All Forum Posts by: Tahra Wright

It's not clear to me whether it was WF or FNMA. Since WF only serviced the loan for FNMA, I am assuming that FNMA took title back. That was part of the reason WF pulled the short sale, FNMA ordered and received the BPO and appraisal and WF didn't have it in their possession when the "Deadline Date" came. I like the idea of contacting the FNMA REO department. Will see what happens! Thanks, Hattie!

Was working on a short sale of a property that was up to auction.  WF was servicer and FNMA is the lender.  The BPO and appraisal were ordered and submitted to FNMA, but for whatever reason weren't sent to WF in time to continue the short sale review and stop the auction and WF wouldn't postpone it.  It went to auction yesterday and the homeowner called me today and told me that the bank bought it back at auction.  So, since the bank already has the BPO and appraisal, they already had an offer from me  it would be easier to work out a deal with them before they look to list it.  Plus they wouldn't be paying any realtor or attorney fees.    I have the contact for the law firm who handled the foreclosure...I just might call them again.

Any suggestions by anyone who has done this before successfully or suggestions on who I should try to talk to?

Is there a formula you use for wholesaling to determine the purchase price and is there a "standard" rule for what your wholesaling fee should be? I'm putting together a deal where the ARV is low 900s and rehab costs are around $180k. I want it to be a win/win/win, so I'm not trying to be greedy, but I don't want to shortchange myself either.