hey guys,
i understand one of the approaches in preforeclosure is getting information from the seller so that we may be able to help them in getting refinanced or reinstating the loan. my question is, how is a bank going to be more willing to speak with the agent than the homeowners themselves? i also see this being a concern/question for the distressed sellers. i’m not quite sure how i’d answer. any ideas or views on this one?
ryan
Howdy Ryan:
If you are a loan broker then you may want to help then get a new loan but not if you are trying to buy the property. Some buyers will approach as they may help with a new loan but have no intention of loaning them money or being a loan broker. They almost always start off saying if I can not get you a loan how do you feel about selling the house or a sell lease back.
If your intentions are to secure funding for the borrower then you would be better off referring the borrower to the Lender. If the deal closes and funds the Lender will pay you a referral fee.