All Forum Posts by: Andrew Meegan

12 month chain of title is becoming a problem lately. i have had a few issues as of late. fha definately is getting tighter on everything, cause the way the loan originators are stuffing all their former subprime clients into fha. the banks are hating it now.

so i have a good realtor friend that just called me to discuss some frustration he has experienced with saxon mortgage. he has been jumping through hoops trying to get a short sale done on a property for about 7 months now. he lost one buyer cause of their insane process at 350 on the property 4 months ago.

now today after finally getting saxon to accept 330 on the same house, they inform him that they wont pay 5% realtor wages, they will only pay 4%. so just cause he has extended so much effort and his 5% wages have been in the mix since last september, he told them to go pound sand, and saxon seemed all to comfortable with the idea of foreclosing on the house. the girl says to him, "you are willing to walk away from all this over 1%?" he said back to her, "youre the one who would rather foreclose and take a much much larger loss on the house then to pay me for my efforts."

i guarantee that this house gets listed for $300,000 or less with a 6% realtor comp in a few months.

now, im not the kind to walk away from money when work has gone on this long. this realtor is, but only cause its a matter of principals. also, to confirm this side of the story, this is a competent realtor who is pretty much the only realtor i know that has actually squeezed off a bunch of short sales. hes not the kind to approach this process the wrong way.

i got to ask, are the people at saxon striaght up stupid? i just dont see any normal behaviour that exhibits a willingness to move on from their messes. this house will be on the market another year, i guarantee. what are the costs of foreclosing? holding costs? cost of depreciation? listing it at point down the road, even at 330, after foreclosure is stupid and will bring a much much larger loss then selling it right now for 330 w 5% to the realtors. lame

give it a shot. especially craigslist fsbos. i can only imagine that a bank has to keep some sort of record on the short sale offers. i know a guy who got a call back this week on a short offer he made last spring on and reo that just had a birthday on the market. the bank asked him if his offer is still available. he said no, offered them half of his last offer and they said they would call him back.

there is no one way to do anything.

and also, a preapproval letter is as easy to get as the morning news paper. get your friends to go from one mortgage broker to another til they get a preapproval letter. dont come see me though, cause i dont wanna waste my time with a bunch of jokers. but i know how my industry is and there are still a bunch of maniac loan originators out there thatll do anything if they think they can get a deal.

so get your friends all preapproved and attack it.[/url]

i pull people's credit all day all the time. there is no rhyme or reason for scores and how they turn out. i can say that being perfect gives you great scores. but i have clients who have serious bankruptcies and delinquencies that have great scores too. ive had people w 700+ scores who got refers on fha loans, but had people who have 450s get approved.

what pops up on a credit report is luck of the draw.

i can say this though. lately, when i need a 700+, i get a 699. when i need a 680+, i get a 679.

we live in the matrix, so do worry about it, just do what you gotta do.

how many units? is this a commercial property, or residentil?

is this the only group like that?

how long ago? these are loans you are currently still in?

so CW and Citi are your servicer now?

I am new to buying bulk REOs. Not new to real estate, definately not new to mortgages. I know what it takes to put in offers on properties, and I am never shy to do so, if thats what I desire. I am no expert either.

But, I have my ways, and you have yours.

this product is not software, it is just access to a web based program. i truely believe that if benevolence was the key to this program, it wouldnt cost $3,500.

My atty up here near Boston is investing in this fashion in FL right now. He is mopre property specific then borrower.

Contact me by email if you would like the learn more.