Underlying 1st is Citimortgage. Citi had a 2nd as well, but this was charged off and now GC Services is working collections on the account. This could be good, or bad, but if anyone has stories that could prove helpful, please provide.
If the stories indicate that I need to make a choice between sliding down a razor-edged bannister, drowing in a barrel of snot, poking myself in the eye until I bleed to death, you could probably just tell me I’m hosed.
Otherwise, insight would be appreciated! The 1st says they can get approval in 1-2 days, most likely, if I can get the 2nd to release.
Have you done a full title search on the property? With CITI they should sign the release of lien on the property. This should be fairly simple to get done!
RE:>>“Have we done a full title search?”
Yes. But why do you ask?
RE:>>“This should be fairly simple to get done”.
Well, it does seem like we’re making progress. The folks seem nice enough to work with, yet they are rather backed up. Two days and counting to send a fax. How long does it take to fax a written approval letter? 3 minutes, tops? Time is of the essence in real estate transactions yet in the world of short sales, it seems like the goal is to stretch it out ad infinitum, ad nauseum, ad ulcerations of the duodinum.
I really like to focus on just a few transactions at a time, yet it looks like I’m going to be escalating the file count dramatically here in the near future. Summit, I’d really like to be your understudy on organization for a while. Do you have a virtual assistant calling on the files, or do you do it all?
I find the snails pace of communications excruciatingly painful because I’m used to making decisions quickly and I expect others to do so, too. Unfortunately, that doesn’t appear to be how the game is played with banks, lenders, and investors. They like to drag this out, as a strategy to get people to raise their price, I imagine.
I’m thinking the more files I can handle, the easier it will be to resist offering more than I really should for a property.
I like your strategy of minimum earnest money in each deal which allows having a lot more deals in the works.
Dealing with charge off companies and be irritating. I have dealt with many and they don’t usually help the process move smoother.
Generally they will ask for more than the original lien holder or loan servicer which complicates things when you have a 1st that wants to give as little as possible to the 2nd.
Find out how much the 2nd lien wants. Just make sure you are speaking to the right people and you can save much time.