Hey Michael.
I read your posts on using a voucher letter , but not sure what that is. Could you explain or post what that is and looks like. Can this be used in short sale cases.
I’m marketing to pre foreclosure homeowners. I used the generic yellow letter and was not to successful. I actually received a couple of “don’t mail me again” calls.
I’ve tried contacting Realtors for their short sale leads but they want no part of it, even when I tell them I’m a cash buyer.
So now I’m going back to direct mail and l’m looking for an advantage. :help
My voucher letter is an item that looks like a check… There are federal laws that you have to follow so be careful… I send it to 60-90 days lates a it works great…
All I gotta say is Bank of America and their Equator - REO Trans BS sucks. My negotiators are going nuts. Plus, they include line item 10 on their approval letters. It’s just not worth the hassle.
with FHA short sales, I don’t like them because they order an actual appraisal and it’s harder to influence the number with appraisers. I like the fact that they give you 120 days to find an end buyer however.
Fannie Mae short sales are taking an average of 3 to 4 months once the file is sent to fannie mae for investor approval for me. I rather stuck to conventional mortgages.
Hi Family.
Bank of America wants me to start using the equator. I signed up and still I can’t see where to enter clients info etc.
The only thing I’m getting is to search for property alerts.
Has anyone else experienced this? Also, they want the buyer to be titled 30- days. I realize, I can get transactional funding. After this I believe I will try staying clear of B of A. Wow!
In my opinion they should be ecstatic that we are helping them liquidate those props and get people back into affordable housing. Oh well, any feed back?
have you considered ‘angel investors’ ie close friends or family to lend you money for the repairs- Which i would recommend getting several quotes done by contractors to get an average cost of repairs.
Having family lend you money (perhaps with credit cards) can allow you to free up your money and use your money as the deposit.
If the transaction goes through you can refinance asap to repay those who may have lent to you with credit cards so the high credit card interest payments would be eliminated by the lower interest rate refinanced loan, provided there is enough equity in the property to refinance.