Bank REO Offer Question.
I recently found a bank owned property that the bank is not currently trying to sell (not listed with an agent in the MLS). Property has been sitting for almost a year empty. I have the bank info and know the property comps, Any advice on submitting an offer I.E. Steps to making an offer (for a short sale I know there is an offer package that is standard)? Will they usually allow a property inspection if it is not listed with an agent? Any help would be much appreciated.
These typically have some legal issue or have just fell off the radar.
see is you can find out who the asset manager or head of special assets.
Then make a call.. have a script ready.
Or, if you the a particular broker, work w/them and split the commission.
Only one has a four financed property limit. The other still has a ten property limit.
Some lenders, such as Countrywide, are still following the more generous 10 property rule. You can also use mortgage lenders that make portfolio (non-conforming) loans.
Why does Countrywide tell me that it has a 4 property rule? And is it properties, properties w/first mortgages, OR mortgages?
Clarity always appreciated.
Ce
Thank you for the clarification, New Kid.
Ce
Anyone know any banks that lend past the 10 loan limit? It is becoming a real hassle to find financing now that we have passed the 10 loan limit.
Everyone seems to have dried up on financing, even the portfolio lenders.
Thanks.
JS
Quote:
On 2008-09-12 21:15, smithj2 wrote:
Anyone know any banks that lend past the 10 loan limit? It is becoming a real hassle to find financing now that we have passed the 10 loan limit.
Everyone seems to have dried up on financing, even the portfolio lenders.
Thanks.
JS
WaMu used to have no limit on how many you could have. Yes, they dried up.
That was my thought. Put it in an LLC and set up an LLC for each property, but can you get a residential loan with an LLC or does it automatically have to be a commercial loan?
Quote:On 2008-09-02 23:49, NewKidInTown3 wrote:
Before they were acquired by Bank of America on July 1 of this year, CountryWide would give a borrower his tenth morgage loan as long as no more than four of those loans were CountryWide loans. Now that CountryWide is under new management, we may see some changes to their underwriting rules in the near future
I have been informed that CountryWide is now implementing the Fannie Mae 4 property rule. If you already have four financed properties, including your primary residence, CountryWide will not give you a fifth loan. Does not matter if none of your loans are with CountryWide.
ITB,
Great advise. Does anyone know of any companies tht do offer commercial, portfolio loans? A google search of commercial lenders does not pull up specific lenders.
JS.
Try your local small bank or credit union.
Go to your local bank refi and put all houses on one loan with seperate deed releases. This way you will have one loan on 4 houses for credit reporting purposes.
Herb
thornburg is originating loans, but have outrageous rate.
An LLC is not eligible for a residential loan since it is a business entity. And the fact that your LLC is less than 2 years old is a major problem. They all want a minimum of two years of financial statements and tax returns.
Quote:
cj,
I talked to Thornburg a couple of years ago about Alt-A financing. They had reasonable rates at the time. Last I heard, Thornburg is on the verge of bankruptcy. Do you know if they are originating loans today?
<font size=-1>[ Edited by NewKidInTown3 on Date 12/14/2008 ]</font>
no, but someone from the "executive team" called an said they are looking at become a FHA lender.
Last I looked luxury mortgage was still lending to trusts an LLC, and "conventional" not commercial finance.
Jnzy111 said Hey! Any one have experience with getting a residential loan through their LLC?
All our deals are through an LLC, so the answer is yes. Note that this is a well capitalized, seasoned LLC with a good track record... but otherwise nothing special.
Hey folks... Fannie Mae just lifted the limitation to 10:
http://www.freshsupercool.com/2009/02/09/fannie-mae-lifts-limit-on-number-of-mortgages/