If you still don't get anywhere with the BPO, see if the bank can order a new BPO or wait a little longer and submit the short sale package in again.

He also promises consulting as part of the package which is completely false as I never heard from him.

As a wholesaler what would be a rule of thumb to create a successful deal/ package for myself,the seller and my potential buyers.Thanks for your input!

I am a beginning REI and I also bought into one of those REI packages and payed to much however the saying, "You don't know what you don't know" is so true.

I disagree about the charging the upfront fee makes a serious buyer.I can't tell you how many scammers I have seen in the commercial lending arena.I can say one problem lenders face is they get a package submitted to them and then give an LOI.Then in due diligence the buyer finds out the income levels and returns were not as stated.Now the lender wants a bigger payment down from the buyer or the buyer has to get the seller to reduce to the actual proven numbers.The deal falls out and the lender made nothing.The way to solve this is submit a detailed and verified package upfront.This way you know the numbers you are sending have been verified.Lenders site confidentiality etc. when doing loans so you can't verify other properties they have closed.If lenders state money has to be in escrow or a deposit have YOUR attorney hold in an account the lender does not have access to or authorization to.This way the money can be shown to be there and earmarked for the purposes of the loan.I am telling you these scammers will do anything to separate you from your money.I know some deals I wasn't involved in where the people chased the lender for 6 months to get back 500k.Do not let lenders PUFF fees.If they say they have to pay for appraisal then tell them you will pay the appraiser directly.If you are a legit lender and you make money when you close a loan you should have no problem with this.If however you are a fee generator mill and you hardly close anything or a point taker with upfront fees I can't tell clients to work with you.Some point takers take money to submit apps knowing the lender will not close or that it's a sham.They usually charge a small amount upfront to entice the victim.Usually 500 to a few thousand.

Hi,
An investor is selling 9 SFH properties in a smaller town (Fulton) about 40 minutes from me in Columbia, MO. We are interested in 4. Two that are selling for 40K (500 per month rent) and and two for 44K (550 pe...

I know that usually the listing agent submits the package to the lender, it sits there for 2-3 months, and then is signed to a random negotiator.

This is my first investment financing package (not owner-occupied) so I'm not sure what details they need on the property beyond our personal financials for financing.

I bought $50-$60 infomercial packages on late night only to discover that they are nothing more than teasers with nothing concrete in them, but I was thinking.

You have 60 days to move in and must intend to live in the property for at least 1 year.Here is what you'll have to sign as part of the contract package (it makes the requirements clear from the FNMA side):http://www.google.com/url?