Experience With This Lender?
I'm looking at a house in my neighborhood that is not a true SS since it is not in need of major repairs. Instead, it is an REO, but was on the market for nearly 6 months and now is not even on the market any longer, but is still listing on the county websites as being bank owned.
The lender I'm referring to is Fairbanks Capital Corp. Does anyone have any experience negotiating with this folks, and if so, what department handles these houses? How flexible are they? Are they willing to deal at all?
Thanks for any feedback.
I have dealt with Fairbanks. Every loss mitigator is different. I just keep working the deal until I get what I need it to be, or I let the deal go. I call them over and over again to discuss the numbers on the house and all the costs they are incurring every month. Just call them and keep working it. I have even had them agree to let me make interest payments only on the original note for four months while I fixed the house up and got it sold. But again, not every mitigator is as easy to work with. Some are just not negotiators. Good luck.
Yes, you are right to try and make a low ball offer instead of ss. I have closed a few with Lsc Fairbanks Capital in Utah.
They are fairly easy to work with if you have done your own due dilligence and have comps already and a written report as to why you are offering the low ball offer. You have a good case based on market time alone as why you are offering such a low price.
good luck
dlwill
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