All Forum Posts by: Ted Akers

Welcome Andrew. You have found a site full of resources and have a great attitude.

Hello Anthony,
We have similiar backgrounds with both retail and wholesale mortgage experience - not as fun as it used to be, right? I am still doing some but moved on to transactional funding for flipping shortsales and REO's. You have picked a very good site for both information and contacts.
Best wishes getting started and out of those mortgage blues.

I would not suggest providing your end buyers credit report etc to the bank. You want your right to sell the property identified in your contract, but bringing the end buyer into the A-B side of the transaction may just confuse things with the bank. Also, do not provide "C" buyer information without specific consent to do so. The authorization they give relates to sharing their information only with necessary parties and only relevant to financing their transaction. Look for smaller to mid- sized title companies and make sure they understand that you are seperately funding your purchase. I have seen title companies unclear of terminology and differences between "simultaneous closings" (the old way using "C" funds to close your purchase) and "back-to-back closings" - seperate stand alone transactions.

It will be interesting to watch these bank discount numbers in the upcoming months. Foreclosures have hit recent record numbers and with 10.2% unemployment most experts agree there is shadow inventory building with the banks. Also, well documented data on outstanding specific types of mortgages indicates likely high default numbers thru 2012.

2.00- 2.50 pts is standard, but it is possible to get transactional funding for less than 2.0 pts.

Transactional Funding can be used for either a Short Sale or a HUD property for a same-day flip. Just a heads up though - for transactional funding most end buyers from you are likely to be cash buyers or recieving financing from private lenders or portfolio lenders. FHA for the takeout loan is not an option due to title seasoning. Most conventional lenders will also not lend due to the same title seasoning issue. I have somewhat of a list of lenders who do not require seasoning if you would like to contact me. Your overall success could be greatly improved if you can locate lenders in your area, such as possibly credit unions or portfolio lenders not requiring title seasoning.
Good job getting after it and seeking information.

Justin is correct. No credit or income verification or underwriting of the property, but you do need to have the end buyer lined up for a same day closing.

I provide well priced Transactional Funding for Back-to-Back closings and automatically generated Proof of Funds Letters at www.InvestorFundingSite.com When visiting please sign in at the Home Page for our VIP list to recieve notification of occasional discounts or promotions.

Hello Adrian,
Welcome to BP. There is a wealth of information for you here.
Best Wishes getting started

Hey Corie,
Just a heads up regarding Bank of America. If you are thinking of flipping the Short Sale, they are most likely to try to prevent it under item #10 of their approval - restricting flips for 30 days. If the contract is with the end buyer then no concerns.

I agree with your lobby suggestion, especially as it relates to B of A.