Has anyone had any success (they’d be willing to share) getting around 30 day holds from the Nazi’s, I mean B of A, Wells Fargo and others?
Many have tried, most have failed. Most people just avoid them now.
Old School Title claims to have discovered a way around it. They say they will take your BofA short sale leads and work them completely themselves and if they close them and flip them you get 25% of the profit. If not, you pay nothing.
Don’t know anyone who has done it yet.
Eric
Thanks for the info Eric! I would rather hold it for 30 days. It costs me an extra 2%, which really isn’t bad. But then you have to deal with the buyers hanging on and remaining fundable. A lot can happen in 30 days in times like these. Thanks again!
What kind of funding do you have in place that only costs 2% for 30 days?
And BTW, you are right, alot can go wrong in 30 days. That is why most of the transactional lenders bailed and no one offers 2% anymore! Default rate is sky high on these.
I wish it were 2%. It’s 2% MORE.
Yes, right. That is what I charge 4-5 points for 30 days.