All Forum Posts by: Rob Rey

I have not scored a foreclosure sale in over 5 months, and it isn't because of a lack of effort. For the most part, I haven't seen anyone else score one either. It seems like the opening bid by the mortgage holder/bank is the only bid. I scour the MLS listings for hours a week, and no luck finding a property there either. I have branched out from looking at just 4 Towns, to looking at 10 plus Towns and I still cant find anything worth buying. My standards are dropping so low, I could get myself in over my head. I will even consider buying something at 80% of it's possible resale value, and I still cant score anything. I am so desperate to get back into the game, I have bids in on 3 different teardowns, two of which I have know business getting involved in, and my offers will be refused some time early next week. I am in Massachusettts, and unless you have a boatload of money to buy high end properties in high priced Towns, or are willing to buy into a ******** property in a ******** City, you are going to struggle to find something for 70% of future value, foreclosure or MLS. If someone disagrees with this, please share some thoughts with me. I am so desperate, I am thinking of attending foreclosure auctions in New Hampshire, and I hate New Hampshire.

Hello: can I assume with the April 30th deadline passing, fudging the date on P&S contract will be standard practice ? I would think as long as someone is closed and recorded on state/county site by June 30th, the Tax credit is alive. The reason I ask is, I am planning on doing this, and I am assuming everyone will be doing this for the next 2 weeks at least ? A couple of buyers managed to screw me on properties I was selling to them, (one used the inspection, the other one purposely crapped out on the mortgage) now I'm still trying to sell them. Sorta planning on writing April 30th on any P&S Contracts for next 2-3 weeks at least, if need be.
Any ideas on best way to go about this ? Maybe have the buyer fill in the dates ? Note: I list and sell the properties myself, so no realtor on my side of the equation. I am hoping the Govt will change the rules to, as long as Buyer is closed by June 30, the Tax Credit will apply.

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Hello:

Sorry for the delay

Try this person,

Alissa A. Reatz, Assistant Treasurer · The Bank of New York Mellon

Global Corporate Trust
Mortgage Backed Securities · Fax

I looked aroung Google for rules about flipping a Fannie Mae owned property .

I know HUD has rules about buying HUD properties as a owner occupied or as an investor .

My question is , can an investor buy a Fannie Mae property , then try to flip it while holding the property for as short a period of time as possibe ?

I couldnt find any holding period requirements or preferences being give to owner occupied Fannie Mae properties ?

I know at one time Fannie Mae would not back a mortgage
on a property that was owned by the same person for less than 3 months. I think they rescinded this rule recently, thou I'm not sure about that .

So, can an investor simply buy a Fannie Mae owned property and then attempt to flip it without any holding period requirements ?

I'm thinking yes , thou not very sure with my answer.
I'm hoping someone can clarify this for me .

Thank you in advance for any info and responses .

Briefly:

To wrap this up:

BanK of NY Mellon responded to my email

I was wrong about them owning the property I was interested in.

BNY Mellon informed me they were the Trustee of the mortgage certificate, but not the actual owner.

They provided me the name of the mortgage company
they believed owned the property in question .

I then contacted that mortgage company, and after a little bit of phone tag, I managed to speak to someone in their REO department . The person I spoke to coughed up the lockbox code with very little begging on my part. I was kinda surprised he coughed up the lockbox code that easily. The mortgage company REO guy then quoted the price they were hoping to get for the property.

The price he quoted was way way more than I had envsioned .

I still went and looked at the property, and to say the least, I was disappointed . I took the time to call back the guy form the REO dept, thanked him for his time and professionalism, informed him I had secured the property properly and he need not worry that I left the property unsecure. He asked me if I had an offer price in mind, basically I stated we were way to far apart to even begin negotiating a possible deal. I plan on emailing him information on a couple of comps that sold on the same street of the property i was interested in. The Comps sold on the same street, but on a worse section of the street . He wont know that , he's in Florida,
and I'm up in a Northeast State. I think he said he plans on putting the property in the hands of a Realtor soon . If a Realtor tells the mortgage comany to list the propertyt for anywhere near what he quoted me , then the Realtor is just snowing them, in hopes of getting the listing .

I have an email for someone in the REO dept of BNY Mellon if anyone is interested in the future.

This is sort of what I am thinking on the particular house
I am interested in.

I have heard BNY Mellon is very slow to dispose of properties .

The part I cant figure out is how BNY Mellon managed to dispose of other properties in my area that I cant find evidence the property ever hit the MLS system or Realtor.Com ?

I am wondering if they are selling some properties off the
MLS or realtor.Com system ?

Does anybody out there think BNY Mellon is disposing of proprties off the MLS, Realtor.Com system, and if so,
can someone give me a lead into how they are getting rid of those properties ?
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Does anyone know if Bank of New York Mellon occasionally sells properties that never hit Realtor.com ?

And if so , do you happen to have any info, such as who they might use to dispose of REO's you can give me ?

Does anyone know who they tend to use to help them with their REO's ?

any info at all that can give me a contact would be much appreciated

I have been doing some research on the deeds site and I notice they manage to dispose of some REO's in Massachusetts yet I cannot find evidence that the property
ever hit Realtor.com or a similar site

Would anybody have a guess how BNY Mellon might be disposing of REO's without using the typical Realtor.com network ?

I am looking for a contact for BNY Mellon so I can see if a properties of there's is sold or ever will be sold ?

There is a lockbox on the property, bit it just sits there empty month after monrth .

Bank of NY Mellon took 8 months to kick the people out AFTER they had fully foreclosed on it , and it has now sat empty for 4 plus months .

A neighbor thought she had saw a sign in the front yard
that had the word foreclosures on it plus a 1 800 number
but the sign disappeared , possibly simply either the sign blew away, or kids removed it, or some local rep of BNY Mellon removed it .

So to sum this up , any info or contact you can give me for BNY Mellon is much appreciated

I sent them an email, havent heard back from them yet

thank you

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If a Buyer, such as myself, has no Buyer's agent, can I get the Listing Agent to rebate the Buyer's agents Commission back to the Owner, then have this money used to pay the Closing Cost ?

I am contemplating putting an offer in , contingent upon the Buyer's agent commission being rebated back to the Owner, then this money will be used to pay closing cost.

I am thinking this is somewhat common for experienced investors, but I am just guessing .

So , my question is, can I get the Buyers commission rebated back to the owner, then this money is used for closing cost ?

I have come to the conclusion I have no use for a Buyer's agent, I just dont need the hand holding, or the negativity.

I will simply contact the Listing Agent for a showing, after having checked out the House and neighborhood on my own.

I am guessing the Listing Agent will attempt to say this is against their "Code of Ethics" or some other crappy story.

So, if anybody has experience with this concept , please post, and let me be wiser from your experience , and hep me smooth out my presentation to the Listing Agent .

thank you for any and all comments

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Question:

Hypothetical situation

A House in Massachusetts exist owned by same person since 1952, there is no mortgage or Liens on this house, as far as I can tell from checking Registry of Deeds records

The Buyer, me, is willing to pay Cash for the house (around $115K)

Can the Buyer facilitate this tranaction with the Seller using No Lawyer or Closing agent, providing the Seller is willing ?

Note: Massachusetts is one of those rare Corrupt States that does not allow Title Companies to facilitate the Closing .

I understand the whole process such as Municipal Lien doc and pro rated division of Taxes and so on and so on

The Broker is trying to say a Lawyer must be present .
I say the Broker and Lawyer can simply go play with themselves , and if you want a Lawyer present, you can pay the worthless dirtbag from your own funds.

Note , I have been involved in numerous Closings in the past, thou not in Massachusetts and have prepared more than one quitclaim deed in my day.

Has anyone done a closing in Massachusetts without using an attorney ?

as you can tell, I hate worthless dirtbag attorneys, which is 99.9% of them, and refuse to give one penny to them.

so , any help appreciated
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I have recently restarted to look for a property with a new realtor.

I asked the Realtor to put in two offers for me.

One was 80% of the asking price of an IndyMac owned house that was listed for 196,000

The other offer was 83% of a Condo owned by ABN AMRO
that is listed for 179,900 This property has 2 morgages and an equity loan involved which says to me the closing timeframe will be very long. The morgage loans and equity loans are from different Banks.

My question is ..........

Is offering 80% of a list price on a Bank owned property too low ???

I dont think it is !

And I am so tired of snooty Realtors.

The Realtor has spent less than 2 hours of her time with me. Both properties were within 5 miles of her office.
It's not like I am dragging this poor Realtor all over the place.

I basically told her to have both offers ready by Friday at the latest. She then tried to scare me by saying what happens if both offers are accepted , which doesnt scare me in the least . I think I did a petty good job of not telling her off, mainly because I am polite enough not to fight with an elderly woman Realtor.

So to reiterate, am I being unrealistic or wasting the Realtors time ???

TY for any response you might have ???
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