales, or even Development in residential or commercial RE. I study finance and economics and anticipate to graduate either this coming spring, or after next fall. That means I need to start getting experience ASAP. I am currently working on my license right now as I think it would be a huge help in understanding fundamentals in practices and law. That being said, I am doing everything I can right now shy of getting actual work experience in the market. I know things are hot right now and that is why I'm hoping there are those out there that could use an extra hand, or even just want to help a newbie enter the field. I am available 15-20 hours a week beginning in Fall and would love to find a position I can gain experience in part time until graduation.

Ryan Taylor

I'm in a college town currently with a 2% vacancy rate, and pretty high rents, but values are up like most homes in the Pacific Northwest. College towns are good in general as you can charge 450-600 a room depending on condition and location and if you get a bad tenant at least you can kick them out in a year and get a better student in. Grad students are better though. Just my .02.

@Ike Hobbs, Thanks for chiming in! I wasn't 100% on the 203k so thanks for clarifying some of the details around them!